15th January, 1894.
284
Dear Sir,
I have looked into the questions raised by your letter of the 13th instant, and have no hesitation in saying that there is no truth in the statement that the Japanese Mint imposes a differential scale of charges for the coinage of silver on account of natives and foreigners respectively. The present regulations in regard to coinage have remained practically unchanged since their introduction in 1883, and Article I refers to the receipt of Bullion from the public, both Japanese and foreign.
With a view to make quite certain on this point, I yesterday saw Mr. Gowland, who was Technical Adviser of the Japanese Mint when these regulations were framed and was indeed mainly responsible for their introduction. He tells me that their main object was to encourage the importation of bullion from whatever source, and that the charge for silver was fixed at 1 per cent to all comers, the only additional charge being at the rate of "one ten-thousandth part of the value of the importation" for each day in advance of the date fixed by the regulations that the coin is delivered to the importer, whenever this is done. I gathered from Mr. Gowland that the charge made by the Manager of the Chartered Bank is a very old heresy, and he thinks that it probably arose from the peculiar relations existing between the Government and the Mint on the one hand and the Shokin Ginko or Commercial Bank and the Nippon Ginko or Imperial Bank on the other. The first of these Banks acts as Brokers to the Government, purchasing bullion in London and importing it into the Mint, and of course instead of paying the Mint charge receives a commission for its services. And as regards the Imperial Bank, new coin is sent there direct from the Mint to maintain the Government reserve against notes in circulation, so that, apparently, both these Banks are treated differently from the general public.
I should perhaps add that we have no official information subsequent to the Report for the year ended March 1893, but it is highly improbable that any change has been made since then.
Yours truly,
(signed) Edward Rigg
Johnson Esqre.
(Copy)
15th. January, 1894.
284
Dear Sir
I have looked into the questions raised by your letter of the 13th. instant, and have no hesitation in saying that there is no truth in the statement that the Japanese Mint imposes a differential scale of charges for the coinage of silver on account of natives and foreigners respectively. The present regulations in regard to coinage have remained practically unchanged since their introduction in 1883 and Article I. refers to the receipt of Bullion from the public, both Japanese and foreign".
He tells
With a view to make quibe certain on this point. I yesterday saw Mr. Gowland, who was Technical Adviser of the Japanese Mint when theseregulations were framed and was indeed mainly responsible for their introduction. me that their main object was to encourage the importation of bullion from whatever source, and that the charge for silver was fixed at 1 per cent. to all comers, the only aditional charge being at the rate of "one ten-thousandth part of the value of the importation" for each day in advance of the date fixed by the regulations that the coin is delivered to the importer, whenever this is done. I gathered from Mr.Gowland that the charge made by the Manager of the Chartered Bank is a very old heresy and he thinks that it probably arose from the peculiar relations existing between the Government and the Mint on the one hand and the Shokin ginko or Commercial Bank and the Nippon ginko or Imperial Bank on the other. The first of these Banks acts as Brokers to the Government, purchasing bullion in London and importing it into the Mint, and of course instead of paying the Mint change receives a commission for its services, And as regards the Imperial Bank, new coin is sent there direct from the Mint to maintain the Government reserve against notes in circulation, so that, apparently, both these Banks are treated differently from the general public.
I should perhaps add that we have no official information subsequent to the Report for the year ended March 1893, but it is highly improbable that any change has been made since then.
Yours truly,
(signed) Edward Rigg.
.Johnson Esqre.
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