CO129-290 - Governor Sir Blake - 1899 [1-4] — Page 202

OPY

No.13.

sir,

198

C.0.

8707

ENCLOSURE,

RECO &

Treasury.

Rear 10 APR 19

24th. February,

1899.

for His Excellen-

I have the honour to state 1

cy's information, that I have conferred with the Chief Manager of the Hong-Kong and Shanghai Bank on the subject of next sea- son's supply of subsidiary coin and to enclose for considera-

tion the programme advised hy us.

The present stock amounts to $875,000 which however Mr. Jackson confidently anticipates will be exhausted by the time of arrival of the first shipment and I need hardly state that in this matter it is of the utmost importance to have a regular supply on hand to meet usual as well as unfore-

seen demands.

The Chief Manager is of opinion that a much

larger sum could have been disposed of last year, had the sup- ply been adequate at the proper times and that the place of our subsidiary coin was taken to a considerable extent by im- ported Japanese Silver Yen which would not have otherwise been

required by the Chinese.

From these considerations we have come to the

conclusion that a sum larger than ordinary should he ordered,

The Honourable

it

The Colonial Secretary.