CO129-294 - Governor Sir Blake - 1899 [10-12] — Page 228

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

Enclosure 1.

Honourable Colonial Secretary,

I have consulted with the Chief Manager of the HongKong and Shanghai Bank on this subject. He states that:-

(a) Silver can often be obtained more cheaply in India than in London. The Bazaars frequently obtain an over supply and sell at panic prices.

(b) California silver is always obtainable in San Francisco at rates lower than those ruling in London. Through freight and insurance can be obtained at very low rates from San Francisco to India.

(c) Frequent delays in the supply of subsidiary coin occur under the present system owing to the mint at home not being able to execute our orders in accordance with the Schedule and from other causes.

(d) The actual profit would be small but it would be a profit.

I am of opinion that the system proposed would work better as we could obtain more regular supplies from the Calcutta mint and that is the Bank's interest in the matter. The Bank is not going to charge commission either on purchase of silver or on drafts to meet such purchase.

(Signed.) A.M. Thomson, Treasurer. 20-10-99.

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Enclosure 1. Honourable Colonial Secretary, I have consulted with the Chief Manager of the HongKong and Shanghai Bank on this subject. He states that:- (a) Silver can often be obtained more cheaply in India than in London. The Bazaars frequently obtain an over supply and sell at panic prices. (b) California silver is always obtainable in San Francisco at rates lower than those ruling in London. Through freight and insurance can be obtained at very low rates from San Francisco to India. (c) Frequent delays in the supply of subsidiary coin occur under the present system owing to the mint at home not being able to execute our orders in accordance with the Schedule and from other causes. (d) The actual profit would be small but it would be a profit. I am of opinion that the system proposed would work better as we could obtain more regular supplies from the Calcutta mint and that is the Bank's interest in the matter. The Bank is not going to charge commission either on purchase of silver or on drafts to meet such purchase. (Signed.) A.M. Thomson, Treasurer. 20-10-99.

Baseline (Original)

:1 14 COPY.. > Tuessro Pixley R19. Enclosure 1. 0.0. 33710 225 Face Report by the Colonial Treasts RSS Honourable Colonial Secretary, I have consulted with the Chief Manager of the HongKong and Shanghai Bank on this subject. He states that:- (a) Silver can often be obtained more cheaply in India than in London. The Bazaars frequently obtain an over supply and sell at panic prices. (b) California silver is always obtainable in San Francisco at rates lower than those ruling in London. Through freight and insurance can be obtained at very low rates from Sañ Francisco to India. (c) Frequent delays in the supply of subsidiary coin occur under the present system owing to the mint at home not being able to execute our orders in accordance with the Schedule and from other causes. (d) The actual profit would be small but it would be à profit. I am of opinion that the system proposed would work better as we could obtain more regular supplies from the Calcutta mint and that is the Bank's interest in the matter. The Bank is not going to charge commission either on purchase of silver or on drafts to meet, such purchase. (Signed.) A.M. Thomson, Treasurer. 20-10-99.

2026-05-31 09:33:43 · Baseline

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COPY..

Tuessro Pixley

R19.

Enclosure 1.

0.0.

33710

225

Face

Report by the Colonial Treasts RSS

Honourable Colonial Secretary,

I have consulted with the Chief Manager of

the HongKong and Shanghai Bank on this subject.

He states that:-

(a) Silver can often be obtained more cheaply in India than in London. The Bazaars frequently obtain an over supply and

sell at panic prices.

(b) California silver is always obtainable in San Francisco

at rates lower than those ruling in London. Through freight

and insurance can be obtained at very low rates from Sañ

Francisco to India.

under the present system owing to the mint at home not being

able to execute our orders in accordance with the Schedule

and from other causes.

(d) The actual profit would be small but it would be à

profit.

I am of opinion that the system proposed

would work better as we could obtain more regular supplies

from the Calcutta mint and that is the Bank's interest in

the matter. The Bank is not going to charge commission

either on purchase of silver or on drafts to meet, such

purchase.

(Signed.) A.M. Thomson,

Treasurer.

20-10-99.

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