CO129-301 - Governor Sir Blake - 1900 [9-12] — Page 440

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age was taken by the Straits, where it served as the only cur-

chopped rency, whereas in HongKong the Mexican Dollar and Japanese Tm,

the latter to the extent of 18 millions, competed with the

British Dollar in supplying the wants of South China.

As no more Japanese chopped Yen are likely to be

sent here from Japan, and there is often considerable diffi-

culty in getting supplies of Mexican Dollars, it seems reason-

able to suppose that in the future there will be a Bigger de-

mand here for the British Dollar, especially too as it may

be taken in the North of China after the present troubles

are over.

in

It would be essential from the Bank's point of view

that the cost of laying down the coin in HongKong should not

be greater than it is at present, i, e., the time occupied

coinage of the metal should not exceed that in Bombay, where

the Mint turns out from 1 Lae to 12 Lacs of Dollars a day,

and the seigniorage charged should be the same, namely one per

cent.

I have written mainly from the Bank's point of vier

but I am sure it would serve the general interests of the

Colony. It will be for the Government to consider the matter

in its bearings on the revenue; I have no data to go upon th estimate the cost of installation and working of a mint but the amount you state was paid in England last year, $200,000, is a substantial earning to begin with.

I am etc.,

(sd)H.M.Bevis,

Actg.Chief Manager.