CO129-302 - Public Offices - 1900 — Page 131

ALL COMMUNICATIONS

TO BE ADDRESSED TO THE GROWN AGENTS FOR THE COLONIES,

Hong For

RECO

C. O.

3004

REGE 27 JAN 06

126

DOWNING STREET, LONDON.

26th January 1900. 189

1

C

33710.

Sir,

With reference to the despatch of the Governor of

Hong Kong No.304 of the 1st November last relative to the

system under which the supplies of silver subsidiary coins

are obtained, I have the honour to offer for Ir Secretary

Chamberlain's consideration the following remarks on the

report by the Colonial Treasurer, which forms one of the

enclosures to that despatch.

(A) It is true that silver can occasionally he obtained

more cheaply in India than in London, but it is certain

that the market in India is not only much smaller than in

London, but that it is mainly supplied from London and it

seems to us impossible to rely for the regular supply of

the Hong Kong subsidiary coinage, upon the periods of over

supply and panic to which the Treasurer refers.

(B) The actual price of silver in California is un-

doubtedly lower than in India, but the Treasurer is misin-

formed as regards freight and insurance from San Francisco

to India. The freight from London to the Straits is per

cent; from San Francisco to Calcutta it is & per cent,

and the additional freight from Calcutta to the Straits on

coined silver is per cent, making 1 per cent in all, that

is to say exactly double the rate from London to the Straits.

e a The insurance from London to the Straits on coin is 3/3 per Under Secretary of State,

loc

cent

Colonial Office.