CO129-302 - Public Offices - 1900 — Page 132

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dis

cent;

from San Francisco to Calcutta 4/- per cent and

s d

thence to the Straits 1/6 per cent making a charge altogether

s d

s d

of 5/6 per cent against 3/3. It is beyond question that

this extra expense will more than counter balance any

economy to be obtained in the actual price of silver from

California, and the fact that during 1899 £7,700,000 of

silver was exported from London to the Bast, while only

£756,000 was sent from San Francisco is an incontestable

proof that it does not pay to buy silver in San Francisco

for the East.

(0) It is true that the Royal Mint is frequently

unable to supply Hong Kong subsidiary coinage at the datos

wanted and this incapacity appears to arise from an insuf-

ficient supply of plant and manufacturing facilities, which,

having regard to the highly profitable nature of the business

and to the importance of maintaining the supply of currency,

ought undoubtedly to be remedied. But it does not follow

that this remedy would be found in entrusting this coinage

to the Indian Hints, especially if, as seems probable,

these mints should have shortly to undertake the coinage of

Rupees. However this may be, it appears to us doubtful

whether the advantage of some small degree of greater regu-

larity in the supply would compensate for the considerablo

extra cost which the figures we have given prove to be in-

volved.

( Those figures do not include any allowance for the

brokerages and the cost of remittance which the Hong Kong

and Shanghai Bank must inevitably incur, and although it is

stated that they are not going to"charge commission on

either", or apparently to make any charge for the trouble

involved

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