the fluctuations in the currency price of bar silver to which reference is made in the report of the Acting Manager of the Chartered Bank, the Colonial Government would be liable to be embarrassed by the action of
the Banks.
I am,
Sir,
Your obedient servant,
Ensemillon
469
IDED
14640
COPY OF
Treasury Reference. No. 4593/1901.
Proposed Re-establishment of the Hong Kong Mint.
The Governor of Hong Kong estimates the out-turn at $125 per day and 3,000,000 pieces of subsidiary coinage per fortnight. It is not clear what he means. Even if $125 were turned out every day of the working week all through the year, the coinage would be well under $40,000 a year, little more than the work of one coining press in a day.
The figure of 3,000,000 pieces per fortnight is equivalent to an out-turn of 78,000,000 pieces a year.
3. The cost of manufacture of 78,000,000 pieces at B/s per thousand the Mint charge, would be £31,200, and there would be the additional cost of metal and freight, but these two latter items would be much the same whether the coinage were executed here or at Hong Kong.
4. Assuming the coinage of British Dollars to be transferred to Hong Kong from India, and taking the out-turn at 30,000,000 per annum (the out-turn last year 1899-1900 was 30,783,159), the charge for coinage at the present rate of 1% and at 2/s per dollar would amount to £30,000.
5. The charge at the present rates, therefore, for the manufacture of the above proportion of 108,000,000 pieces is £61,200, not including metal or freight.
It must be borne in mind that in calculating the cost of coinage of dollars for conversion into sterling, the dollar is taken at 2/- whereas the local value is about double this amount, and the cost of coinage and profit are, therefore, proportionately higher.
The
Copy
the fluctuations in the currency price of bar silver to which reference is made in the report of the Acting Manager of the Chartered Bank, the Colonial Government would be liable to be embarrassed by the action of
the Banks.
I an,
Sir,
Your obedient servant,
Ensemillon
469
IDED
14640
APK OF
Treasury Reference. No. 4593/1901.
Proposed Re-establishment of the Hong Kong Mint.
The Governor of Hong Kong estimates the out- turn at $125 per day and 3,000,000 pieces of subsidiary
coinage per fortnight. It is not clear what he means. Even if $125 were turned out every day of the working week all through the year, the coinage would be well
under $40,000 a year, little more than the work of one coining press in a day.
The figure of 3,000,000 pieces per fortnight
is equivalent to an out-turn of 78,000,000 pieces a year.
3. The cost of manufacture of 78,000,000 pieces at B/s per thousand the Mint charge, would he £31,200,
and there would be the additional cost of metal and
freight, but these two latter items would be much the same
whether the coinage were executed here or at Hong Kong.
. Assuming the coinage of British Dollars to be
transferred to Hong Kong from India, and taking the
out-turn at 30,000,000 per annum (the out-turn last
year 1899-1900 was 30,783,159), the charge for coinage at the present rate of 1% and at 2/s per dollar would amount
to £30,000.
But
5. The charge at the present rates, therefore, for
the manufacture of the above proportion of 108,000,000
pieces is £61,200, not including metal or freight.
it must be borne in mind that in calculating the cost
of coinage of dollars for conversion into sterling, the dollar is taken at 2/- whereas the local value is about
double this amount, and the cost of coinage and profit
are,
therefore, proportionately higher.
The
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