CO129-318 - Governor Sir Blake - 1903 [7-10] — Page 69

10-8-0008-69297-(ONFIDENTIAL.

Hongkong.

1908.

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Goverment House,"

6.0.

34700

17 AUG 33

Hongkong, 16th. July, 1903.

68

sir,

Jo 11:58 Straits.

6658

With reference to your Confidential Des-

patch of the 22nd. May last, I have the honour to transmit

for your favourable consideration the enclosed copies of a

Metter from the Managers of the Hongkong and Shanghai Banking

Corporation and the Chartered Bank of India, Australia, and

China with reference to the approaching termination of the

agreement made in 1894 between those Banks and the Secretary

of State for India, for the coinage of British Dollars at the

Indian Mints at a seignorage of one per centum. It is pointed

out that if silver deposited for coinage into British Dollars

is allowed to lie in the Mint for long periods owing to the

priority given to Indian and Straits coinage, the effect may

lead to grave monetary crises within this Colony. It is most

desirable in the interests of the trade of the Colony that no

such risk should be incurred, and I have to request that you

will be so good as to make suitable representations on the

subject to the Goverment of India.

2

In the last paragraph of their letter

Messrs. Smith and Cochrane point out that if Hongkong is not

provided with certain means of converting bullion into currency

HE RIGHT HONOURABLE

in

JOSEPH CHAMBERLAIN, M.P.,

&C...