“UILÄ 3 મ
COPY.
The Honourable
F. H. May, C.M.G.,
Sir.
Colonial Secretary.
70
Hongkong, 6th. July, 1903.
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REC!! Rest 17 AUG 23
We have the honour to inform you that the under-
mentioned Banks received notice on 10th. ultimo of the termination of the agreement made on 14th. December, 1894, between them, and the Secretary of State in Council of India, for the coinage of Eritish Dollars at the Indian Mints at a seignorage of 1%.
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The said agreement was subject to € months' notice and therefore terminates on 10th. December, 1903.
The Secretary of State in Council of India states:- "That the Government of India propose to raise the
"seignorage to 2 in future.
"Moreover, they anticipate that the re-coinage of "Rupees issued in the years 1840 to 1862, which are being steadily with- "drawn from circulation, will provide work for the Mints for some years "to come, and that they will from time to time have to undertake fresh "coinage from bullion in order to maintain the volume of the Rupee "currency; and they therefore desire further to modify the agreement so
"as to provide explicitly that the coinage of Rupees shall, whenever
necessary, have precedence over the coinage of Eritish Dollars.
"Should it be decided in accordance with the re-
"commendation of the Straits Settlements Currency Committee, to issue a "special dollar for use in that Colony, it is probable that the new
"coin will be manufactured at the Indian Mints. In that case priority
"will be given to the Straits dollar as well as to the Rupee, over the
"Eritish doliar".
We now wish to bring to your notice that in our
opinion
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