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opinion this attitude on the part of the Government of India would not only result in great inconvenience to the trade of this Colony, but would be almost certain to lead at times to serious contraction of currency, and on occasion might bring about a grave financial crisis.
It is seldom possible to foresee actual require-
ments a long way ahead, and with the Rupee and the Straits new dollar having priority, it is readily conceivable that silver bullion deposited in the Indian Mints for coinage into British Dollars might be subject to indefinite delay at a time when coin was urgently required in Hong- kong.
It is true the Mexican dollar is also legal tender by weight of Taels 717 = 1,000 Hong Kong dollars and it is quite possible it may be available in sufficient quantity for some time, but its supply is governed by the balance of trade in Mexico, and experience has proved that it cannot be relied on with any degree of certainty. Moreover the Government of Mexico are at present considering the question of changing the basis of their currency, and if this should be carried out the coinage of the present Mexican dollar will cease, so that it is not safe to depend on relief from that quarter.
In view of the fact that this Colony is entirely
dependent on outside sources for its supply of currency, we trust you
may be able to make such representations to the Government of India as
may lead them to reconsider their intention of giving priority to both
India and the Straits, in order that Silver deposited for coinage into
British Dollars may continue to be minted within reasonable time, and
also to appeal to them to modify their present proposal to double the
seignorage.
We venture to think that this small concession
to the needs of this Colony will not greatly inconvenience the Indian Mints as owing to the demonetization of the British dollar in the
Straits, the amount of Silver deposited for coinage is not likely to be
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