CO129-329 - Governor Nathan - 1905 [7-12] — Page 625

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these coins would rather more than cover the estimated

cost of running a mint ($130,000) and any seigniorage

received for coinage of British dollars would practically

represent the profit on the mint. At present therefore

the chance of a mint at Hongkong paying its way practical-

-ly depends on the average demand for subsidiary coins in

the last ten years being maintained.

But it is not safe to assume that

this will be the case. This year up to date there has been

no export of these coins from Hongkong and it is always

possible that in the interests of the Canton Mint attempts

might be made to stop all importation of them into China.

Again if a general Chinese currency were adopted British

subsidiary coins would be excluded ipso facto

from that

country. The requirements as regards this coinage of the

Colony itself are very small and would contribute an in-

-appreciable amount to the support of a mint which if

maintained in these circumstances for the coinage of Bri-

-tish dollars would involve a heavy annual charge on the

Colony it could ill afford.

9

It is for these reasons that I am

+

averse to the experiment of re-establishing the Hongkong

Mint