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Memorandum as to the high premium commanded by the
British dollar and they also consider that its ex-
tended use in China helps to strengthen the prestige
of Great Britain.
They therefore recommend that all possible stepe
should be taken to maintain the British dollar in
the position it has attained and if possible to ex-
tend its circulation which is threatened by the de-
cision of the Government of India to discontinue
its coinage on the former terms.
Sir E. Satow suggests that, should the Govern-
ment of India not see their way to reconsider their
decision to double the seignorage, an alternative
might be found in the re-establishment of the Hong-
kong mint which was abolished in 1868, and he has
communicated his proposal to the Governor of that
Colony.
On the receipt of Sir E. Satow's views, a let-
ter was addressed to the Secretary of State for India
on the subject. It appears, however, from Mr. Brod-
rick's reply, of which I also enclose a copy, that
there is not much prospect of inducing the Govern-
ment
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