298
although Bombay appears to present certain points of convenience as a port of divergence for bar silver on its way to China, it would probably be found more practical to erect an independent mint at Hongkong.
That the extended circulation of a well coined British dollar in China would contribute to British prestige there can be very little doubt. The thorough workmanship and solid qualities of the British coin would symbolise to the Chinese the principles on which we have built up our national reputation in their country; its extensive circulation would impress them with a sense of the dimensions of British trade; and it would fix a standard of excellence from which China, in the currency reforms to come, would find it difficult to retrograde.
No doubt most of these objects are not such as to commend themselves to the sympathy of other Powers and it is possible that their banks, the Russian and French bank for example, might have it in their power at the outset to place difficulties in the way of the free circulation of the British dollar. The final decision, however, must rest with the natural laws of supply and demand, and with the verdict of the native market. If the British dollar can be produced in sufficient quantity to meet the demands of currency, and at a cost to compete favourably with the proposed new Mexican coin, foreign banks will give the preference to the former; the native finds the Mexican dollar replaced by a reliable coin, whose superior workmanship precludes the danger of counterfeit and renders it safe to dispense with all tests, he will not be slow to appreciate the convenience and security forced upon him by the new state of things.
(Signed)
E. G. Hillier.
Hongkong and Shanghai Bank,
Peking, 17th June, 1905.
Received 19th June, 1905.
298
although Bombay appears to present certain points
of convenience as a port of divergence for bar sil-
ver on its way to China, it would probably be found
more practical to erect an independent mint at Hong-
kong.
That the extended circulation of a well coined
British dollar in China would contribute to British
prestige there can be very little doubt. The thor-
ough workmanship and solid qualities of the British
coin would symbolise to the Chinese the principles
on which we have built up our national reputation
in their country; its extensive circulation would
impress them with a sense of the dimensions of
British trade; and it would fix a standard of ex-
cellence from which Chine, in the currency reforms
to come, would find it difficult to retrograde.
No doubt most of these objecte are not such as
to commend themselves to the sympathy of other Powere
and it le possible that their banks, the Russian
and French bank for example, might have it in their
power at the outset to place difficulties in the
way of the free circulation of the British dollar.
The final decision, however, must rest with the nat-
ural laws of supply and demand, and with the verdict
of the native market. If the British dollar can be
produced in sufficient quantity to meet the demands
of currency, and at a cost to compete favourably
and if the
with the proposed new Mexican coin, foreign banks
will give the preference to the former;
native finds the Mexican dollar replaced by a reli-
able coin, whose superior workmanship precludes the
danger of counterfeit and renders it safe to dispense
with all tests, he will not be slow to appreciate
the convenience and security forced upon him by the
new state of things.
(Signed)
gkong and Shanghai Bank,
Peking, 17th June, 1905.
Received 19th June, 1905.
E. G. Hillier.
power
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