CO129-331 - Public Offices - 1905 — Page 309

currency, we trust you may be able to make such re-

presentations 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 seigniorage.

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

demonetisation of tae British dollar in the Straits,

the amount of silver deposited for coinage is not

likely to be on a large scale for some time to come.

There is no doubt however that the British dol-

lar is gradually making its way into circulation

throughout China, more particularly in the North,

and as this cannot help proving advantageous to Bri-

tish interests generally, it would seem desirable

that, instead of placing restrictions on the supply,

every encouragement should be given to increase its

circulation.

303

It seems to us indispensable that the Colony

should be provided with some certain means of con-

verting bullion into currency, as required, and if

the Government of India do not see their way to meet

us in the matter, the only alternative appears to

be to re-establish a local mint.

(Signed)

We have, &c.,

Chartered Bank,

HongKong and Shanghai Banking Corporation.

It