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be no guarantee that the Canton mint would refrain from more Subsidiary coinage, with the result that Hongkong coins being used as a reserve currency by Chinese criminals while the subject is treated as a debased coinage, in which case the Hongkong coinage may disappear (being melted down to make the new coins) but out of the extent of withdrawal it is selling at a bullion value.
£ trade would be disastrous but would be ameliorated by the withdrawal of Hongkong coins. Of course withdrawal suffered than cancelled but a benefit the Revenue by debilitating British currency that benefit would be more by the cost of withdrawal) and not, as it seems & now, benefit the trade of Hongkong which must be conducted largely in the medium of Chinese currency & subject to an equal, & probably a greater, discount in the direction of withdrawal: hence therefore until it is known that the Chinese will take withdrawing this matter, any action by Hongkong British Coins from circulation would be premature, & once misplaced.
What the cost of loss without any corresponding gain were to I have no data for calculation. I may differently estimate it $40,000. I turned have thought it much more. The face value of the subsidiary coins is I understand about the selling value as £360,000 p.a. less than that bullion value of course also upon the weight of the coins in relation to their face value & not merely on the proportion of alloy) & upon the price of silver at the time.
Transport, insurance & Agents' charges have to be added. Say my loss to the Bank "something under $3000 is not worth it was loss very serious matter."
The Alternative is to continue the present system. This costs (say £3600 p.a.) I broadly think & me it advisable to accept it for the drawbacks unless some cooperation from China in any reform can be obtained. Without that I think it is a grave part of the Chinese currency:- "the part of Hongkong would be to sink without a hallmark. 'Hongkong for currency is sure at 97.66. this is key to conical & 11½ %.
6.6.07.
Ar
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be no guarantee that the Cantin mint would refrain from
more Subsidiary commiage, with the resuch that Hongkong coins bruce Safety flanced
as a feverse currency by Chaincre crimes while the subject
Ir I leash as fecal a discount. is there any guaran the Unt Curiase
mut issive
a debased commage,
in which case the Hongkong coniage
may
disaffean (being mettere down to make the new crins) bett out the Evo the fut to the Exfente of will drawing it a Selling to at hellion Value.
£ trade bouede l disastrous but would but I amclioratest by
In other words the withdrawal of Hongkong coins
F of course withdrawal fufered.
than cancelled
but
a benefit the Recrime by de habilitating British Partsochany Commis
that benefit bouche i mare
by the cost of with drawal) and not, as it fenus & mo, benefit the trade of thougthong thich must
the medium of
Chinese currency & brush
to per fare inducted langely
im
I hate to an equal, & deobably a Denter, discorrent.
in the directin
with chaval
: hebrich there fore tal untie it is known that thefs Churia wes take withdrawing this matter, any action by Hongkong British Corns from criculation boucce I fremature, & lonce mivolon
What the cost of loss without any arres fonding fain were to I have no data for calculation. Dit may afferently estimates it
$40.000
I turned have thought it 7 I much more. The face value of the subsidiary comis is I understernal
:t bout the Selling Jalue as Ѣ
the silver thing con tarii,
p.a.
holme
A
less than that
$360.000
p.a.
bullion
fences of course also upon the weight of the coins in relation to their face
Silver at the line
ต
ast { & not merely on
on the proportin
filter of alloy) & upon the price
%%
Inte hausport,
fun avent
&
C. Apants' charges hon
hh added.
Say my
to the Bank "some thing
under $3000
is not
den worth
was loss very serious matter.
"
The Alternatin is to antime the present bystan
This Cormat.
This was (say £3600 p.a.)
I broued beam & me t'h advisable to accept it for the drowns untre
of
achin
Olen
Soofera him China in any reform can be obturniece. Without that Bera how I think lad
away Abechin Suice as elhores is an write grave part of the Chinesi Aufiri:"-
the park of Hongkong wrouse to Sin hu hallan unarts. "Hongkong for currency
n is sure at 97.66. this is
mey to conical & 111⁄2 7%.
6.6.07.
Ar
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