9th August, 1886.
In reply to your letter of the 17th much pleasure in sending you the following remarks on the coinage of a dollar coin and by the same post the tive annual reports of the Imperial Mint, In the repens I think you will find the information you require 1g the urinal coinage receipts 3 of the Mint, A Mint, how: would. be of an entirely have different funct The Jap Bint ins had to provide aay thirty-six millions of people with " large minor currouoy of copper and silver in addition to the standard coing, and from this minor currency, and this alone, especially from the coinage of copper, the profits have been and ate derived, 'The actual cent of coining the silver Yeu than the chargo—one 10 the public for coining in issuing this coin is not' to bring direct profit to the Mint, but to be country indirectly by the facility factory currency gives to commerce 'A Mint in Singapore would probably chiefly engaged in coining dollars, as it improbable that a circulation would be found for " large aununl coinage of subsidiary silver, and in such case it is dificult to see how it could avoid being a heavy expense to the Colony, unless its charge for coining dollars was higher than the Danke or other importers of Bullion would be prepared to pay.
Tu the Japanese Min of coining the silver Yon oxceuds a half per cent. even when only ® portion of expenses of management is charged account, In Singapore the cost of coi a dollar would perhaps reach, probably exceed, tivo per cout. As the cost of coining similar coin in the other Mints may be of interest to you, I insert he extracts from the reports of the Land and the United States Mints.
In the Kighth Avnual Report of the Royal Mint (p. 12) London (1877) Deputy Master states that he formed by the Director of the U: Mint that the charge for coining Trade Dollars had been raised to one and a half percent, at the Mints at San Francisco and Carson, and to one and a quarter per cout, at the Mint at Philadelphia which rates were estimated to cover only the actual coat of coining.
In the Thirteenth Annual Report of the States Mint, p. 104, dard Dollars at the Mint at Now Orleans is given as follows Year Number coined Cost of coining per piece conte, 1884 8,905,000 1557 1885 10,135,000 1496
From these quotations you will see that the cost of coining a dollar in the abovementioned Mints, where the conditions are more favourable than would be found in Singapore, varies from one and a quarter to about one and a half per cent.
There is also another point of cousiderable importance in connexion with a Co-Joninl Mintin Asia whi be mentioned here, Such lave greater capacity than forty thousand Dollar working day, but during the China season—if I may judge from what happens here, Bullion is received imes at the rate of nearly a million immediately, on the payment of a small fixed additional charge; and it ible to coin this amo allowed for payment, consequently a reserve of cums lias to be kept to meet such importations. a the Japanese Mint we find it ne sary to have over two and a half millions liver Yous in Osaka ready for delivery.
is considered a part of the Govern-and for its use the Mint pays interest. Besides this the Goverament Reserves in Tokio can be drawn upon in cases of emergency. In Singapore it might cult for the Colonial Government to might be useless in times of presen During other parts of the year the silver importation 0 frequently only small, sometinn nil, the Bullion which has accumulated in the Mint strongholds during the above period is then gradually coined, the coins being sent to the Reserve, example of this I may state that last few months although we tthe rate of about a bullion has accumulated in olds up to nearly two and a quarter millions of Dollars i Tf it is desi Singapore shall be self-supporting, it must coin and find x demand for ts ry silver coi ty to yield a seiguors in amount the expenses incurred in vor Dollar and these It may, however, \direct benefit which ment of a Mint may afford may be worth such expenditure, but on this point I have no data on which to base an opi Finally, I believe that the coinage of a British Dollar for the trade of Eastern Asi could not be n during great pressure of official work, may not be altogether useless to you,—I am, &e.
(Sd.) Witurasr Gowan.
Text read from the printed page and cleaned; old type leaves the occasional error.