Corporation, Hongkong, 14th September, 1886, carefully read Mr. Lister'
tive report, and quite concur opinion that the establishment of a mi in Hongkong for the coin"ge of a Brit dollar could not but result in heavy loss to the Goverame Judging after an experience of several years in Japan, I would aay that the calls on the Osaka' Mint from foreigners for coinage of Bullion into silver yen are of a very sporadic nature, and that, were it not for the large subsidiary copper and silver coinage, the mint would be idle for the greater part of the year.
There is an important fact to which Mr. Gowland does not allude; while maki charge of one percent er Bullion for the Japsnese Specie Bank (a bank of the Japanese Gover ment) at a charge of about one-third of one per cent., thus giving " bounty on the production off yen to this bank at the expel the Japanese tex-payer, in the same manner that some of the Continental Governments of Europe foster the production of Beet Sugar by bestowing a bounty on the exporter of same.
The possession of this privilege by the Tapanose Bank, coupled with the fact that Tapan lies on the direct Bullion route from Califoruin to El " will, in my opi mpossible for a British dollar (ce: 2 per cent, to coin) to hold its own against the cheaper Tapaneso 5 er is legally current at Singapore if" British dollar was introduced in Singapore and the yen txbuoed, the Intter coin would pre-bably more thaw hold its own in the pro tected and independent Native States which supply Singapore with the grenter part of the produce shipped theucy. I tuan add here, that the yen is already nly domiciled at Amvy and Fovchow. 1 opinion as to the adai ability of w British dollar for the Ssu have perlinps gone outside the question, will now confine myself to giving my ideas as formed from a purely local point of view.
Tu a groat trade contro like Hongkong where the Reserve funds of foreign Banke are to wgront extent kept, and on whioh notary calls are being constantly made and the Straits, it the currency be auch for uso in the Mexican Dollar wud, toa by thy silver Yen, but although, a mentioned, the You fuds recs Amoy and Fuochow, the Northern Chinese why are notoriously conservative, have always remained loyal to the Mexionn Dul-Jar, "As regards ovat of coining the Mexican Dollar, I have no reliable statistics, but must be much below 2 quently happens tat conn be pur chased in London wt ite Bullion value for molting purposes.
Without, therefore, taking into consideration the difficulty of overcoming Chinoaw prejudices, the British Dollar would un-Questionably Lo hoxvily handicapped in the competition by its higher cost, and its chanics of ultimate suc cen at its rivnle would be very slender. Outside Hongkong and the Straits it would probably by only rth its Bullion value, which would cause it to frequently Gud its way to the molting pot, nnd the cost of coinage would be The foregoing remark very crude, but I trust I have succeeded in making my wing clear, I would say that if Japan Mexico are willing to supply the Bas th a Dollar at lower than cost price, it is the wisest policy to allow them to do so.
upped hitherto lave. always an when will ovining a British Dollar.
Lam ete., (Sd.) Jouw Warren.
His Excellency W. H. Marah, C.BL.G., Officer Administering the Government, The following resolutions were to be moved by the Colonisl Secretary and seconded by Mr. Shelford at the meeting of the Straits Legislative Council on Tues day, the 30th November 1,—That in the opinion of this Council it will be to the interest of trade in these Settle. Bente and tend to the fexteusioy of Beith
Text read from the printed page and cleaned; old type leaves the occasional error.