I think the cause of the dearness is the same cause that is now enhancing the value of the rupee—viz., the stoppage of the mints. The supply of coinage is a prerogative or perquisite of the provincial Officials, and there is no regular system by which the supply is kept up. Some years {go cash were so cheap that I imagine it did not pay to go on coining. The mints accordingly were allowed to fall into disuse, and now the opposite extreme has been reached. At all events, I observe that orders have been issued in various quarters to resume coining, and thus T imagine the present stress will gradually be relieved. The attitude of the Chinese Government towards the new industries is another feature of first class importance, and this, I observe, is likely to be henevolent. The result of the settlement, which, as I gather from the papers, has been arrived at, is that local manufactures will be put on the same footing as imported goods at the port of manufacture—that is to Say, they will pay an excise duty equal to the import duty; but they will have an advantage over imported goods if sent into the interior to the extent of 23 per cent. ad valorem. They are, so it is said, to be exempted from all inland, likin or transit dues, which foreign imports cin commute, as you know, for a half tariff duty. I doubt, however, whether this promise of
Text read from the printed page and cleaned; old type leaves the occasional error.