and transmitted wi 30th November last:
Your
letter of the
of doing so was £136. 19.9
reference
be seen on
Co
The cost
will
to the enclosed
a letter from the Bank of
copy of
England.
Your
account was at that
time overdrawn to the extent of
£14,544, so that after placing
to
your
credit the
sum
realized by this discount there still
remained overdrawn £4681, with further clarius due, but not yet paid, of £4711, still leaving a deficit altogether of £9392.
To meet this the Crown Agents
upou Agra Mastermans for £5,000 maturing on the 20th September,
hold another Bill
J
and a Bill
on the Union Bank of London for £10,000 maturing on the 5th August
next
121
next- making the then total assets £15,000.
The failure of the Bank will necessitate the raising of £10,000 on the 22 July to retire the Bill discounted, and will render the other £5000 unavailable. Thus the Crabilities
will be increased to £19,392, while the Assets will be reduced to £10,000, having a present deficit of £19,392 which will be reduced to £9,392 in August next when the Union Bank Bill matures.
Under these circumstances
need hardly point out the urgent necessity for further remittances, which, if by Bills, should either be
at
sight or very
short date. but
in the present state
of financial
safest
affairs here a Commissariat certificate
would be the
medium of remittance.
Nothing reliable is yet
Known
Here is the revised version in HTML format with corrections and improvements:and transmitted with 30th November last:
Your
letter of the
The cost of doing so was £136. 19.9
reference
can be seen on
Co
The cost
will be seen
in the enclosed
a letter from the Bank of
copy of
England.
Your
account was at that
time overdrawn to the extent of
£14,544, so that after placing
to
your
credit the
sum
realized by this discount there still
remained overdrawn £4681, with further claims due, but not yet paid, of £4711, still leaving a deficit altogether of £9392.
To meet this the Crown Agents
hold a Bill upon Agra Mastermans for £5,000 maturing on the 20th September,
and a Bill
on the Union Bank of London for £10,000 maturing on the 5th August
next,
121
making the then total assets £15,000.
The failure of the Bank will necessitate the raising of £10,000 on the 22 July to retire the Bill discounted, and will render the other £5000 unavailable. Thus the liabilities
will be increased to £19,392, while the Assets will be reduced to £10,000, having a present deficit of £19,392 which will be reduced to £9,392 in August next when the Union Bank Bill matures.
Under these circumstances,
we need hardly point out the urgent necessity for further remittances, which, if by Bills, should either be
at
sight or very
short date. But
in the present state
of financial
affairs here a Commissariat certificate
would be the safest
medium of remittance.
Nothing reliable is yet
Known