498
Yokohama
As
and
as well
I cared a letter to
his
Dioge Aunghing, I cared... be addressed to Mr. Greig, the Chief Manager of the Hongkong and Shanghai Bank drawing attention to Section 13 of Ordinance 1866 which requires that Coin and Bullion equal to one third
of the Notes and Bills
of
at least
of the Company for the time
being
in circulation must be
Kept at the principal establishment
the balance
in the
2.
I have pointed out to him
that there would be no
in his including
Return
W
in
difficulty
the Monthly
statement shewing the
of the
average note circulation preceding March at the Branch
Bank's
3.
Agencies. In reply Mr. Greig observed
that his Bank was in the habit
of Keeping at each of the Branches
Bullion reserve exceeding
one third of the
exceeding
the note circulation;
Sound
that
the
#
Hong
ground of safety
almost such reserves could not
m
a Bullion
be reduced; and that if the Government insisted on reserve at Hongkong covering
not
one third of the Notes in circulation here but also at the
Branches it would become a
question for the Bank would