49
Loven-
quite recently to clouse refund of thick deposits, some of which have conserumutly remained on the banks for years. I think it fair that the Banks might fairly argue that when Government proposes to exercise its right of withdrawal it should give reasonable notice beforehand. The conditions under which they take these deposits are exceptionally favourable to Government as they allow the same rate of interest as fixed deposits for twelve months.
5. Under these circumstances claims for refund of deposits in the Oriental Bank and the Chartered Mercantile Bank (alling due within a few days) have not been pressed, but notice has been given that other deposits which will fall due at the end of this month and the middle of next month will be liquidated.
6. Since writing the foregoing I have been informed that it is reported by telegram that the question of putting the Chartered Banking Corporation into liquidation is to be considered this week by the Share holders in London. Should the step be decided on, I fear that the Branches here will not be able to cash