market prices of shares as a fair guide wider opinion. Then steps be taken to examine the state of skilled banks, notably the Chartered Mercantile Bank, the shares of which are at a discount in the London Market, and last of all the Oriental Bank, the shares of which are at a heavy discount.
5. The Government deposits in these four Banks are more considerable than they would have been but for the fact that almost all Public Works and improvements have been responded for some years. It happens that we have the following somewhat large deposits in these Banks.
Hong Kong 1904
RLCD REC NOW $305,259.64 Hong Kong & Shanghai Bank 155 22 18 30 Chartered Bank of India 160,000 Chartered Mercantile Bank 90,000 $90 $170,000 Oriental Bank $725,259.446. As regards one Bank, the Oriental, disquieting reports have been current for some time past, and the state of affairs naturally caused uneasiness to the Government. At the same time information was received to the effect that panic amongst depositors would almost inevitably bring down the Bank. It was necessary to proceed with caution, for besides the withdrawal of too large a sum, few things would damage the Bank more effectually than a report that the Government was withdrawing its deposits. Therefore, in withdrawing $60,000...