149
already reposed in this Savings Bank
than the fact that Chinese, who,
twelve per cent
interest, are
regard
as the nonnal rate of
depositing money
there
at 3% ! Had the Government worked
Back on
the Singapore
the Savriegs plan, the funds would still merely brave been deposited in local Banks,
and in case
of their failure the
Trecemery
would have been responsible for the whole crinout. I learn however that the Straits Government is anxious
aud
that the breach of the Houghong Shanghai Bank established there should relieve it of the charge of the Savings Bank. I presume that means that the Singapore Government finds that
clerks cannot be asked to continue to
perform
perform fatiguing duties on
merely
nominal allowances, and that the..
margin of profit secured on the feeds deposited allows of no
more substantial
reuveneration.
7.
In conclusion
I may say
that
the trifting facilities granted to the new Lavings Bank (which is in
a success do
so far) are merely.
every way
experimental and tentative. The Government could of course withdraw them, but it has no power to clove the Savings Bank.
(Signed) A Fister
Treasurer.
Hongkong, August 14th 1884