the
Q1111 2
on de
deposit at five
-
per cent care at present as follows: _
Hongkong Shanghai Bank $150,000
New Oriental Bank
#7
!
150,000
Chartered Bank of India - 100,000 Chartered Mercantile Bank » 50,000 $450,000
4. The last-named deposit is under
:notice of withdrawal for current expenditure on November 5th.
I have proceed to advocate the
questions asked
asked by Sir Henry Holland in his Dispatch No 165 of August 27th one is, what is the lowest
The first account for which the Banks will be willing to do Government Business.
6.
Only
one
Bank is employed
the
and
in doing the current business of the Government, viz: Shanghai Bank, which
per cent interest on
Hongkong
A
2
gives the daily balance
we are to overdraw (which
have
never done)
seven
per cent
would
439
would be charged on the debit balance, The other Banks have been
7.
entrusted with money on fixed deposit
never kept a
at five per cent, but have current account with the Government,
except the Old Oriental Bank
few years .
& form
I have little doubt that
any of the other Banks would the current business of the
carry
on.
Government on the
they
not the o
have not
to conduct it as well as
terms
A.
necessary
the
that Bank
does, and I should de
any change.
9.
deprecate
Sir Henry Holland further
asks, what should be the highest amount at any time entrusted to the Bank's here.
10.
I consider that the
amount, with due
following watchfulness,
would not be
excessive