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Silver in exchange for Notes, and we have hitherto always been in a position to meet such demands without in any way curtailing business.
Our ordinary business (in China) and the Straits, we work with large Cash balances, experience having taught us that it would be unsafe to adopt any other course.
It may not be out of place to mention that when the Oriental Bank failed, the strong position this Bank was in, both in China and the Straits, averted a panic that would have caused widespread ruin; we had enough Reserves for our own note issues, and, in addition, we cashed the Notes of the other Banks of issue, one of which there was a run, to the extent of over one million dollars, and restored the confidence so rudely shaken by the failure of the Oriental Bank Corporation.
In the event of our falling upon troublous times, and reports prejudicial to our credit being ...