10
this establishment.
I have the honour to be,
My Lord, Your Lordship's Most Obedient
Humble Servant,
2. Shining Fleming
P.S. I have addressed a Confidential despatch of this date to Your Lordship on the above subject.
Enclosure 2.
523
Acting Chief Manager, Hongkong & Shanghai Bank to Acting Col: Secretary
Copy.
Hongkong & Shanghai Banking Corporation
Hongkong, 18th April, 1890.
To the Honourable W. M. Deane,
Acting Colonial Secretary,
&c. &c. &c.
Sir,
Having been notified that it is the intention of the Government to withdraw a considerable amount of the Praya Reclamation money now deposited in this Bank, I would ask you kindly to bring the following facts before His Excellency the Administrator.
The total cost of the Reclamation works is estimated at about $21,500,000, of which 25 per cent has been called up - $537,500; but of this, $136,500 is still in the hands of the Supreme Court belonging to Estates &c., leaving only $401,000 at the present time in the hands of the Bank. Of this sum $140,000 (or 25 per cent preliminary deposit) is now being used for sections two and seven, which being the case, will leave only a balance of $261,000.
This $261,000, I may mention will be still further reduced by the payment of salaries, general expenses in connection with the scheme and remuneration to wharf owners.
And