They propose Bellfasih. Fleyan of a satisfactory character and, assuming the securities held in Hong Kong are of this character which we deduce from information obtained from the Bank, they provide a sufficient cover, judging by present rates.
The securities held in Hong Kong are mainly Colonial Bonds rather than those that can be easily released or dealt with, and clearly we ought to ask the Bank for this information. The first step should be to furnish, every three months, a return of securities held and the prices at which they could be realised locally at the date of the return.
We have a difficulty wherein we could possibly obtain a valuation, but it would be, of course, only a rough approximation.
M. Müfield. Submit drafts to agents for comments.
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COMMUNICATIONS TO BE ADDRESSED AND REMITTANCES TO BE MADE TO THE MANAGER"
dedo 16157 491
Hongkong & Shanghai Banking Corporation, 31, Lombard Street, London, &c.
19th May 1892
The Under Secretary of State for the Colonies,
Downing Street, S.W.
With reference to your letter of last month, our Head Office at Hongkong has decided to lodge in London the further amount of securities required by you as a reserve fund to secure our Bank Note-issue, and we shall therefore despatch them with the Crown Agents for the Colonies by the middle of next month. We are sending £125,000 nominal, of Consols and Colonial Securities, of the value of about £122,700, which is in excess of what is required to complete the Reserve Fund in question.
We have the honour to be,
Your obedient servants,
Manager
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