Your Lordship on the subject of the amount of the funds in the custody of this Government, and the desirability of remitting a portion of them to the Crown Agents for investment.
The fact of the Crown Agents having ceased to draw on Hongkong owing to their being in funds, through the proceeds of the loan which they recently raised, has of course swollen the local balances, and these will for some time to come, if not reduced by remittances to the Crown Agents, exceed the maximum of $350,000 which Your Lordship's despatch No. 041257 of 30th March last authorized to be kept in the local banks.
The return forwarded with my despatch above mentioned shewed a total balance in the local banks of