279
C
venience to their respective commercial
Communities.
More especially is this the case
with natives who have been in the habit
for the
of taking notes in lieu of coin payment of wages and the purchase of produce in the adjacent districts.
Further, our Singapore manager by the last mail points out that this Bank's Circulation having reached
the
maximum
prescribed by the Charter, embarrassment has resulted therefrom.
as
the Chinese
when selling produce to the European Merchants demand from them cheques
upon the Hongkong
and
Shanghai Bank (whose note circulation is still within their
authorised limit) in consequence of this bank being compelled to pay cheques
in coin.
our
In accordance
Singapore
with
your suggestion I have this day telegraphed to
and Hongkong managers that they should endeavour to obtain the support of the respective Governors to
suggesting
Memorial
our
before mentioned
am,
Your most
obedient Servant
J. Howard Gurner
Managing Director.