COPY
ENCLOSURE
27376
Fect
Res 23 507
181
Chartered Bank of India Australia and China.
Hong-Kong, 14th October, 1897.
Dear Sir William,
I notice from the Bank's London telegram that our Head Office has purchased since 4th ultimo from the Crown Agents for the Colonies over half a million dollars of 4% bills on the Colonial Treasury here, and that other Banks in London have also made purchases of the same description. Evidently, therefore, there has recently been a considerable amount of cash funds and call money in Hong-Kong at the disposal of the Government. I can hardly conceive that these funds have been lying idle in the Treasury vaults, as call money in Hong-Kong during the last three months, owing to delay in getting Silver Minted in Bombay into British Dollars, has been and is still worth from 4 to 6 per cent per annum, yet on looking over our quarterly returns ending 30th ultimo I can find a sum of only $5,500 on deposit in this bank at interest and that we have had no larger amount from Government at any time since 20th March 1895. I believe that this institution is one of the Banks included