مهرماه ساسان
?" Proceed as chr Fiddian proposes
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with the allerterns there.
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In the Reply to this Letter the following Number should be quoted.
14462
98
18338/98
晨
7393
Sir,
C. O.
22579
637 RECO
(Rec 10 OCT 98:
TREASURY CHAMBERS,
8 October 1898
596
I have laid before the Lords Commissioners of Her Majesty's Treasury your letter of the 16th ultimo, with the enclosures thereto, relative to the paper currency of Hong Kong and, in particular, to the note- issue of the Hong Kong and Shanghae Banking Corporation.
No further action appears necessary at the present moment. But, as the Secretary of State for the Colonies is aware, the arrangement proposed in Mr Lucas' letter of the 15th of July last, under which the Bank
may issue notes in excess of its normal limit against a reserve of 100% in coin, was in the first instance limited to a period of one year; and it is therefore desirable that the whole question should be reviewed before July next, in order that, if necessary, some permanent arrange- ment may be made for providing the colony with paper
currency.
In these circumstances, Their Lordships would be glad if Mr Chamberlain would cause Them to be furnished, in the course of next spring, with information respecting the actual working of the temporary arrangement, shewing the maximum amount of the excess note-issue in each month up to March 1899. They would be glad to learn at the same time what progress has been made with the Government
note-issue
The Under Secretary of State
Colonial Office.