92.
exc
81637
Exfy all
C.O.
12674
RECO to Here TE MAY
526
Government House,
Hong Kong, April, 1899.
Sir,
In reply to your despatch No. 25 of the 30th January last, I have the honour to state that I have consulted the Chairman of the Chamber of Commerce, the Chief Manager of the Hong Kong and Shanghai Bank, the Manager of the Chartered Bank of India, Australia and China and other prominent business representatives and am informed that there is no scarcity of Bank notes in the Colony at present and that in the event of the supply being found insufficient at any future time the Hong Kong and Shanghai Bank is prepared to issue notes to any amount required.
2. Should there be any scarcity of notes, there is no objection, so far as I can ascertain, among the mercantile community to the issue of Bank notes by the Mercantile Bank of India, Limited. It might, however, be advisable to watch the result of the Government note issue in the Straits Settlements before giving authority for any further note issue by private Banks.
3. Should the result be successful, it may then be a matter for consideration whether the revenue
Right Honourable
JOSEPH CHAMBERLAIN,
M.P..
10.