COPY.
The Honourable
Enclosure
C.O.
10313 512
APR 201
Chartered Bank of India, Australia and China,
The Colonial Treasurer,
Dear Sir,
Hong Kong, 24th February, 1900.
From our return of Notes in circulation during January ultimo, the fact will be observed that same averaged $3,081,635 or $81,635 in excess of the limit allotted to this Branch by our Board of Directors in London and as communicated by them to the Lords Commissioners of Her Majesty's Treasury.
During the month in question we exercised the most strenuous endeavours to keep our Note issue within the limit allotted to this Branch but we found it positively impossible to do so.
The reasons for this are as follows:-
The Telegraphic Transfers and o/d drawings upon this Branch in anticipation of the Chinese New Year, on 31st ultimo, by our Agencies, Branches and Correspondents were exceptionally heavy and were entered into legitimately to meet the requirements of trade and commerce, not for speculative purposes. We repeatedly endeavoured to induce the payees, almost wholly Chinese, to accept and receive payment in Silver Dollars but they as persistently declined to receive Silver currency Dollars and insisted upon receiving paper money. Had we refused to comply with the not unreasonable demand of the Chinese payees
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