}
, ;
ANOT
10
Not:
{
78
TAT LE
ASTA F
!
TELEGRAPHIC ADDRESS. BONIFACE LONDON
ALL LETTERE TO BE ABRESSO
AFL
'ARCES MADE PAYANLE 53 THE
& SHANCHAL BANKIST CORPORATION
NOT TO INDIVIDUALS.
Roughing & Thonghae Bandeng
7722
REGE TO MAR CO
31 Lombard Street, Tonder,
9th. March, 1900.
272
AC
The Under Secretary of State,
Colonial office,
London. S.W.,
I
sir,
Gov
-
I have the honour to acknowledge your
wo. 6494/1900 of 7th. inst.
With a view to relieve the pressure upon our note
circulation in Hongkong the question of the reduction,
and ultimate extinction of the Bank's note issue in the
Straits settlements has engaged the serious attention
of my Directors in Hongkong ever since June 1898.
The progress made has been disappointing, but still
something has been done. I notice that while on 1st.
last year the issue amounted to
June
on the 1st February last it stood at
$4.349.000
$3.291.000.
I am sure no efforts will be spared to still
further reduce the amount.
As you may understand, it
may
is the wish of the Bank to avail as little as possible
of the privilege granted to issue notes against a deposit of cash. Hitherto, at a considerable direct
loss to itself the Bank, under the powers you were so good as to grant, has been able to meet the increased requirements of the Colony, and I may further point
out that they have done so single handed.
I shall forward a copy of your despatch to Hongkong, and no doubt my Directors will address you