delivered at the trend at the latter part that the third instalment of June and quarter of mille an ounces must be a of abunda delivered before the end of August. They to the Colony asking if draw for the necessary punda t pay for this silver at have telegraphed the the the required an dates a and the Colony has replied that they can do so, but it is clear from the last return of Bank Balances (XCR(85)72) that this will involve for some time to come a very considerable overdraft the thing, Shanghai Bank in which the Rob will be paying at least 4 pc. interest. It also appears from GR1178/1922/32(III) that of $5,000,000 worth of subsidiary coin ordered last bar nearly $2,000,000 were by the end of March lying idle in the Bank & I think that there is a great danger of our increasing unduly the amount of subsidiary coin lying idle to the Loss suggesting 1 telegraph that unless the amount of subsidiary coin shown by end in GR1178/1922/32(III) not at bhave got into circulation materially reduced by the End of May he should consider whether
(1)-31216-4000-6-1900 36518-8000-11-1900 the amount requisitioned for this bar should not be reduced. that he should telegraph his decision on this point early next month two inf. Agents asking them not to buy the second instalment of silver until the Governor's reply has been received.
Aug 17/5 I agree EiT CP2:17 at once
Page 480
Page 481