I have the honour therefore to request that your Lordships will give the necessary instructions to the Crown Agents for the Colonies to telegraph to the Colonial Government of Hongkong authorising the issue of notes in that Colony to the extent of $3,300,000.
The total authorised issue of $8,000,000 is secured as follows:-
DRAFT.
Houghing Straits 484 45472. Trasury
You manager of the Cash deposited in Singapore on account of Singapore Branch $391,333 do Penang Branch............. $438,666-
33 67 Cash deposited in Hongkong on account of Hongkong Branch......$629,500 Securities deposited with Bank of England in the names of the Crown Agents for the Colonies:- Belgian 3%..... £12,000 Metropolitan 2½%... 53,000 Prussian 3%....... 25,000 New South Wales 3%.. 25,000 Queensland 3%...... 25,000 £140,000 or say about $1,400,000 Total......$2,859,500
The required amount being one third of $8,000,000 or $2,666,667, there is a surplus in the security of about $192,835, and this I trust will render unnecessary any change in the present arrangement.
I have the honour to be, My Lords, Your most obedient servant,
(Sd) Wm. A. Main. Manager. Chartered Bank of India, Australia and China
MINUTE. Mr. Shitbs eron Mr. Jolensa 276s Mr. Antrobus. Mr. Cox. Mr. Lucas. Mr. Graham. Sir M. Ommanney, Earl of Onslow. Mr. Chamberlain. with 2 LFF
Deo you Sir I am lun directed by Set Chamberlain to inform you that pics of your letter of the 11 the wake. ofter this L.C. If the Freasing Subject of the so desta nitution between the Borghes in the East of thu. q tu note-còsure- Chartered Bank of Pudia Australia & China has been forwarded to the