OPY.
C.O.
35163
RECR
REGE 3 OCT 051
Messrs. H. W. Carter & Co. to Crown Agents.
187
Warnford Court,
Throgmorton Street,
E. C.
12th. September, 1905.
Gentlemen,
-
With reference to your communicati on regarding the sale of your demand drafts on Hong Kong, it has always been our custom, on receipt of your instructi ons to sell;- using our discretion as to the best time to
execute your order to visit the Manager of each of the banks interested in Hong Kong, and obtain from him the best price he is willing to give for all, or a portion, of the amount on offer, using any information we may have, as to the state of the silver market &c. as a lever to obtain, from each, his best quotation, and again using
wherewith the highest offer we receive for a portion as a lever, to obtain from the others an increase on their original quotation.
It naturally follows that the more sources we have at our disposal, for the sale of these drafts the more means we have of obtaining the best possible price, and of course,
this is thoroughly understood by all the banks." in question. Formerly it was the wish of both the Hong Kn and Shanghai Banking Corporation and t he Chartered Bank of India &c. that when their quotation was successful in obtaining all or a portion of the amount offered, it should be divided equally between them, but latterly the
1) (
Hong Kong