!
and will no doubt do all he can to stop over-produc.
tion at Canton) and send copy also to Treas. for
information, L.F.
All
C.PL 28
CONFIDENTIA I.
Hongkong.
My Lord,
at once
du
-567
O
31358
RECK
Rec 24 AUG 06
Government House,
Hongkong, 23rd. July, 1906.
Goe
1781
Referring to Your Lordship's despatch No.100
dated the 24th. May, 1906, I have the honour to report
further on the subject of the disposal of the subsidiary
coin then in the Hongkong and Shanghai Bank.
2.
In my despatch No.96 dated the 20th. April,
1906, I stated that the rate of discount on Hongkong subsi-
diary coin in the Canton market then stood at about one-
half to one per cent, but that I was advised to take no
action towards disposing of this coin until the result of
the next selling season had been ascertained. On the 15th.
May last the discount had gone up to over 4% and the Trea-
surer reported that he had consulted the Chief Manager of
the Hongkong and Shanghai Banking Corporation who had
stated that the prospects for the sale of the coin were not
improving. The Canton rice erop had been seriously damaged
suffered
by floods, it was feared that the silk might also have
E RIGHT HONOURABLE
THE EARL OF ELGIN, K.G.,
&C - +
&C - ›
&C.
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