on West River, and
to
inform you that
your letter has been
referred to the
Admiralty
Joint office
Jans
(Signed){C. P. LUCAS,
DOMESTIC.
519
Office or Individual.
th
tional Bank bills
1906
No. 27178
(Subject.)
Note Issue
July asking that their notes may
as previous Paper.
27426
27173
RECO
RE: 25 JUL 06
be accepted by
for Dept.
that wave
may
be extended to
$1,000,000. Bank is prepared to comply with condition
as to secure
(Minutes.)
21 Aug.
24 Feb-2013-1 FORM) 1 1-5
subsequent Paper.
J
Mr. Lucas
This application apparently ignores our letter
of 31st of Dec. 1887 on 27426/97 pointing out that
securities would have to be lodged to the extent of one
third of the total note issue of the Bank (not the total
note issue in H.Kong only) and asking for information
as
to total note issue in all branches, and where the
notes are issued and where redeemable.
But I would not enter into a discussion of the
terms on which the request might be acceded to. Our
policy in recent years has been to keep note issues in
the hands of the Govt. (the whole being guaranteed by
cash or securities in hand) and though in the case of
the Chartered Bank and the H.K. and S. Bank we allow
their notes to circulate up to an amount equal to their
paid up capital on the deposit of securities or bullion