C. D.
RZE
0.20
3 lofpict
263
The Sec. to the Treas.
For
8 201/H.Kong
21 Feb.
Feb. 07.
Hr. Collins
Mr. Lucas
19/2
20
Fil
Kl. 18 Febr
D.
Juan Werd 7688
7688
Setrais n
Sir,
With reference to your letter No. 1094 of the 29th ult., I am directed by the Earl of Elgin to transmit to you, to be laid before the L.C. of the Treas., copy of a tel. from the Gov. of H.Kong regarding the note issue of the Hongkong and Shanghai Bank.
Lord Elgin could not recommend an extension of the bank's ordinary note issue on the present terms (under which they deposit securities to the amount of one third of the issue), but in order that the Bank may not be handicapped in their competition with Foreign Banks, he would suggest that an extension of the ordinary note issue might be allowed, pari passu with the increase of the paid-up capital, on condition that approved securities are deposited under the control of the C.A. to the full amount of the extended issue.
I am to ask whether the L.C. concur in this suggestion. The favour of an early reply is requested, in order that the Gov. may be informed by tel.
I am &c.
(Signed) C. P. LUCAS,