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COPY.
Enclosure 2.
576
C.0.
13567
Per 17 APR
Hongkong and Shanghai Eat Corporation,
7th. March, 1907.
Sir.
I have the honour to acknowledge receipt of your
letter of the 5th. instant (139/1907) enclosing copy of a telegram from
the Secretary of State for the Colonies regarding the proposed increase
of the authorized note issue of this Bank and enquiring whether the
condition set out therein is acceptable.
As the reaning of Section 2 of uriinance 1 of
1999, referred to in the telegram from the Secretary of State for the
Colonies, was not quite clear to us, we wirgi yesterday to our London
Office as follows:-
"What is meant by Trustees in section 2 Orlinance *1 of 1999 ? Does Colonial Office recognize that under it 6. & "3. B. C. have the option of depositing security either with "the Crown Agents for the Colonies or dongkong Government at
any time ?".
and have today received the following reply:-
"With reference to your wire of today, we have "seen Colonial office who inform us that trustees in all "probability will be the Hongkong Government. Colonial Office "recognize that you will have the option of depositing coin "or security with mongkong Governreat or Crown Agents for the "Colonies at any time".
With the telegram forwarded in your letter under
reply, and the telegram quoted above from our London office before us
we understand that His Majesty's Government now approve that the Bank's
authorizei note issue will be $15,000,000 of which $10,000,000 is to
be covered by the leposit, at the option of the Bank, of security with
the Crown Agents for the Colonies or with the hongkong Governrent or
partly with such Crown Agents and partly with the Hongkong Governsent
Mr. F. m. May, C.M.G., Colonial Secretary, Hongkong.
equal