for his consideration.
2. A further common
wall be
addressed to
office or Individual.
You on the receipt of
Sir) Lugard's reply.
CPI
HONG KONG STRAITS
No. 1804
C O
224
DOMESTIC.
1804
GUA 15 JAN 07
(Subject.)
Agents 1907
4 Jan
st previous Paper.
(VR)-42005—35206-11-0
anbsequent Paper
Note
Note Issues of Chartered, & HH Shanghai,
Banks.
Seuss copies of letter from the Banks as to amount of their note issue payable in Straits Dollars. Proposes that rate of the dollar should be taken as 2/4 all through for purpose of valuation
Lucas
(Minutes.)
Almost the whole of the notes are
in Hong Kong, and it would not be fair to take 2/4 for the
rate this year. One penny in the dollar makes
a very considerable difference. Moreover the difficulty
will certainly recur next year, and
we had better get
the thing right in Principle at once.
I say
that securities should be required to cover
one third of the total note issues reckoned at the
rate of the british value of Mexican dollar, plus secu-
rities to cover one third of the enhanced value of
the S.S. issues, taking the latter in the case of HSBC
and S. bank at 260,000 dollars, and in the case
of the Chartered bank at 2,250,000.
Copy corresp. to Treas. L.F.
that the return isd..
prepared accrding to CPL-17
the in M. 16 17 at
ance
Agent