H. Kong & Straits.
ALL COMMUNICATIONS
TO BE ADDRESSED TO THE
*
CROWN AGENTS FOR THE COLONIES,
THE ABOVE REFERENCE AND THE DATE OF THIS LETTER BEING QUOTED.
TEL.ADD."CROWN, LONDON"
Jan. 07.
C.O.
225
1804
15 J 07
WHITEHALL GARDENS,
LONDON, S. W.
14th January, 1907.
Hong Kong & Straits Settlements.
Sir,
Referring to your letter of the 14th of September, No. 30080/1906, I have the honour to enclose copies of the replies which we have received from the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation with regard to the amount of their note issue which is payable in Straits Settlements dollars.
2. The value of the Mexican dollar and of the Straits Settlements dollar at the present time so nearly approximate that it would seem unnecessary to make any distinction between them, and particularly so as, if any distinction is made, it would appear to be difficult to determine how to make the calculation required in order to show the amount of securities which the banks should deposit as cover.
3. We would therefore suggest that, in preparing the usual annual valuation of securities held by us against the banks' Note Issues, the rate of the dollar should be taken as 2s.4d. all through.
Under Secretary of State,
80.
Colonial Office.
I have the honour to be,
Sir,
Your obedient Servant,
2074