OP Y.
Sir,
No. 1.
Hongkong and Shanghai Banking Corporation.
C. O.
10703
FOR
Sep 21 N
Hongkong, 20th. Larch, 1912.
98
With reference to the Sterling Securities valued at
£500,000 deposited with the Crown Agents for the Colonies in London as part security against our authorised increased Note Issue, I have the honour to inform you that our Note Circulation is now covered by the deposits of Silver dollars £14,000,000 and Sovereigns £100,000 lodged with the Hongkong Government and I shall therefore be obliged if you will release by cable £300,000
of the securities held in London.
Although not actually required, we leave the
balance of £200,000 securities with the Crow Agents for the
Colonies in the meantime, which we shall probably ask you to
release when a further contraction in the issue takes place.
I shall behappy to refund the cost of your tele- -gram on your advising me of the amount.
I have etc.,
(Sd.) N. J. Stabb,
Chief Lanager.
The Hon. The Colonial Secretary,
Hongkong.