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your Lordships' permission we desire to raise the limit for
Hongkong as much as the present situation will permit.
As our notes now outstanding in the Straits Settlements will be withdrawn from circulation on presentation although no doubt many may never come in, it would help us if provision for the amount outstanding could be made under the limit for Hongkong. We should take care to prevent our circulation from going beyond the $8,000,000 authorised by Charter, except in terms of the special arrangement in Hong
Kong, against the deposit of dollar for dollar. If this
could be agreed to we should distribute the limits as
follows:-
Hongkong to include Singapore
+
and Penang
$5,900,000
$1,500,000
$ 550,000
50,000.
Shanghai
Tientsin
Siam and emergencies
Should there be any objection to this distribution,
we would respectfully ask your Lordships to approve of the following suggestion :-
$5,750,000
75,000
Hongkong
Singapore
Penang
Shanghai
$ 77,000
$1,500,000
Tientsin
$ 550,000
$18m
$
48,000
$8,000,000.
I have the honour to be
Your Lordships' most obedient Servant,
(Sd) Tm. COGGAN
Secretary.
War
2.