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Am 4748.
ALL COMMUNICATIONS
TO BE ADDREBBED TO THE GROWN AGENTS FOR THE OOLONIER,
THE ABOVE REFERENCE AND THE DATE OF THIS LETTER BEING QUOTED.
TELEGRAMS, "OROWN, LONDON." TELEPHONE 7730 VICTORIA
REC
CO.
2933
630
REGE (6)
WHITEHALL CARDENS,
LONDON, 9. W.
18th January 1916.
Sir,
I have the honour to report that the Hong Kong and Shanghai Banking Corporation have applied to us for permission to deposit £25,000 Indie 27 Stock in exchange for 215,400 East India Railway 44 Debenture Stock which we now hold as part of the security for the Note Issue of the Rank in Hong Kong.
2. Valued at current prices the £25,000 India 24 Stock and the £15,400 East India Railway 44% Debenture Stock are worth £14,250 and £14,322 res- pectively, but these figures hardly represent the true value of the securities, since the East India Railway 4% Debenture Stock has a definite currency, which would make it at the present time more easily realizable
than the India 2% Stock.
3. In the circumstances I have to enquire whether the Secretary of State approves of the exchange
being carried out.
The Under Secretary of State,
&c
&C
&c
Colonial Office.
I have the honour to be,
Sir,
Your obedient Servant,
Senechess
for Crown Agents.
A