No 195.
100
기
CAFT
REC
18527
REA SI VER
GOVERNMENT HOUSE.
HONGKONG. 2nd, July, 1918.
Treas
Sir,
With reference to your Confidential
37789 Despatch of the 8th. August, 1917, I have the honour to
Gar 340-96
-do-
transmit for your consideration the enclosed copy of a letter
from the Chief Manager of Hongkong and Shanghai Banking Cor-
poration asking that the authorised issue of the one dollar
notes of the bank be increased further up to a limit of
$1,000,000 or $1,200.000.
2.
There is no doubt that since my despatch
of the 21st. May, 1917, was written, these notes have become
more and more popular in the neighbouring provinces of China
with the result mentioned in Mr. Stabb's letter. There is
also no doubt that the use of the notes in China is a great
convenience to trade from Hongkong.
3.
So long as the conditions mentioned in
paragraph 4 of my despatch of the 21st. May, 1917, are
continued there does not appear to me to be any objection to
increasing the limit to the issue of these notes and I have
therefore to recommend strongly the approval of the proposals
of the bank, which will undoubtedly be of benefit to this
Colony.
THE RIGHT HONOURABLE
WALTER LONG, M.P.,
&C...
&0..
&C..
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