Copy.
Sir,
Enclosure !
19
Prince's Buildings,
Ice House Street,
Hongkong, 18th December, 1920.
:
1.00
We are instructed by our clients the Hongkong and Shanghai Bank to inform you that the Bank contemplates an immediate increase of the capital from $15,000,000 (now issued)
to the existing limit of $20,000,000.
They would like to have an assurance that the necessary assent of the Governor to such increase will be forth
coming in due course.
The Honourable
It is also the Directors' intention shortly to seek the authority of the shareholders to take steps to obtain an amending Ordinance for the following purposes:-
(1). To allow of the capital being increased from the
present limit of $20,000,000 to a limit of $50,000,000 (2). To allow of an increase in the Bills and Notes of the Bank in circulation up to an amount equal to the paid-up capital of £20,000,000 on conditions set forth in Section 13 of the existing Ordinance.
(3).
To allow of the deposit of coin bullion or securities in respect of note issues not only in Hong Kong but in other places where issues of notes are now or may hereafter be made, provided that the total deposits in allplaces mount to the aggregate required and that the deposits are made with such Custodians as may be approved by the Government.
Before such proposals are brought before the share- holders or an amending Bill drafted our clients would be glad to know that the Goverment has no objection in principle to the proposals.
As the Bank is desirous of proceeding with the matter forthwith we trust that you will be so good as to give the
The Colonial Secretary,
Hongkong,