24
to cerisest ledod end & 19q bA\¿ to eynedore to aiseo sd‡ xü .enoi (lim Och Tevo iiew ed Him kund ent
evad sisey Jneser ni ‚8xnet ænedor? eseneqel aft
wan lezeves bas,elatiqeo qu bisq riadd bersetoni yiæısı niddiw Jasa edd ni seriesrent norbildatne oved såned naviremi engros zaidned lorned? Ene ¿notnoli erit ↑1 „bisey owd danq ad♪ leupe ad bre moidieoq yaibael Jasasrq edi aiednier of si moita to zaisnenit and tot di no ober ed of yfedil alino and fie of destt over Jars di „Jast and ni eairqıojne bre ekert Anidirā
to aduerçolevob end to weiv al .berispor ned" >[delieve Istiqeo e'ing> 9ft betoagre ed cð vitnebitnoo said ni ebant Istique Lecirco ancillir JER to esɛstoni odt,8971eser Jasserq .waupebs mand eror on srees tot baiss 88 enoit,bnoo sát tædt trouper end of biɛyor Adil sonamibro add to El norsɔsë ni dinot Jaa vimei eton edi sitayST to Javore [[ut edt of Isupe evasi ma wolis cú sa 08 bebпore ed ,amoillim OFR to Esstent ancillim OSR yes,latiyeo qu biaq ent ent imuva bluow ow (anoitibnos seedt Tebnu timil Jnesorg edit) .noidersbienco quoy rot aniwollot
won bi enir riduo? to abent elude erit y[[moitoer¶ Be ‚exaß gnozanol and to savasi edom act to saser yd beɔnanil -sib yizsam sved arɛllob revile atesy maadlit danq edð gairub weli anidü to smið arð Spodk .noida (vozio evidoe went beresaqs
8 ai erent ‚evidoe si eseniaud marw esmit reito de Ena teeY endon e 'draf sidd to mortelvorio add Ene zeton zol bramah sprai View в ni POE od OS mort ylizezoqret sa8891oni verið dove de .boiraq droda
evesi Lenoitiboa ed♪ ydster anoiðibnoo dneserq ana
emititudes yd berudes si smoillim Ok adt erode anoillim da to yd snoillim älä 1870 888oze yns one,siosqa bns noillud to\bas Jamirzevo nożinol edt ddiw talion not yellow to disoqab edd ebsij vijuergoanoo „bre ‚¿dioituale tacioitive to wolla jon seob -iitus ▼iqque oð eldanu ynied land eat yd semið de beteqmed ai .medaya sido rehau bilduq edð oð vonertvo dnsio
In addition to this disadvantage, the Bank has been
compelled, owing to having to concentrate its resources in
Hongkong, to curtail its note issues in Amoy, Foochow, Shanghai,
Hankow, Tientsin and Peking, and instead of using its own notes
at these places it has to make use, very largely, of the notes
of other Banks, mostly non-British Banks, which appear to be
under no disabilities as to the extent of their note issues and
tobe free from control of their own Governments in that respect.
This condition of affairs is not only detrimental to British
prestige and to the prestige of the Bank, but it also adver-
tises and increases the prestige of our foreign competitors.
In recent years the disturbed political conditions
in North China and the discredit into which the Notes of the
Chinese Goverment Banks have fallen, have made bank notes of
any kind less popular there than they were formerly. The reserves of coin, therefore, which the Bank is, in common pru-
dence, obliged to keep at its note issuing offices outside
Hongkong, form a very considerable percentage of the total of
our notes issued at these places. While these reserves of coin
are not considered to be part of the reserves provided for by the Ordinance, it follows that every note issued outside Hong Kong means the deposit of a dollar for dollar with the Hongkong Goverment in addition to the reserves kept on the spot where the notes are issued. Consequently, our note issues outside this Colony necessitate the locking up in hard cash of an amount considerably in excess of the notes actually issued. Owing to the foregoing reasons, a few years ago Then the depreciation of Rouble Notes became pronounced, the Bank was unable to accede to a general request from Chinese and foreigners to issue dollar notes in Harbin, and the result of this was that the Japanese were able to establish their Yen Notes, which now completely dominate the situation in that place, no other reliable form of currency being available in sufficient quantities.