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Should the Government agree to the modifications
we suggest in the provisions in the Ordinance regulating the note issue, it is not our intention to increase the issue outside Hongkong, except at the places already indicated, viz. Shanghai, Tientsin, Peking, Hankow and possibly Amoy and Foochow, and then only to the extent necessary to prevent our being obliged to use the notes of non-British Banks in our daily transactions.
Should, however, it become apparent that a note issue in any other place would be of advantage to British trade and prestige, we will be prepared to consider undertaking it, subject to conditions to be approved of by the Government.
As regards the trustees to be appointed by the Secretary of State to take custody of the reserves of coin at these places, we would suggest the British Consuls as the appropriate officials to execute that function.
The position of the Bank when the increase of capital is accomplished, will show capital and reserves amount- ing to 870 millions, while in 1907 when the present regulations as to note issues came into effect the position was as follows:-
Capital
Sterling Reserve Silver Reserve
Carried Forward
$15,000,000.
£ 1,500,000. $13,500,000. $ 2,000,000.
Taking exchange at 38.4d. to the dollar, it will be seen that the reserves of the Bank will be over double what they were at the end of 1907.
Apart from these reserves, the notes are also safe- guarded by the liability of the shareholders.
We beg to enclose draft proposals for the amendments
to the Ordinance necessary to secure the additional powers we consider necessary, both in the interests of the Bank and of British trade in Hongkong and China generally, and we hope that the Government will commend our proposals favourably to the Authorities at Home.
We have, etc.
Sd.
A. STEPUTIN