:
MINUTES.
MINUTES NOT TO BE WRITTEN ON THIS SIDE.
Any reply to this letter should be addressed to
THE SECRETARY,
TREASURY,
WHITEHALL, LONDON, S.W. 1, and the following number quoted.
F.3533.
TATIONAL
OSABLED
Pressing.
39765 139 TREASURY CHAMBERS
9th
9 AUG 21 August, 1921.
247/48.
Sir,
I am directed by the Lords Commissioners of His Majesty's Treasury to transmit herewith to be laid before the Secretary of State for the Colonies a copy of a letter dated the 27th ultimo, which They have received from the Chartered Bank of India, Australia and China on the subject of the note circulation of the Bank, My Lords understand that the proposal which the Bank desire to submit is that their note issue in excess of $8,000,000 should be covered by securities to the extent of only one-third and that the Bank realise that a Supplemental Charter will be required for this purpose. Their Lordships are not, however, disposed to assent to this proposal, as They consider that an increase in the note circulation of the Bank should be
authorised, only on condition that cover in securities up to the full amount of the issue beyond $8,000,000
is given. In this connection I am to refer to Treasury
Letter F.2866 of the 19th Hay last on the subject of Under Secretary of State,
the
Colonial Office.