MINUTES.
:
not doubt be anka
This late ris Bauke
HIC
23/
MINUTES NOT TO BE WRITTEN
ON THIS SIDE.
N°
No 366.
0.0.
1949
14 JAN 24
443
GOVERNMENT HOUSE,
HONGKONG. 10th December, 1923.
Mr.Coins.
I agree generally, but
suggest you should require report
to show not only amount deposited
with each Bank but also rates of
interest obtained for different
periods of fixed deposit.
I do not feel sure that the
rate of interest obtained locally
will be to 1% more than we can
obtain here, especially if the
amounts deposited locally become
larger
"
as probabl
probe.big
large
quantities of money could not be advantageously employed in Hong
Kong.
Referring to remark in last
paragraph of despatch, when we deposit money with overseas banks
we now invariably obtain full
cover in the form of gilt edge
securities.
Tell him this
灭
At once
AEP
6
For 16012/2
My Lord Duke,
With reference to Lord Milner's despatch
No.66 of the 15th of March, 1921, I have the honour to ask Your Grace's permission to retain some part of the balances of this Colony on fixed deposit in local banks, in addition
to the balance, not exceeding $2,000,000, which we are already authorized to hold on current account.
2.
The Colony is committed to a very heavy
programme of works of development and in the course of the
next few years very large sums will have to be expended on
Harbour improvements, a new Prison, a new Queen's College and many other large undertakings, apart from the
reprovisioning of Military buildings which will be necessary
if the negotiations for resumption of Military Lands in
Victoria are satisfactorily concluded in which case sums
of millions of dollars are involved,
3.
-
In these circumstances, there can be no doubt
that the revenues as they come in will not suffice for the
expenditure and it will be necessary to draw on our
accumulated balances.
It will therefore be wiser to refrain from
investing further large suma in securities which will have
to be realised with a considerable risk of loss and to place
THE RIGHT HONOURABLE
THE DUKE OF DEVONSHIRE, K.G.,
80..
&c.
the
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