MINUTES
MINUTES NOT TO BE WRITTEN ON THIS SIDE.
794
Any reply to this letter should be addressed tot
THE SECRETARY,
59547
TREASURY CHAMBERS.
TREASURY.
WHITEHALL, LONDON, S.w.i and the following number quoted.
F.3533.
7
7 December, 1923.
C
Sir.
Tress
9142
I am directed by the Lords Commissioners of
His Majesty's Treasury to transmit herewith a copy of a
letter dated the 2nd ultimo and enclosures received from
the Chartered Bank of India, Australia and China, regarding
the deposit of silver coin with the Hong Kong Government
against the Bank's authorised note issue.
The question of the maintenance of a locel
reserve by this Runk has already formed the subject of
correspondence between the Secretary of State and Their
Lordships and in the letter from this department dated
the 20th February last, Their Lordships recorded Their
view that the entire responsibility of keeping the reserve
of coin necessary to meet its ordinary issue of notes
should be left ( it always had been) to the issuing Bank
without engaging the responsibility of the administration
in the matter.
Since that datcy Lords have not been
furnished with any further communications thrt may have
passed between the Secretary of State and the Hong Kong Under Secretary of State,
Government
Colonial Office.