}
о
797
Copy of advices from Chartered Bank of India, Australia
and China, London, to Hongkong Branch, dated
1st November, 1923.
Note Circulation.
→
We have to acknowledge your letter of 21st
September last in the above connexion, together with copy of letter from the Colonial Secretary's Office at Hongkong
of 20th idem, sent for our perusal. We request you to
convey to the Colonial Secretary our appreciation of the
suggestion that the Bank should keep in the Colony an
adequate reserve of coin against its note issue, such
reserve to be under the control of the Hongkong Government,
and we desire you to inform him that it has always been the
Directors' invariable policy that the note issue of the
Bank, of which they are justly proud, should in no way and
at no time be jeopardised, and that they have always insisted
on an adequate reserve in coin being maintained as a
safeguard in addition to the security required by Charter.
You are therefore to place on record the Directors'
instructions that of the total issue in Hongkong
outstanding at any one time & reserve of coin to the extent
of one third is always to be maintained and to be deposited
under the control of the Hongkong Government. We wish
you to convey verbatim to Mr. Fletcher this record of the
Directors' policy.