Chinese General Chamber of Commerce,
Hongkong, 16th September, 1925.
Sir,
I have the honour to inform you that in view of the present exceptional stringency in the money market of the Colony, a representative meeting was held in this Chamber on Monday the 14th instant to consider the numerous requests received from various commercial guilds and the many merchants of the Colony
to devise means to avoid a financial ruin which is now
threatening the Colony. A resolution was unanimously
passed to petition to the Government for the issuance
of Treasury Bonds to relieve the situation.
It was expressed at the meeting that since
the Strike began the commerce of the Colony was affected to an enormous extent and concurrently a
shortage was felt in the money market. At first the
aspect was viewed at as a temporary effect on account of the strike and the suffering of the people were but momentary. But as time went on, things began to look more serious. Three months have now elapsed and
no indication of a settlement is yet in sight. The
alarming financial situation is gradually assuming a serious aspect. The stagnation of trade and commerce
is going from bad to worse. Owners of property and
merchandise are experiencing tremendous difficulties
in obtaining mortgages to meet their obligations,
depositors are pressing their bankers for withdrawal of
their deposits while demands on purchasers to take
delivery of their goods are as vivid as wild-fire.
But