COPY.
Enclosure 10.3.
323
Colonial Secretary's Office,
Hongkong.
16th October,1925,
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2.
I am directed to acknowledge the receipt
of your letter of the 15th October regarding the terms on which you are prepared to make your note issue available for purposes of the trade loan.
It should be clearly ynderstood that this Government is not prepared to accept any obligation to provide a deposit in silver dollars until it has exhausted other means of procuring
such money as it may require. You informed His Excellency the Governor that you anticipated that
you would be able to issue a considerable sum in
notes before any question of a deposit of silver dollars would arise, and I am to enquire whether you
are prepared to name a definite amount which you
can issue against the deposit of gold coin in
London, without any obligation on the part of this Government to provide a silver reserve,
3,
It is considered necessary to make this
stipulation as to the provision of silver, because
the Government has no control over the Bank's note
issue. It is quite possible that a large part of
the trade loan will not be taken up in the form
of bank notes, and on the other hand very large amount
in
S
Chief Manager,
Hongkong & Shanghai Banking Corporation,
Hongkong.