ALL COMMUNICATIONS
TO BE ADDRESSED TO THE
OROWN AGENTS FOR THE COLONIES.
THE DATE OF THIS LETTER BEING QUOTED
AND THE FOLLOWING REFERENCE
A/581
TELEGRAMS. "CROWN, LONDON."
TELEPHONE, 7730 VICTORIA.
Sir,
CROWN
AGENTS
FOR
THE
COLONIES
7 WAR OOL. OFE
52821
4, MILLBANK,
WESTMINSTER,
LONDON, S.W. 1.
6th March, 1928.
3009927
Tith reference to our letter of the 11th of March
not 1927, I have the honour to transmit for the information of
28.2.28.
Сорг
CA.
20 MAR 1928
the Secretary of State a valuation of the security held by us
as cover for the note issue of the Mercantile Bank of India
Limited, in Hong Kong, together with a copy of a letter from
the bank stating the face value of the notes in circulation. ɔn
the 31st of December, 1927.
2.
It will be observed that the valuation has been
made on a slightly different basis from that employed in
previous years, and that in the statement showing the amount of
security the bank are required to deposit with us, the
additional 5% over the face value of the notes in circulation.
has been calculated on the face value of the notes not covered
by coin deposited with the local Treasurer, instead of being calculated on the total face value of the notes in circulation.
The amended method appears to be in accordance with Section 4 of Ordinance No. 65 of 1911 end on this basis the valuation
shows an excess of £54,127. 15. 3d over the amount of security required.
The Under-Secretary of State,
Colonial Office.
I have the honour to be,
Sir,
Your obedient Servant,
Was Wichbart
for Crown Agents.
HS