Telephone, No.: VICTORIA 1234.
RECEIVED
28FE
NATIONAL
FOR
CHEMA
• MEN:
DISABLED
please quote Regd. No.
In reply
COLICE
Dear Ellis,
28
14
TREASURY CHAMBERS,
WHITEHALL, S.W.1.
27th February, 1930.
{
In your official letter of 14th February
(72703/30), respecting the note issue of the chartered
Bank of India, Australia and china, you ask for an
explanation of what the Bank means by "the present
exigencies in Hong Kong".
We understood this as a reference to the
recent large coinages of silver dollars for Hong Kong
($8,093,000 reported to us by the Mint). As silver
coin does not circulate in Hong Kong these dollars
would tend to be used to draw out additional notes
from the banks.
In Samuel Montagu and Company's Weekly
Review for the 31st October, 1929, the purpose of the
coinage was stated to be to eliminate the premium on
the notes.
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