NG CONFIDENTIAL.
FEC
2 B APRICO
12
50
GOVERNMENT HOUSE,
HONG KONG. 28th March, 1930.
3 om
on 62922329
Card (13
Document No.I. with annexures Nos.1.a. to
1.d.
happy lo enct to 40.
My Lord,
I have the honour to refer to Your Lordship's
despatch No. 312 of the 25th November last, asking
for a report on the currency and exchange situation in Hong Kong, and I now enclose a confidential print of
certain documents relevant to this question.
2.
The situation is one which for several
months past has engaged the serious consideration of the
Government and of the business community, including
especially the Banks of the Colony. Hatters approached
a crisis in October last while Sir Cecil Clementi was
in the Philippine Islands, and a report on the
situation as it existed on his return will be found
in document No. I. with its annexures in the enclosed
print.
3.
Sir Cecil considered that no advantage was
likely to result from reporting on the matter at that
stage.
The one-dollar notes were being gradually
withdraw from circulation, silver was accepted freely
in payment of accounts due to Government, and silver
dollars
THE RIGHT HONOURABLE
LORD PASSFIELD,
&c.
&c.
&c.
,
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