69
We are, Sir,
14
FOR THE YOKOHAMA SPECIE BANK, LIMITED.
(Sd). H. MORI.
Manager.
FOR THE BANK OF CANTON, LIMITED.
(Sd). K. F. Lay,
Manager, Foreign Department.
BANQUE FRANCO-CHINOISE, Pour le Commerce et l'Industrie. (Sd). A. ROLLIN, Manager.
FOR THE BANK OF TAIWAN, LIMITED, Hong Kong.
(Sd). K. NAKURA. Manager.
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sures are not taken at once to relieve the situation. They are also of opinion that Government should make some small sacrifice to assist the Colony in the present crisis and not leave it to the Banks to bear the entire burden of stabilising the cur- rency of the Colony.
III.
Letter from the Associated Banks.
Hong Kong,
11th December, 1929
The Hon. Mr. W. T. Southorn, C.M.G. Colonial Secretary,
Sir,
HONG KONG.
The undersigned Banks have the honour to refer you to their petition dated the 26th November duly acknowledged in your letter of the same date.
It is a matter for great regret that no announcement has yet been made by His Excellency the Governor as regards his intentions in respect of the removal of the 1% tax asked for and as the matter is one of very great urgency, in that busi- ness has been at a standstill for the past fortnight and business houses and Banks and the trade of the Colony are suffering thereby, and as all the Banks have agreed, in the interests of the Colony, to "peg" the selling rate of exchange in order to facilitate the early return to silver parity and prevent the unnecessary further in- flux of silver dollars, and as in all other countries of the world the Government ac- cepts certain responsibilities in respect of the legal currency, the undersigned Banks request that immediate steps be taken by the Government either to remove the 1% tax asked for in their petition dated the 26th November and thereby offer an in- ducement to the note issuing Banks concerned to increase their note issue immed- iately and bring conditions to a state of normalcy, or authorise the Banks who have the privilege of issuing notes against Silver dollars to immediately issue fur- ther notes under Government responsibility up to a maximum of dollars ten million against Silver dollars lodged in the vaults of the Banque de l'Indo Chine under Government control, the Government to hold themselves ultimately responsible for the absorption of the silver dollars for the increased issue.
The undersigned Banks cannot too strongly emphasise the fact that business is going past the Colony and that the present monetary stringency is likely to lead to very grave complications and to the detriment of the trade of the Colony if mea-
Your obedient Servants,
FOR THE P. & O. BANKING CORPORATION, LTD.
(Sd). W. J. WADDINGTON.
Manager.
FOR THE HO HONG BANK, LIMITED.
(Sd). KO LEONG HOE,
Manager.
NEDERLANDSCHE HANDEL-MAATSCHAPPIJ, N. V.
(Sd). P. M. Elberg.
Agent.
FOR THE YOKOHAMA SPECIE BANK, LIMITED.
(Sd). H. MORI.
Manager.
FOR THE BANK OF EAST ASIA, LIMITED.
(Sd). KAN TONG Po.
Chief Manager.
THE AMERICAN EXPRESS COMPANY, INC.
(Sd). E. W. DUGGAN.
Manager.
NEDERLANDSCH INDISCHE HANDELSBANK, N. V.
(Sd). C. STIGTER.
Manager.
BANQUE DE L'INDO CHINE.
(Sd.) A. LECOT.
Manager.
FOR THE BANK OF CANTON, Limited.
(Sd.) K. F. LAY. Manager, Foreign Department.
BANQUE-FRANCO-CHINOISE, pour le Commerce et l'Industrie.
(Sd.) A. ROLLIN,
Manager.
FOR THE BANK OF TAIWAN, LIMITED, HONG KONG.
(Sd). K. NAKURA. Manager.
FOR THE NATIONAL CITY BANK OF NEW YORK.
(Sd). F. McD. COURTNEY.
Manager.
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