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Ref.:
CO 537/1369
THE NATIONAL ARCHIVES
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restrictions. Further information is given in the enclosed Terms and Conditions of supply of National Archives' leaflet Please note that this copy is supplied subject to the National Archives' terms and conditions and that your use of it may be subject to copynght
00 136
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cms
Ref.:
THE NATIONAL ARCHIVES
CO 537/1369
Please note that this copy is supplied subject to the National Archives' terms and conditions and that your use of it may be subject to copyright
restrictions. Further information is given in the enclosed Terms
and Conditions of supply of National Archives' leaflet.
133
"Mr. A. Morse, C.B.E., Manager of the Shanghai and Hong Kong Banking Corporation, has authorised the following statement on the subject of certain notes on the Bank unissued at the time of the occupation of the Colony, which the Japanese occupation authorities caused to be issued irregularly."
We
Please do not regard the rest of the text as sacrosanct. leave it to you exactly how to phrase the public announcement, but on the description of the notes, we should like the above wording to be followed for the reasons given. We do not contemplate that the public announcement should say anything about the details of the arrangement between Government and the Bank.
There will, of course, have to be further legislation, first to remove all doubts about the legal tender status of these notes, and second to authorise the additional fiduciary issue of the Bank. We are considering the form of that, and will communicate further.
Meanwhile, will you please let us know by telegram as soon as you are ready to make a public announcement, and if possible let us have the exact text and time of issue in advance.
Finally, as regards the notes of the other two Banks, no action is required vis-a-vis the public, because they have not been specially excepted from legal tender status. It may be that they will come along and ask that Government will bear a part of their very much smaller losses, but we shall consider any such applications on their merits if and when received.
Yours sincerely,
(Sgd) s.Caine.
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