6525
178
No. 237.
THE GOVERNOR to THE SECRETARY OF STATE.
(Paraphrase.)
(Received 5 p.m., 22 February, 1908.)
TELEGRAM.
[Answered by No. 244.]
Crown Agents' telegram of July 22nd. They should realise sufficient to repay loan account and further drafts for Sumatra silver, not likely to exceed hundred and fifty thousand to two hundred thousand pounds. Re-investment must depend on sale of surplus silver, about eighteen million dollars, which we cannot afford to sell for less than twenty-eight pence net per ounce. This is not likely before the
autumn. ANDERSON.
6937
7631
179
No. 239.
THE GOVERNOR to THE SECRETARY OF STATE.
(Confidential.)
(Paraphrase.)
(Received 9.48 a.m., 1 March, 1908.)
TELEGRAM.
[Answered by No. 256.]
In view of extent to which the Government here is being made responsible for remittances to and from London, I should be glad if Anthonisz could be instructed to get from the India Office full information as to the methods employed by the Indian Government, and consult with Crown Agents as to possible adoption of similar course. We might combine also Federated Malay States remittances, including Post Office remittance.--ANDERSON.
8083
No. 240.
PUBLIC RECORD OFFICE
Reference :-
TTICO. 882
-------------- ̈ ̈
9
| PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-
COPYRIGHT PHOTOGRAPH-NOT TO
SIR,
No. 238.
CROWN AGENTS to COLONIAL OFFICE.
(Received February 26, 1908.)
Whitehall Gardens, London, S.W., 25 February, 1908. IN continuation of our letter of the 20th instant,t I have the honour to enclose, for the information of the Secretary of State, a copy of a letter which we have received from the Government of the Straits Settlements with regard to the sale in the Colony of telegraphic transfers on behalf of the Commissioners of Cur- rency in connection with the demonetization of Straits Settlements dollars in Sumatra.
I have, &c.,
GENTLEMEN,
Enclosure in No. 238.
E. E. BLAKE.
COLONIAL SECRETARY, Straits Settlements, to CROWN AGENTS.
Colonial Secretary's Office, Singapore, 24 January, 1908. WITH reference to my telegram of the 23rd instant, informing you that it will probably be found necessary, in view of the demonetization of our dollars in Sumatra, to sell telegraphic transfers here on behalf of the Currency Commissioners to the amount of £600,000 between the present time and the 31st May, I am directed to inform you that it is understood that the Netherlands India Government has arranged to give guilders for dollars in those parts of Sumatra in which our dollars are at present in use, commencing from Chinese New Year (1st February), and it is expected that the greater part of the dollars now in circulation there will be withdrawn by the end of April.
2. These dollars will no doubt be returned to the Colony through the banks which will want to exchange them, and as gold cannot at present be issued in Singapore, it is necessary to be prepared to sell telegraphic transfers to the amount mentioned in the telegram.
3. I am to request, therefore, that you will make arrangements to have this sum readily available either by selling securities belonging to the Currency Commis- sioners or by obtaining advances as required.
I have, &c.,
ARTHUR "YOUNG,
Colonial Secretary,
Straits Settlements.
SIB,
CROWN AGENTS to COLONIAL OFFICE. •
(Received March 6, 1908.)
[Answered 9 April, 1908, by 11731 : not printed.]
Whitehall Gardens, London, S.W., 5 March, 1908.
I HAVE the honour to acknowledge the receipt of your letter of the 25th February, No. 6525/1908, enclosing a paraphrase of a telegramt from the Governor of the Straits Settlements on the subject of the realization of securities held on behalf of the Commissioners of Currency.
2. The telegram would appear to be intended as a reply to one which we sent
to the Colonial Government on the 21st February in the following terms:-
"If any realisation of investments on account of Government Note Issue will be ultimately necessary, we would propose to realise as opportunities occur. Please telegraph instructions."
The telegram of the 22nd July last, to which allusion is made in the telegram from
the Colonial Government, ran as follows:-
"Sold dollars 20th July 200,000 ozs. 314, to-day 200,000 31}}. Are we to go on with sale of dollars after $1,000,000 sold?”
and after further correspondence we were instructed not to make any further sales.
3. Since the date of your letter, we have also received the following further telegram from the Colonial Government:-
4th March, 1906. Have sold on account of Currency Commissioners £90,000 by telegraphic transfer, payable 7th March, Hong Kong and Shanghai Banking Corporation."
4. We reported in our letter of the 28th January, the manner in which we had provided for the telegraphic transfers up to that date, and I now beg to add that we have since realised at a considerable profit a further sum of £28,188 68. 3d. by the sale of £12,404 88. 4d. 24 per cent. guaranteed stock (Irish land), and we have utilised a remittance of £17,041 1s. 7d., sent to us for the Depreciation Fund as shown in the accompanying telegraphic correspondence, by the transfer of consols to that value from the Investment Fund to the Depreciation Fund. The total amount of advances from the loan account outstanding, after meeting the telegraphic transfers for £90,000 on Saturday next, will then amount to £570,409 188. Id.
5. There is, in our opinion, no necessity that immediate action should be taken for adjusting the Currency Commissioners' account, but it appears to us that if it is likely that some of the Currency Commissioners' investments will have ultimately to be realised, it would be well that we should be definitely instructed to sell from time to time as suitable opportunities occur, and to repay the amounts advanced.
I have, &c.,
• See Enclosure in No. 220.
↑ No. 286.
E. E. BLAKE.
• Not printed.
↑ No. 237.
‡ No. 235.
#1104
18