CO537-(1262-1649) — Page 180

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THE NATIONAL ARCHIVES

CO 537/1369

restrictions Further information is given in the enclosed Terms and Conditions of supply of National Archives' teaflet. 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

b.

The detailed proposals which are suggested with this ɔbject are! -

(1) Legislation would be passed in tong kong

declaring that the nɔtes should in all respects be treated as if they had been lawfully issue ( by the Bank and should in e.msaquénoe have legal tender status in the Colony.

(2) The Hong Long Governant would ingue a

Certificate of Indebtedness for the amount of the whole of the issue in question less $16 million. In onsideration of this the Bank would pay to the Hong Kong xehenge Pund

immediately a sum of 21 million and

as and when information is available to show what portions of the nɔtes in question have been or may be deemed to have been unođ in discharge of the "ank's legal liabilities, the sterling equivalent of the full amount of such portions at 1/3d, tɔ the dollar.

(3) The equivalent of the 16 million which is

not to be envered by a Certificate of Indebtedness referred to in sub-paragraph (3) abɔve would be treated as an increase in the fiduciary issue of the Bank and legislation #uld be passed authorising this increase.

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