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Ref.:
CO 537/1369 “THE NATIONAL ARCHIVES
2
Ins
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.
In consideration of this the Bank would pay to
the Hong Kong Exchange Fund (a) immediately
a sum of £1 million and (b) as and when
information is available to show what portions of
the notes in question has been used in discharge
of the Bank's legal liaoilities, the sterling
equivalent of the full amount of such portions
at 1/3d. to the dollar.
(3)
fusedpin
The equivalent of the 16 million which
is not to be covered by a Certificate of Indebtedness
referred to in sub-paragraph (2) above would
b. treated as an increase in the fiduciary issue
of the Bank and legislation would be passed
authorising this increase.
(4) The amount of this fiduciary issue would
may
he
147
or are deemed to have been
be reduced year by year by the issue to the Bank without payment
of a Certificate of Indebtedness for a sum equal
to the dollar equivalent of a proportion of the
net income of the Hong Kong Exchange Fund for
the year in question, such proportion to be arrived
wered to in sub-hava (3) above
at as explained in sub-paragraph (5) below, until
additional such time as the whole of the fiduciary issue had
been so covered.
net
(5) The proportion of the annual income of
the Exchange Fund to be covered by the issue of
a Certificate of Indebtedness to the Bank would
Such
shell oe a proportion as the sum of $16 million
bears to the total face value of the notes issued
by the Japanese authorities, after deducting firet
fuse
the value of such notes se are found to have beên
used in discharge of the Bank's legal liabilities
and second the dollar equivalent of the sums o
$1 million to be paid in cash by the Bank to
/the
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