CO537-(1262-1649) — Page 311

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THE NATIONAL ARCHIVES

COM/KAMA

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2

00096

INWARD TELEGRAM

15688/17 22

95

Cypher (0.T.P.)

ww1.

Meals.

FROM HONG KOW) (Sir M. Young)

TO §. ŒF S. COLONIES.

2

cms

Ref.:

THE NATIONAL ARCHIVES

CO 537/1374

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 copyright

xl

D. 16th August, 1946.

09.30 hrs.

" R. 16th

No. 834 Secret.

18

Your No. 634.7

Debtor-creditor relationship.

It is believed that, if all payments to liquidator were validated, loss to Hong Kong banks

Position in regard would amount to some $20,000,000.

to revaluation in Malaya not quite understood, as two currencies are believed to have been throughout at parity with one another. It is presumed that payments in were less than payments out and that only the former would be revalued.

Hong Kong position quite different in that banks had considerable cash in hand at the time of occupation and they paid out good notes receiving only yen repayment of overdrafts and even this wae never under their control.

I feel that the banks will bitterly oppor

any attempt at revaluation and I should be grateful if

I could be informed whether your telegram under reply

Should also be grateful may be discussed with Morse,

for confirmation that I am correct in assuming that you would agree to scale in respect of capital payments based on purely nominal value of yen, having regard to the fact that considérable number of

Y debtors paid off overdrafts for their own gain, while

most profited greatly from having overdrafts during the occupation.

Copies sent to:-

Treasury

Bank of England

Прадмет

-

Mr. N. Young

Mr. C.E. Loombe

Mr. H.H. Thomas

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