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Ref.:
THE NATIONAL ARCHIVES
CO 537/1369
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 he subject to copynght
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Hongkong Ex shange Fund Advisory Committee.
"Dureas" Note Issue.
Under the Japanese Administration, notes of the Hongkong and Shanghai Banking Corporation, not covered by Certificates of Indebtedness, were issued under duress to the extent of £118,850,000, as follows :-
Notes signed, but unissued at
25th December, 1941.
Notes signed under duress.
£47,050,000
72,750,000
کتا
30
LESS "Dureas" notes exchanged for valid Internal Notes which were cancelled, 16th February, 1942.
119,800,000
950,000
"Duress" Note Issue.
118,850,000
of the total thus issued, notes to the value of £30,737,805.28 were used for the discharge (net) of liabilities of the Hongkong and Shanghai Banking Corporation (this being the amount arrived at in the settlement of the "Enemy" Banks Liquidation Pool); 89,410,232.11 were advanced to various Chinese banks by the Japanese authorities; £2,768,827.76 financed the paying-off of liabilities of the Central Bank of China not, at present, covered by the "Enemy" Banks Liquidation Pool settlement; 875,093,134.85 were extracted or used in one form or another by the Japanese authorities; and a balance of $840,000 was found in the vaults of the Hongkong and Shanghai Banking Corporation on re-occupation.
Under the terms of Ordinance No. 13 of 1946, Certificates of Indebtedness have to be issued immediately for the full amount of the "Duress" note iscue less $16,000,000 and cover has to be provided by the Hongkong and Shanghai Banking Corporation to the amount of 16,000,000, plus the vlaue of "duress" notes used for the discharge of the Corporation's liabilities (830,737,805.28). The remainder of the issue $56,112,194.72, is to be covered by the Exchange Fund. The effect of this on the Exchange Fund finances is as follows :-
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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 copyright
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