J
10
Ford Crewe has no information as to this particular transaction, nor is he able to state what the actual position of the matter may be, but a copy of this correspondence is being sent to the Governor for his consideration.
L'am, however, to take this opportunity of transmitting to you copies of corres potilence with the Governor and the Treasury, regarding Ordinance No 27 of 190- You will observe that the Ordinance has now been sanctioned though amendments in certain points have been directeds, and that under it the gobl portion of the cou reserve of the Commissioners of Currency can be held by you in London The Secretary of State is not yet aware whether the Ordinance has been brought into operation by Proclamation.
I am, &e
C. P. LUCAS.
11
the Indian bazaars may do. Heavy stocks there evidently weigh on the markets, and we may see further selling on Indian account on any slight recovery here. Though we do not look for any substantial advance, we do not see much fall.
Later on, say about December, we are inclined to look for some improvement, as China will probably continue buying, while, when our present supplies are some- There is also the proba- what reduced, India will probably be ready to buy more. bility of the Continent being in the market as a buyer.
36350
No 21
We are, &c..
PIXLEY AND A BELL
33967
SIR,
No 19
THE SECRETARY OF STATE to THE GOVERNOR
L.F. See N., 2001 [Copy to Crown Agents, 21 6. biber, 1900,
[Ausie, red by No. 21.}
(Confidential)
Downing Street, 20 Octolær, 1909. WITH reference to my Confidential despatch of the 25th of August, † I have the honour to transmit to you the accompanying copy of a letter from the Crown Agents for the Colonies with regard to the price of silver.
2. I have to request that you will inform me by telegraph whether you desire that the selling price of the old Straits Settlements dollars should be reduced as suggested by the Crown Agents.
35781
SIR.
No. 20.
I have, &c..
CREWE
CROWN AGENTS to COLONIAL OFFICE.
(Received 1 November, 1909 )
[Copy of enclosure to Governor, November 4, 1909. Conți, ntial. L.F.]
Whitehall Gardens, London, S.W.. 29th October, 1909. REFERRING to our letter of the 15th. and to your letter of the 21st October, No. 33967,§ I have the honour to enclose, for the information of the Secretary of State, a copy of a further letter which we have received from our bullion brokers with regard to the position of the silver market.
Enclosure in No. 20.
I have, &c.,
M. A. CAMERON.
SIR.
CROWN AGENTS to COLONIAL OFFICE. (Received November 5, 1909.)
[Answered by L.F. transmitting copy of No. 22 and by No. 25.]
Whitehall Gardens, London, S.W., 4 November, 1909. REFERRING to our letter of the 8th October and to your reply of the 19th October No 33231/1909.* I have the honour to enclose a copy of a letter which we have received from the Government of the Straits Settlements on the subject of certain remittances which have been made to us and which it is in contemplation to make.
2. With the exception of those mentioned in Paragraph A (1), viz., £20,000 on the 23rd September and £70,000 on the 1st October, the remittances mentioned are being made for purposes which afford no question as to their treatment.
3. With regard, however, to these two remittances, it will be seen that they inaugurate the new system under which it has been decided that a part of the coin portion of the Note Guarantee Fund should be kept in our hands.
4. We understand that the amending Ordinance, No. XXVII., of 1908, will be further amended, so far as Section 4 (6) is concerned, in order to carry out the stipu lation of the Treasury that a minimum limit for the coin portion of the reserve to be held locally should be fixed quite irrespective of the amount of the gold reserve in London; that this limit, which is to be fixed at one-third of the note issue, should be held locally entirely in legal tender silver coin actually available for the payment of notes presented, so that, as the Lords Commissioners of the Treasury point out, the gold to be held here is comparable rather to the investment than the coin portion of the reserve.
5. If this view is correct, there would appear to be no objection to our lending out the gold here at the best rates of interest we are able to obtain and we have made the necessary adjustments in our accounts for October to secure this.
6. I have, however, to request that we may be informed that our action has the approval of the Secretary of State, and also whether we are correct in believing that the effect of the alteration is to make the fund consist of -
One-third silver held locally, One-third gold held here, and One-third investments.
PUBLIC RECORD OFFICE
Reference :-
C.O. 882
B 9
GENTLEMEN,
MCSSTS. PIXLEY AND ABELL to CROWN AGENTS.
27, Old Broad Street, E.C., 27th October, 1909. Straits Settlements.
SINCE We wrote you on the 13th instant the silver market has shown more weakness, due chiefly to dearer money, but partly also to sales for account of both India and China.
The lowest point was touched yesterday, when 23s. 1/16d. was quoted for spot silver, and 23s. 3/16. for forward, but China has to-day been an important buyer. and quotations have risen d., while the market is quite steady at the close.
The immediate future is somewhat uncertain. While we think China will continue to be a buyer at about this level of prices, we are unable to forecast what
• Nos. 276 and 277 in Eastern No. 108 and Nos. 1, 10, and 12. ↑ L.F. transmitting copy of No. 15.
§ L.F. transmitting copy of No. 19. ‡ No. 17.
GENTLEMEN,
Enclosure in No. 21.
I have, &c.,
R. L. ANTROBUS.
6th October, 1909.
I HAVE the honour to report that remittances have either already been made to you or have been arranged on account of the Currency Commissioners and the Colony's General Account as follows:-
A.-Currency Commissioners.
(1) Remittances already made under Sections 10 and 11 of Ordinance XXVII.
of 1908, a copy of which is enclosed :
September 23rd-£20,000 for Netherland India Commercial Bank
through the Swiss Bankverein.
October 1st-£70,000 Mercantile Bank of India, Ltd.
21005
Nos. 16 and 18.
6
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO
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