9770
GENTLEMEN,
40
No 50
COLONIAL OFFICE to CROWN AGENTS.
[Answered by No. 53.]
Downing Street, 19 May, 1911. I AM directed by Mr. Secretary Ilarcourt to inform you that after consulting the Governor of the Straits Settlements, he has decided that not more than one third of the investments held by you for the Currency Commissioners of the Colony need be in Consols
2 I am accordingly to request that you will not buy more Consols on behalf of the Commissioners until the Consol investments which you hold sink to less than one third of your total investments on their account; and that thereafter you will keep Consol investments up to one third of the total
41
ment that a reserve equal to at least one third of the amount of the notes for the time being in circulation should be maintained in legal tender silver dollars at Singapore is so far relaxed as to allow legal tender gold coin to be held to a limited extent in lieu of legal tender silver dollars.
While, therefore, they remain of opinion that the coin reserve at Singapore must not be allowed to fall below one-third, they are prepared to agree that, provided that not less than three fifths of this reserve (or one-fifth of the total notes in circu- lation) is held in silver, the balance may be held in sovereigns.
My Lords understand that this arrangement will be regarded as satisfactory by Sir J. Anderson, and they suggest that an amending Ordinance should be drafted on these lines, but in view of the complexity of the subject, they would be glad to have the draft submitted to them before is passed into law.
I am, &c.,
G. H. MURRAY.
I am, &c.,
G. V. FIDDES.
21144
No. 53.
9770
No 51
Downing Street, 19 May, 1911.
THE SECRETARY OF STATE to THE ACTING GOVERNOR.
(No. 125.) SIR,
I HAVE the honour to acknowledge the receipt of Sir John Anderson's despatch, No. 97, of the 2nd of March,* in which he proposes to invest part of the earnings of the Gold Standard Reserve in India Government 3 per cent. rupee paper
2 The matter has been discussed with Sir John Anderson in this country, and after consultation with him I have come to the conclusion that investment in securities of this kind may be allowed, subject to the limitation that not more than one quarter of the whole fund may be invested in Indian rupee paper.
3. I take this opportunity to transmit to you the accompanying copy of a lettert which has been addressed to the Crown Agents for the Colonies on the subject of investments in Consols. Sir John Anderson has expressed the opinion- in which I concur--that not more than one third of the investments held by the Crown Agents on behalf of the Currency Commissioners need be in Consols
SIR,
CROWN AGENTS to COLONIAL OFFICE.
(Received 28 June, 1911.)
Whitehall Gardens, London, S.W.,
27th June, 1911.
I HAVE the honour to acknowledge the receipt of your letter of the 19th May, No. 9770/1911,* informing us that the Secretary of State has decided that not more than one-third of the investments held by us for the Currency Commissioners of the Straits Settlements need be in Consols and giving us the necessary instructions accordingly.
2. enclose a statement of the investments held by us at the present time, including £368,513 5s. 11d., lent at short notice, from which it will be seen that the value of the whole of the investments is £1,705,773, and that of the investments in Consols £580,873.
I have, &c.,
R. L. ANTROBUS.
18659
No. 52.
I have, &c.,
L. HARCOURT.
Enclosure in No. 53.
STRAITS SETTLEMENTS.
Investments held for the Currency Commissioners.
SIR.
TREASURY to COLONIAL OFFICE.
(Received 7 June, 1911.)
Treasury Chambers, 7th June, 1911. THE Lords Commissioners of His Majesty's Treasury have had before them Mr. Cox's letter of the 17th October last, with the accompanying copy of a despatch from the Governor of the Straits Settlements and memorandum, dealing with the question of the currency reserves of that Colony, and the whole question has since been discussed in detail with Sir John Anderson by one of their principal officers.
I am now to request you to inform Mr. Secretary Harcourt that, while my Lords see no reason to modify the general views expressed in the previous corres- pondence, more particularly in the Treasury letters of the 28th July, 1909, and the 24th September last, they are now satisfied, in the special circumstances of the Straits Settlements, that no serious danger need be apprehended if the require-
f Nos. 10 and 46.
• No. 49.
↑ No. 50.
↑ No. 48.
Fund.
N. mina! amount of Consols.
Value
Nominal
Value of
Lent
of
amount of
Console.
other Securities.
other Securition.
at short
Total Value.
notice.
d.
Commissioners of Cur- rency Note Quaran
574,992 0 4
£ a. d. 160,919 11 10
A
d 718,253 10 10
..
#
d.
J. 2.
a. d.
610,176 11 9
368,519 5 11 1,178,639 9
9
106,381 3 3
106,381 3 3
Fund
16.875 18 11
18,542 18 11
109,633 6 2
107,2104 10
120,755 5
9
723,830 S
1
580,873 14 0
822,906 17 0
766,826 167
368,519 8 11
1,708,773 164
Lan Fund (Invest
ment por ion).
Commisioners of Cur- 132,562 9 11
rency Depreciation
Gold Standard Roverve
Fund.
• No. 50.
PUBLIC RECORD OFFICE
Reference :-
C.O. 882.
9ALLY WITHOUT PERMISSION OF THE
BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH——NOT TO
PUBLIC RECORD OFFICE, LONDON
18659
42
No. 54.
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