Since the close of the last quarter of 1876 when it was $20,000, it has been increasing at the following rate:
31st March 1877 - $80,000.
30th June 1877 - $160,000.
30th Sept 1877 - $210,000,
and it now amounts to $250,000.
I transcribe for Your Lordship's information copies of some recent minutes on the subject.
In the despatch drawn by our King, attention having been called to the large balance ($410,941) at the Hong Shanghai Bank, I requested the Acting Colonial Secretary and the Acting Colonial Treasurer, Mr May, to place it at interest as far as possible.
The Acting Colonial Secretary thought it prudent. They reported that $20,000 might be deposited in the Oriental Bank at 3, 6, 9 & 12 months at 5 per cent interest.
When the Warrant came for signature the following Minute was made:-
"I have signed the Warrant. The state of our balances and revenue returns would seem to justify another deposit of $20,000 at 5 per cent. I should like to know the views of Mr. Smith and Mr. May on this particular point;
The general question of how much of this money we should have at call is necessary.
(Signed) J. Pope Hennessy
13 Oct: 1877
2.
3.
Since the close of the last?
when it
-quarter of 1876
was $20,000, it has been
increasing at the following late..
12
31? March
1877. 9. 80,000.
304 June 1877-8160,000
・30 luft 1997. $210,000,-
and it nav amants to gf 250,000.
I transcribe for You Lorvalifis
information copies of some
recent minutes
in the subject. In the scand with
dis marth,
drawia by
our
King
been
of
attention having my The Ading Colonial Secretary to
large balance (1410,941) at the tong. Shanghai Bank, I requated
and
the Acting Colonial Treasurer, Mr May,
to place at indirest as
Quan
264
the Acting Colonial Secretary, thought- fundant. They reported that $20,000 might be deposited in the Oriental Bank
at 3,6,9 % 12-manto at-5-
12 mantis at-5 for cent
interesti
3.
When the Warrant-came
for
signative the following Minate was
made:-
"I have
signed
the Waimaut. The
"atate of our bolames and reverne res
"turns world seem to justify another "deposit of $20,000 at 5 per cent.
"I should like to know the views "Mr. Smith and M. May
and in
in this
partion=
lar
paint;
The
general question
much of this
of
as he and Mr. laul Smith,
of the minimum sumo
"have at call."
weersary to
(Signed) J.Pope thenmey
13 Ou: 1877
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