CO129-221 - Governor Sir Bowen - 1885 [4-6] — Page 126

b

would then not be

to borrow money

CAL COR 2

wi

sary.

London

until the end of 1886 or

beginning of 1887, by which

loan could no doubt

lives a

be effected.

ou better lerius.

The

average of the of the

daily credit balances

Government current account

with the Hongkong and Shanghai

thee

year

1884

Banks during laking the weekly returns as the basis of the calculation, was $ 98,500 and during the first three months of their year they have crocraged $ 68,856. On these daily credit balanrew Government receives, like all other persons, - interest at only two per cent.

is obvious that if the Bank

agrees

I do not

understand,

3

125

agrees to allow Government to voer draw ils account monthly by $$$ 3,500 at 6% unterent (which-

13

1% lower thaw its noual

on the daily

rate ) chargeable

debit balau de,

the Government.

will benefit to the extent of the

difference between hos

sit per

ceut agement

balance o

to le

two

aud)

the present

J J

It is

regards credit difficult

estimate the amount of this difference but I think that for the purposes of calculation it

༧ ་འ

bie

least one

fairly assumed that at

of the monthly advances

of $ 33,500, to be made by

thes

Bank will not be chargeable with: eccterest.

The advances by the

follows: =

pt hay.

Bank will then be as

1