CO129-234 - Acting Governor Cameron Governor Des Voeus - 1887 [9-12] — Page 444

the

Q1111 2

on de

deposit at five

-

per cent care at present as follows: _

Hongkong Shanghai Bank $150,000

New Oriental Bank

#7

!

150,000

Chartered Bank of India - 100,000 Chartered Mercantile Bank » 50,000 $450,000

4. The last-named deposit is under

:notice of withdrawal for current expenditure on November 5th.

I have proceed to advocate the

questions asked

asked by Sir Henry Holland in his Dispatch No 165 of August 27th one is, what is the lowest

The first account for which the Banks will be willing to do Government Business.

6.

Only

one

Bank is employed

the

and

in doing the current business of the Government, viz: Shanghai Bank, which

per cent interest on

Hongkong

A

2

gives the daily balance

we are to overdraw (which

have

never done)

seven

per cent

would

439

would be charged on the debit balance, The other Banks have been

7.

entrusted with money on fixed deposit

never kept a

at five per cent, but have current account with the Government,

except the Old Oriental Bank

few years .

& form

I have little doubt that

any of the other Banks would the current business of the

carry

on.

Government on the

they

not the o

have not

to conduct it as well as

terms

A.

necessary

the

that Bank

does, and I should de

any change.

9.

deprecate

Sir Henry Holland further

asks, what should be the highest amount at any time entrusted to the Bank's here.

10.

I consider that the

amount, with due

following watchfulness,

would not be

excessive