CO129-248 - Public Offices & Others - 1890 — Page 302

In the reply to this Letter the following

Number should be quoted.

11540

90

14338 144460

TREASURY CHAMBERS,

299

0.

15199

August

1890

;

Rece

REG 5 AUG 90

13

45

I have laid before the Lords Commissioners of

Her Majesty's Treasury your letters of the 25 and 26th

ultimo, and inclosures thereto, relating further to the

matters pending between the Hong Kong and Shanghai Bank

and Her Majesty's Government; and I have received Their

Lordships' directions to reply to those communications.

2. They agree with the Secretary of State for the

Colonies that the proposal now made by the Bank for com-

pleting the Reserve Fund for securing one third of the

Company's possible issue (viz $2,500,000) may be accepted.

3. The Fund will now consist of (1)

Securities to the amount of

Chinese Government

and (2) Indian Government 4 per cent rupees

notes or "enfaced paper" equal to the amount

1,409,808

of the other Securities, which the Bank pro-

posed to set aside and which this Board

rejected as inappropriate for the purpose Viz-1,225,000

2,

leaving a margin of

634,808. 134,808

over the stipulated amount of

2,500,000

The Under Secretary of State,

against

Colonial Office,