CO129-257 - Public Offices & Others - 1892 — Page 524

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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The Lords Commissioners of Her

519 14701

London 21st July 239202)

Rec?

Majesty's Treasury,

ly Lords,

Downing Street S.W.

I have the honor to address you respecting the existing arrangement between this Bank and the Lords of the Treasury, in accordance with the terms of which we have at present in the hands of the Crown Agents for the Colonies as trustees for the Government of Hongkong, approved securities value £411,020 equal at the current exchange of 2/10 per dollar to $2,901,360 and with the Government of Hongkong securities value $451,800 as security for $3,352,960

our Bank Note issue, authorised to the extent of $10,000,000 but amounting at present to about $6,000,000 only.

Our Head Office at Hongkong has recently called my attention to the very unfavorable nature of the arrangement, as far as the Bank is concerned and has instructed me to inquire whether your Lordships will sanction some other mode of securing the Bank's Note issue, in lieu of that at present existing. It is an undoubted source of weakness to the Bank to have one third of its Capital unavailable, even for paying its Notes in the event of an emergency arising, when 75% of the total issue might be presented for payment within a short period.

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The Lords Commissioners of Her 519 14701 London 21st July 239202) Rec? Majesty's Treasury, ly Lords, Downing Street S.W. I have the honor to address you respecting the existing arrangement between this Bank and the Lords of the Treasury, in accordance with the terms of which we have at present in the hands of the Crown Agents for the Colonies as trustees for the Government of Hongkong, approved securities value £411,020 equal at the current exchange of 2/10 per dollar to $2,901,360 and with the Government of Hongkong securities value $451,800 as security for $3,352,960 our Bank Note issue, authorised to the extent of $10,000,000 but amounting at present to about $6,000,000 only. Our Head Office at Hongkong has recently called my attention to the very unfavorable nature of the arrangement, as far as the Bank is concerned and has instructed me to inquire whether your Lordships will sanction some other mode of securing the Bank's Note issue, in lieu of that at present existing. It is an undoubted source of weakness to the Bank to have one third of its Capital unavailable, even for paying its Notes in the event of an emergency arising, when 75% of the total issue might be presented for payment within a short period.
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Copy The Lords Comissioners of Her 519 14701 London 21st July 239202) Rec? Majesty's Treasury, ly Lo rds, Downing Street S.V. I have the honor to address you respecting the existing ar- rangement between this Bank and the Lords of the Treasury, in ac- cordance with the terms of which we have at present in the hands of the Crow. Agents for the Colonies es trustees for the Govern- ment of Hongkong, approved securities value £411,020 equal at the current exchange of 2/10 per dollar to 2,901,360 and with the Government of Hongkong securities value 451,800 as security for $3,352,960 our Bank Note issue, authorised to the extent of $10,000,000 but amounting at present to about $6,000,000 only. Our Head Office at Hongkong has recently called my attention to the very unfavorable nature of the arrangement, as far as the Bank is concerned and hes instructed me to inquire whether your Lordships will sanction some other mode of securing the Bank's Fote issue, in lieu of that at present existing • It is an undoub- ⚫ted source of weakness to the Bark to have one third of its Capit -al unavailable, even for paying its Notes in the event of an Ciergency arising,, when 75% of the total issue might be presented for payment within a short period.
2026-05-26 20:50:54 · Baseline
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The Lords Comissioners of Her

519 14701

London 21st July 239202)

Rec?

Majesty's Treasury,

ly Lo rds,

Downing Street S.V.

I have the honor to address you respecting the existing ar-

rangement between this Bank and the Lords of the Treasury, in ac-

cordance with the terms of which we have at present in the hands

of the Crow. Agents for the Colonies es trustees for the Govern-

ment of Hongkong, approved securities value £411,020 equal at the

current exchange of 2/10 per dollar to 2,901,360 and with the

Government of Hongkong securities value 451,800 as security for

$3,352,960

our Bank Note issue, authorised to the extent of $10,000,000 but

amounting at present to about $6,000,000 only.

Our Head Office at Hongkong has recently called my attention

to the very unfavorable nature of the arrangement, as far as the

Bank is concerned and hes instructed me to inquire whether your

Lordships will sanction some other mode of securing the Bank's

Fote issue, in lieu of that at present existing • It is an undoub-

⚫ted source of weakness to the Bark to have one third of its Capit

-al unavailable, even for paying its Notes in the event of an

Ciergency arising,, when 75% of the total issue might be presented

for payment within a short period.

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