CO129-257 - Public Offices & Others - 1892 — Page 539

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534

Against the notes in circulation in Hongkong and Shanghai. I suggest keeping

40% of

the total authorized circulation

of

separate

$ 4.500.000,- say $1.800.000 in a Treasury in Hongkong, the keys of which could be kept by an Officer or Officers of

Government.

the Colonial

Against the total authorized

circulation in the Straits Settlements of #2.500.000. I propose keeping $1,000,000

conde and Penang under the same. Singapore and

in

conditions as detailed above with regard to Hongkong.

Our Note Registers in Hongkong

and

the Straits to be always open to the inspection

the Officers of

of

In the event

wanting

of

the respective Governments.

any

time temporarity

our at

to exceed the proposed amounts to be authorized for Houghong and the Straits. I suggest that cash be deposited in the separate Treasuries to the full extent of such over issues, said cash to be released when the issues stand at, or under their normal

The small issue at Shanghai: amounts.

is a very great public convenience, and we would not like to discontinue it, but at no time will we exceed the issue of $500,000 now asked for.

If the above proposals

are adopted. as I hope they will be, our thote Issues would be in a satisfactory position not only the Bank, but also as

regards holders

of

ad

regards the the notes, who would have the

following

KOL AND the