186
$1,534,000 of which $550,000 represents bills not yet due,
8.
Under the circumstances and in anticipation of the Crown Agents drawing upon the Government at no distant date, there was no gain in placing the Government monies on deposit even for the minimum period of three months with interest at 21/2 per cent, for if the Crown Agents had drawn during that period, the Government would have had no funds to meet the drafts and would have had to resort to an over-draft at 6 per cent or to withdraw the money on deposit in which case the ordinary 2 per cent interest alone would have been earned.
9.
As regards the $5,500 mentioned in Mr. Whitehead's letter, this sum does not belong to Government but represents monies deposited by officers in the Civil Service on account of their securities.
10.
The Chartered Bank of India, Australia & China is undoubtedly one of the banks included in the Secretary of State's instructions as a place of deposit for Government funds, and limits have been fixed as to the amounts to be lodged with the different banks.
11.
The reason why the Chartered Bank has not received on deposit at interest since March 1895 a portion of the Treasury monies available is that the limit of balances fixed by the Secretary of State with reference to the Hong-Kong
186
$1,534,000 of which $550,000 represents bills not yet que,
8.
Under the circumstances and in anticipation of
the Crown Agents arawing upon the Government at no distant
date, there was no gain in placing the Government onies on
deposit even for the minimum period of three months with
interest at 22 per cent, for if the Crown Agents had drawn
otring that period, the Government would have had no funus
to meet the drafts and would have had to resort to an over-
draft at 6 per cent or to withdraw the money on deposit in
which case the ordinary 2 per cent interest alone would
have been earned.
9.
As regards the $5,500 mentioned in Mr. Whitehean's
letter, this sun does not belong to Government but repre-
sents monies deposited by officers in the Civil Service on
account of their securities,
10.
The Chartered Bank of India mustralia & China is
undoubtedly one of the banks included in the Secretary of
State's instructions as a place of deposit for Government
funds, and limits have been fixed as to the amounts to be
lougea with the different banks.
11.
The reason why the Chartered Bank has not re-
ceived on deposit at interest since March 1995 a portion of
the Treasury monies available is that the limit of balances
fixed by the Secretary of State with reference to the Hong-
Kong
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