CO129-281 - Governor Sir Robinson & Acting Governor Major Gen Black - 1898 [1-3] — Page 134

COPY.

ENCLOSURE.

Minute by the Colonial Treasurer.

··129

5/14 Rac2

Rrd 14 MAR 08

Hon. Colonial Secretary.

The causes which led to the heavy excesses

of deposits during several months of 1897 were the receipt

of large consignments of coin which were at once disposed

of, and the abstention of the Crown Agents (with the con-

currence of this Government) from drawing on us when the

rate of exchange was very low. The Government Account was

overdrawn at the Hong-Kong and Shanghai Banking Corporation

on 10th. July, after which, owing to the large importation of

coin, the overdraft was paid off and large excesses of depo-

sits accrued until, on the 30th. November, owing to the meet-

ing of bills drawn by the Crown Agents, another overdraft

had to be resorted to. The correspondence which was sent

with Despatch No. 244 of 23rd. November, 1397, gives more de-

Gov 27376

tails of what happened.

(Sd.) T. Sercombe Smith.

Treasurer,

20.1.98.