CO129-282 - Acting Governor Major Gen Black - 1898 [3-4] — Page 88

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ENCLOSURE

Report by the Colonial Treasurer.

87

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8893

REG" APT 38

Hon. Colonial Secretary.

This inquiry of the Secretary of State re-

fers to two matters viz., (1) the division of the Government

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business between two local Banks and (2) the transfer of

the Praya Fund Current Account from the Hong-Kong and

Shanghai Bank to another Bank, I will deal with these two

heads in order.

(2.) The maximum balances viz.,$350,000 per-

mitted to be retained by the Government in local banks might

by C.0. D. 57 of 30th.March, 1895,be divided between the HKong

and Shanghai Bank and the Chartered Bank in the sums of

to the veetly helms 9 3,4 lug gin $200,000 and $150,000 respectively. Reference to the weekly

Returns of later date shows that on the 31st. July, 1893,Go-

vernment or Praya Funds to the extent of $150,000 (which is

the authorised limit) were deposited with the Chartered

Bank, and were almost uninterruptedly retained on deposit in

that Bank up to a date between the 16th, and the 23rd.March,

1895, On the 20th, March, 1895, this sum of $150,000 was with-

drawn from deposit in order to meet the payment of the com-

pensation awarded to owners of property in the resumed area

of Taipingshan, Government balances in excess of the autho-

risea