CO129-284 - Acting Governor Major Gen Black - 1898 [7-8] — Page 83

82

neantime something will have to be done to relieve the position or the very greatest inconvenience and loss will be experienced

by. the Community.

It is not a question of profit accruing to the Bank by an increased note issue, but it is a question affect- ing the present position and the future development of the trade of Hongkong which makes it an imperative necessity to provide a remedy for this restriction of currency with the least delay.

possible.

I have the honour therefore to make the following

proposal to 8. E. The Governor, that for any excess in our issue

of notes we lodge dollar for dollar with the Colonial Treasurer. ́

Later on the propriety of transferring to

Hongkong the reserve for our note issue at present in London can

be considered.

I. have etc."

(Sa.) T. Jackson,

Chief Manager.