CO129-330 - Public Offices - 1905 — Page 194

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188

Hong Kong & Shanghai Bank have shown a desire to ignore this arrangement. We have always endeavoured to give the Hong Kong & Shanghai Bank and the Chartered Bank of India the largest portion of the amount offered; but the other Banks are decidedly useful in helping us to obtain, as it is our duty to do, the highest possible rates, and without their assistance the rates obtainable would frequently be from 1/16d. to 1/8d.. below those actually obtained.

It is also liable to happen that, when the amount is large, the Hong Kong and Shanghai Bank and the Chartered Bank of India would not care to take the whole of it between them. Up to the outbreak of the Russo-Japanese war the Yokohama Specie Bank was also of service in this direction, and we hope that they will soon be in the market again. It is our opinion that, in any way, to narrow the market for these Drafts would be detrimental, but at the same time as much favour as possible should be shown to the Hong Kong & Shanghai Banking Corporation and the Chartered Bank of India &c.

We are,

(Sgd.)

R. W. Carter & Co.

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