CO129-339 - Acting Governor May Governor Nathan - 1907 [1-3] — Page 263

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6201

Red 18 FEB 07

The Governor of Hongkong to the Secretary of State

for the Colonies.

269

(Received Colonial Office 12.12 p.m. 18th February 1907)

Град 3686

Referring to your telegram of 1st February Hongkong and Shanghai Banking Corporation urge that note issue be allowed to increase automatically with

capital as heretofore note issue in excess of paid

up capital from time to time to be covered by deposit

coin or bullion. No objection to course proposed which is in accordance with Ordinances affecting Hongkong and Shanghai Banking Corporation in force. Proposed

increase of capital due to trade expansion and Hongkong

and Shanghai Banking Corporation requires note issue correspondingly to be increased to finance that trade

and meet keen competition foreign banks which issue

notes to large and growing extent in China.

NATHAN.