HONGKONG & SHANGHAI BANK
ANKSON.
RECO Rear 23 FEB 10,
COPY OF LETTER RECEIVED FROM HONGKONG & SHANGHAI BANKING CORPN.
HONGKONG, dated 29th Jan. 1910.
My dear Addis,
HONGKONG GOVERNMENT NOTE ISSUE:
81
We would be only too willing to put forward a further
expression of our views on this subject if we thought there was
anything of value we could add to what has already been said.
It is difficult to see in what way the trade of the
Colony would benefit by a Government note issue and it also seems
open to doubt if it would add to the Colony's revenue. The expenses
attaching to a note issue are far from light even to us, with all
the available machinery for working it, and as the Government would
probably have to organize a separate department and build treasuries
of their own, they would find the cost a pretty heavy item.
When / GỠvernment Tote Issue vs. Ttarted fa the Strait Settlements the tax in Bank Notes was only 4% p.a; it has since been raised, now is only 1% p.a.
but even
With regard to what you write about the premium on
X
Bank Notes there is no doubt that, as you put it, the tax of 1% pa.
8 a contributory cause, for it can hardly be expected that issuing
Banks will give out Notes in Exchange for Silver Dollars which are
imported simply because they are cheap, not that they are required
No comments yet.
Private notes are available after approval.