CO129-390 - Acting Governor Claud Severn - 1912 [5-6] — Page 103

OP Y.

Sir,

No. 1.

Hongkong and Shanghai Banking Corporation.

C. O.

10703

FOR

Sep 21 N

Hongkong, 20th. Larch, 1912.

98

With reference to the Sterling Securities valued at

£500,000 deposited with the Crown Agents for the Colonies in London as part security against our authorised increased Note Issue, I have the honour to inform you that our Note Circulation is now covered by the deposits of Silver dollars £14,000,000 and Sovereigns £100,000 lodged with the Hongkong Government and I shall therefore be obliged if you will release by cable £300,000

of the securities held in London.

Although not actually required, we leave the

balance of £200,000 securities with the Crow Agents for the

Colonies in the meantime, which we shall probably ask you to

release when a further contraction in the issue takes place.

I shall behappy to refund the cost of your tele- -gram on your advising me of the amount.

I have etc.,

(Sd.) N. J. Stabb,

Chief Lanager.

The Hon. The Colonial Secretary,

Hongkong.