CO129-390 - Acting Governor Claud Severn - 1912 [5-6] — Page 426

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PEG-22 JUL 12

GOVERNMENT HOUSE,

HONGKONG,

28th. June, 1912.

I have the honour to inform you that the Committee of the Hongkong General Chamber of Commerce has recently drawn this Government's attention to the inconvenience suffered by certain sections of the community through the lack of gl notes in circulation in the Colony and have suggested that your sanction should be sought for an additional issue of notes of this denomina- -tion to the extent of $100,000.

2.

The Executive Council whom I consulted in the matter concurred in the views expressed by the Committee of the Chamber of Commerce and advised that the Hongkong and Shanghai Banking Corporation should be asked to state whether, subject to your approval of such a course being obtained, they would desire to issue 81 notes in excess of the amount now authorised and if so to what extent and that the Chartered Bank of India, Australia and China and the Mercantile Bank of India, Limited, should also be asked to state whether subject to your approval they desire to be permitted to issue such notes.

3.

The Chief Manager of the Hongkong and Shanghai Banking Corporation in reply to a letter addressed to him on the subject stated that there was a general feeling that the present supply of these notes was inadequate for the requirements of the Colony which was borne out by the fact that applications for 81

THE RIGHT HONOURABLE

LEWIS HARCOURT, M.P.,

&c..

&C

&C...

notes