CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 266

A 474 C.

ALL COMMUNICATIONS

TO BE ADDRESSED TO THE

CROWN ACENTS FOR THE OOLONIES,

THE ABOVE REFERENCE AND THE

DATE OF THIS LETTER BEING QUOTED.

TELEGRAMS, "CROWN, LONDON."

TELEPHONE 1632 VICTORIA

1 enclosure

sir,

CO

8182

RCC Rra 13 MAR 12

259

WHITEHALL CARDENS,

LONDON, S. W.

16th March 1912

I have the honour to acknowledge the receipt of

Ca your letter No.5037/1912 of the 7th March concerning the

valuation of the securities held against the note issue

of the Hong Kong and Chenghel Banking Corporation.

2. We were aware that Ordinance 0.6 of 1907 geve

powers to the Bank, under certain conditions, and with

the consent of the Governor, to increase its capital,

and its note issue from $10,000,000 to any amount not

exceeding $20,000,000 but, until the receipt of the

enclosures contained in your letter, we had not been

informed either that sanction had been given for an

increase of the capital under this ordinance or of the

amount of such incrense.

3. The Ordinance further provides that additional

security,

, equal in value to the increased capital, shall

be deposited by the Bank before the ordinary note issue

is increased beyond the previous limit vir.10,000,000.

We have not been informed when the ordinary note issue

was thus increased; but we conclude that, if it was

increased

The Under Secretary of State

&C &c & C

Colonial Office

m