CO129-400 - Governor Sir May - 1913 [3-4] — Page 338

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COPY.

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Translation.

Extract from Sai Kai Kung Yik Po, Hongkong, 5th. April, 1913.

Proposed institution of an ordinary bank.

Seeing that on account of the present financial stress and the scarcity of money, it is very difficult to establish a Government Bank, and that since as enquiries show

the money firms kept by the different merchants have very much the

same bearings as a bank, the institution of an ordinary bank in-

-stead can also render much service to the Government, Governor

Wu has telegraphed to Li Yuk Tong requesting him to proceed to Canton and discuss the various necessary measures for the promotion

of a union of all the money dealers in Hongkong, in order to

institute a mercantile bank, with a view to the relief of the

present financial crisis. Further he has directed the Assistant

Secretary properly to draw up some regulations for the proposed

bank, that so they may be submitted by telegraph to the Central Government for approval.