CO129-402 - Governor Sir May - 1913 [7-8] — Page 114

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9713

GOVERNMENT HOUSE,

HONGKONG. 14th. July, 1913.

te not,

attached.

{

1

K

Sir,

Treas

39070

Referring to previous correspondence ending

with your Despatch No. 366 of the 12th. December, 1911, on the subject of the exemption of excess note issues from taxation, I have

the honour to inform you that the note issue of the Lercantile Bank,

which on the 1st. instant stood at $745,275, has not had any effect

upon the disparity that from time to time exists between silver

dollars and bank notes. In the enclosure hereto the Acting

Treasurer, Mr. A. G. M. Fletcher, explains his view of the reasons

for such occasional disparity, and in view of the uncertainty as to

what the effect of the remission would be and of the fact that the

revenue derived from the tax can ill be spared the duty on

-

note issues amounted to $134,740.49 during the first half of the current year - I do not propose to take steps to make the remission.

I have the honour to be,

W

Sir.

Your most obedient,

humble servant,

RIGHT HONOURABLE

LETIS HARCOURT, L.P.,

&c.,

&c.,

&c...

Governor,&c..