CO129-404 - Acting Governor Claud Severn - 1913 [10-12] — Page 335

at my

minute

$16 million. If you will look

Saf 16703/12 you with in that he

Bank is trand to depoint com

in Londen a thing to the valu

$10,000,000*

3

to the value of

$15 million.

and

of Securitis

of

to

$5,000,000 + com in Ithang

notes usaed in excess

The returel amount held in London

£357,486

27-

& in it kong $ 16, 000, 000

which at 2 = £1,600,000

1

stal

or A

£1,957,606, apart from to ₤200,000

which thing have been asked to share.

Hit1.957.686.

como this notes then there must he

in üres $15,000, no

in respect of which

£ 833,333 (at-the $) is gained. $11181530, for which cash mut he held

Mi

It hong. apotal wine of note to the sabre of $26, 181,530. $26,181,530.

y

no more notes are in civen the deports an suficient & the CA. can selec

C

၁

Loopos worth & seuritis.

330

:th CA. that $16,000, to an held

breally o that they and ascertain from the

Bank the stal note nove

we andestand

they

; Jag

that

have been enquested

to whose securtis.

stal note wove

that if the

is not more then is carred

by $16 million + £351,486, thy can whose as aquested.

387/2

Rol 413

See now 7462, which has since come in.

The Head Office of the H.K. and S. Bank is

at H. Kong, and it is from there that the securi-

ty against the Bank's note issue must be con-

trolled. The Bank's reserve against its excess

note issue must be in coin. Against its ordinary

issue it may

be either coin or securities ( to an

amount fixed by the Ord.. and described in H

Mr. Robinson's mi

minute The fact that the Bank are

withdrawing securities in London and keeping

a large part of their reserve against the ordi-

nary issue in coin at H. Kong cannot be objec-