CO129-412 - Governor Sir May - 1914 [7-8] — Page 257

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TELEGRAM. The Governor of HongKong to the Secretary

of HongKong to the Secretary of Stato

for the Colonies.

(Received Colonial Office 11.43 a.m. 6th August,1914.)

Owing to outbreak of war Chinese withdrawing from various HongKong Bank for including HongKong and Shanghai Banking Corporation deposits (depositors demand Hongkong Banks notes not silver currency and HongKong and Shanghai Banking Corporation, hampered by necessity for furnishing security for note issue. unable to afford assistance weaker Banks. To help HongKong and Shanghai Banking Corporation it is suggested that you should appoint British Consul General Shanghai under Section (af) thirteen Ordinance No. 2, 1866, and allow him to take custody of silver to face value of their Shanghai note issue which is about four million dollars and which forms part of excess issue of the Bank and is secured doliar for deliar here. These Shanghai notes are not current in HongKong strongly recommend that this accommodation should be granted should be glad early reply by telegram matter urgent,

MAY.