CO129-415 - Governor Sir May - 1914 [12] — Page 412

A.

474 C.

ALL COMMUNICATIONS

TO BE ADDRESSED TO THE

GROWN AGENTS FOR THE COLONIES,

THE ABOVE REFERENCE AND THE

DATE OF THIS LETTER BEING QUOTED.

TELEGRAMS, "CROWN, LONDON." TELEPHONE 1832 VICTORIA,

2.5.

5126!

403

WHITEHALL CARDENS,

LONDON, S. W.

12th February 1914

sir,

caq40713

With reference to our letter of the 3rd

March 1913, I have the honour to enclose,for the

information of the Secretary of State, the amual

valuations of the securities held against the note

issues of the Hong Kong & Shanghai Banking Corporation,

and the Chartered Bank of India Australia and China,

respectively, as on the 2nd January last.

2. The valuations show, in the case of the

Chartered Bank, an excess of actual security over the

required security of £26,442.12.2., but as regards the

Hong Kong & Shanghai Banking Corporation, a deficiency

of £467,001.13.6.

3. During the year 1913 two amounts of

Consols Certificates, representing a value in each case

of £100,000 were deposited by the Hong Kong & Shanghai

Banking Corporation, but they were subsequently released

on instructions being received from the Colonial

Government. Consequently the securities deposited by

that Bank remain unchanged, except that the value has

depreciated from £351,486 to 2338,670.5.0. Owing, however,

The Under Secretary of State,

&c

C

&c,

-1-

Colonial Office