COPY.
C.O
33820
REC!
Rea 22 JUL 15
Sir,
Hongkong and Shanghai Banking Corpora”
-tion.
Hongkong, 16th. June, 1915.
583
I have the honour to acknowledge receipt of your
letter of 14th. instant No. 3236/1914 referring to the correspond- -ence ending with your letter of 20th. August last and asking if we still desire to keep a deposit at Shanghai against the note issue of our Shanghai Branch, and, if so, for what approximate
period.
In reply I beg to inform you that, while at present the coin lodged with the Hongkong Govemment is more than sufficient to cover the total excess note issue of this Bank which
calls for the deposit of dollar for dollar, we should like the arrangement to be permanent whereby we have the option of covering the mote issue of our Shanghai Branch by the deposit of coin under the control of H. B. M. Consul-Veneral in Shanghai.
Although the deposit at Shanghai could be released
at present, we should prefer to leave it undisturbed in the mean -- -time as it is possible that an increase in our circulation here
may take place in the near future, to cover which most of the coin now under control of the Hongkong Government might be required, t thus making it necessary for us to re-deposit cover in Shanghai
for our issue there.
I have etc.,
(sd.) N. J. Stabb,
Chief Hanager.
The Honourable
The Colonial Secretary.
No comments yet.
Private notes are available after approval.