CO129-429 - Public Offices & Others - 1915 — Page 240

Π

JUL!

DRAFT.

je Sec. to the Trea.

32921/H.Kong

Sir,

fé

2 Aug 10.

258

MINUTE.

Mr. Collins

Mr.

Mr.

Mr.

Sir G. Fiddes.

Sir H. Just.

Sir J. Anderson.

Mr. Steel-Maitland.

Mr. Bonar Law.

conson, after

ing to Sir J.

Jon.

Gov. No. 32. 2-

10874

29.7.10-

15. No. 93. 8 Apr

1024

Avv. No. 223. 16 Jums

33819

I am directed by Mr. Sec. Bonar Law to ack.

the receipt of your letter No. 15546/15

of the 16

and to transmit to you to be laid before the

L.C. of the Treas. copy of corresp. with the

Gov. of H. Kong regarding the premium on Bank

notes in that Colony.

Mr. B.L. does not consider the issue of

currency notes by the Gov. desirable in the pre-

sent

qoonditions, nor does he think that the

Banks could be required to issue notes against

dollars to the full extent of the existing

demand. The right solution is in his opinion

to allow the Banks to make further issues of

notes against securities deposited with the

C.A. He would propose therefore that in respect

of the whole of their excess issues the Banks

should only be required to deposit with the

PGOTT

of H.K. one third of the amount in dol-

lars, the remaining two thirds being covered

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