CO129-433 - Governor Sir May - 1916 [5-6] — Page 393

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(CONFIDENTIAL.

Gov

97779

**30380

Sir,

¡REC

32772

391

REG? | JULIS,

GOVERNMENT HOUSE,

HONGKONG. 31st May, 1916.

I have the honour to inform you that the Chief

Manager of the Hongkong & Shanghai Banking Corporation received a further offer to purchase 10 lacs of 10-cent pieces for sale

to the Indian Government from his Branch Office in London on

the 17th instant. The price offered was 36d. per st. oɛ. At

the time there was no Government stock of subsidiary coin in the

Bank owing to the recent sale of 10 lacs referred to in my

confidential despatches of the 5th and the 9th instant. The Chief Manager therefore proposed that I should draw on the pri- -vate stock held by the Hongkong & Shanghai Banking Corporation

at the rates at which the Bank had purchased it viz:-

Face value

$10,000 @ 4 % Discount

.

150,000 4

220,000 * 34 %

620,000 帅 par

$1,000,000

To this sum must be added Charges for Freight, Insurance, &c., (this consignment being c.i.f. Calcutta) amounting to

The amount realized was £109,960 @ 2/31 -

-

Cost

2986,450.00

I

Total cost

5.408.98

8991,858.98

963,946.21

Nett loss

8 27,913.77

or 2.79 %.

THE RIGHT HONOURABLE

ANDREW BONAR LAW, M.P.,

&c.,

&c...

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