Lperience by then would show whether we could safely
take more coin from the excess note issue reserve of the Bank, and replace it with our notes.
I think the best plan now is for me to see fir Charles Addis of the Hong Kong and Shanghai Bank and put the matter before him confidentially. Will you let me know if Abrahams agrees to this and if he generally approves the foregoing?
We propose to leave it to you to get the con- currence of the Treasury at a later stage. It is
the need of India which originates this scheme and which forms by far the most important consideration in deciding whether to adopt it.
Yours sincerely,
AEC
258
þ
No comments yet.
Private notes are available after approval.