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WHITEHALL, S.W.1.
268
30th May 1918.
Lord Readings
V.S.A.
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W. K. 19/6/18
Allen R. 20
2576
My dear Collins,
Attached is the official reply to Grindle'e official letter of the 27th. You will notice that in the last sentence we say that we shall be grateful if the Colonial Office can inform us of any other sources of supply of silver in the East. What we have especially in mind is the possibility of the liberation of a portion of the silver held by the Colonial Authorities at Hongkong 46 reserve against the 'excess issue of notes by the Hongkong Shanghai Bank. A scheme for a note issue by the Colonial Government which would incidentally have enabled a portion of that reserve to be liberated and handed over to the Government of India against rupee securities was suggested by you last autum, and welcomed by Abrahama and Lucas, but Sir George Fiddes did not approve of it for the reasons,
I believe, that (1) he did not share their views as to the value to be assigned to the silver and (2) the price of silver was so unsteady that he thought it unsatisfactory to base so large a transaction on any given price. The situation in regard to the price of silver has now altered 1.E. Collins, Esq., C.M.G.,
Colonial Office.
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