CO129-449 - Governor Sir May & Acting Governor Claud Severn - 1918 [7-9] — Page 365

(not sent)

Following: for Lever from Chanceller of chequer.

Our 1934 paragraph 5.

361

liongkong and Shanghai Bank mapplies the following figures

imported from United Stater

for the two months anding

31st August, 1918.

4,720,000 0%.

Silver in Transit

of this mount thers VAI

exported to Japan.

To Canton, Sigon, and

Interior of China,

Estimated export for Sept.

„6.005,500 * total 10,726,800 os.

1,050,000

L

6,820,000 *

4.000.000*

11.870.000

Deficit in Import of

Bay meeting 11100 rare that india took on blame 31,713,642

Crush

garsonly we

standard oz. from China last year.

Bank's

Silver still in Amgrion amounts to 2,000,000 oz. now lent to India against seplacement in loveber. Estimated requirement to December 31 10,000,000 os, that is an additional 8,000,000 oz. They explain the exoear over the ori,;inal estimate of 10,000,000 ox. as due to allied operations in Siberia but this can only account for a relatively mall aqount. we understand their estimate to be based on wires they hope will maintain exchange at

what

silver parity at a price of 1614 cents per os, A

01.

We regard an additional 8,000,000 as, as impossible. It seems to us that China must be content with the minimELAKA but we think that in loveber and December They ract be allowed something and we are inclined to suprant 3,000,000 (in addition to the 2,000, 00 replaced) making 5,000,CUL oz. in all. Have you any viena? we have not put this sw;estion which is purely a priori, to the anku. It might be modified if anything game of the proposals as regard xexican silver

and it ay in any case be best not to comit ourcelven to a

fizure