We had before
no the figures
A
A
K
to the noth wasure of your Bouth
yo sf May last. Apart from invertiments
as present holdings are not more
369
sufficient from a point of view of prudence
L
Leid
the ca.
you
had defisited with
within dollars
The HK. Gost wearly '7
afsh a 15tat with withe of about 25 will.
you
dollars. There is a
very large stock of siln
and the proportion & the total note cour
very high indeed, when we consider the
that to Wt. in other countries undre
war conditions it has been found necesing & exfand paper circulation
low
agoo Karetallic deserves. We do not kink that HMS, and be jestifed in feresting the USA. to provide alon for the whief of China in the present
and ingent demand etsucher
finitation of softly
t-safe.....
until all relief possibh (his been given from
your existing clock of silver.
you A shif
her Stabb in his last message &
sago that it we be most inadorseth
alver away any
from the Colony
extensively
soundness, that
your
f. Cluia and thät
when circulati
any
reduction!
in the present resous
wd create a
very
bad effect:
It seems to wo
Thit the
silver reserve
an curent if t
high that the reflacement
Th) mithion dollars by the deficit if
securities with the C.R. Cd scarcely have a serious effect
1) you
Sk
confidence in the ability
bank to cash
you
rebten on presentation
in Allong.. You have pointed out 4 we hat the Está contest over the movements
war time and the present
the export of silver from stdoug
important
of specie during war prohibition
to Chine except under license sue
safeguards in this rxfect. There will raÙ remain 10 million dollars in the custody of
Aini
Air. Gork for the creasment of your
in the Mony,
anot
we
Liv
लील
sod saffect to you
I
4
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