CO129-449 - Governor Sir May & Acting Governor Claud Severn - 1918 [7-9] — Page 374

!!

well without it.

otherurie I concur :

DRAFT

се

aple

with the addition which

SIR CHARLES ADDIS.

Dear Addis,

Randag telephoned that he was

going to propose.

Yours einchef,

L. Ahahams

Are

(for my sig.

13.9

f

२.

370

Downing Street,

September, 1918.

On Saturday I went to the Treasury and saw representatives of that Department and of the India Office about the supply of silver for China. In view of the immediate and urgent demands for silver elsewhere and of the extreme difficulty of obtaining sufficient supplies, there is no chance of our being able to obtain

for you by the end of the year the 10 million ounces you desired or anything approaching that figure. Jedes

anticipate

ources lent

mant in

the followi

MITon

na due for replace-

We had before us the figures as to the note issue of your Bank as on the 7th of May last. Apart from investments held by the Crown Agents you had deposited with the Hong Kong Government nearly 17 million dollars against a total note issue of about 25 million dollars. This is a very large stock of silver and the proportion to the total note issue is very high indeed, when we consider the extent to which in other countries under war conditions it has been found necessary to expand paper circulation

against