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**
„BİRİNƏBƏZA
PARAPHRASE TELEGRAM
From the Secretary of State for the Colonies to the Officer Administering the Government of Hong Kong.
(Sent 1.0 p.m. 5th October,1918).
With reference to your telegram of the 19th September repre- sentatives of the Colonial Office in close consultation with Sir C.Addis have made every endeavour to reach an arrangement to secure the supply of silver for Shanghai requested by the Bank but with- out success. It is considered by the Treasury that there is no prospect of their being able to obtain for China any substantial quantity of silver if the irreducible necessities of the United Kingdom and India are to be supplied. They consider notwithstanding the objections urged in your telegram to proposals transmitted in my telegram 14th September that risks involved in adoption of those proposals are less serious than would be the consequences to India and United Kingdom if silver were diverted to China from the limited amount of new silver now available in America. They therefore press for adoption of those proposals. India Office point out that reduction of exports from China through shortage of exchange would only impose a restriction which has long since been enforced on India and that very high metallic reserve against the note issue of the Bank as compared with that of Government of India calls for provision for additional currency requirements by means of an issue of additional note against securities.
Addis has explained importance of stock of silver in Colony to support trade of Hong Kong and South China and meet demand liabilities of Bank, but could not confidence be maintained by TC | retaining of 10 million dollars? The necessity for export licences will prevent depletion below this figure. Can you suggest any additional safeguards or any form of assistance which would render Bank more easy in facing the risk of diminished confidence? If Stabb refuses to take risk, fear that Treasury will not in present circumstances be able to take any steps to relieve situation in Shanghai.
LONG.
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