CO129-453 - Acting Governor Claud Severn - 1919 [1-3] — Page 496

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29/3/19

σ

1912

173

TELEGRAM. From the Officer Administering the Government

Hong Kong to the Secretary of State for the Colonies.

RED 28 MAR 197 (Dated 22nd March.) (Received Colonial Office 2.50 p.m. 27th March, 1919.)

Australian Banks are making application to ship large quantities of sovereigns to Hong Kong. Sovereigns command rate of premium about 20 per cent in Hong Kong and. are required solely for exportation. It is believed that

chief consumption is in the form of gold leaf. Permission has been given to import a shipment of 30,000 sovereigns on the understanding that permission of Government of Commonwealth of Australia has been obtained. Now applica- tion has been made to import 100,000 sovereigns with further shipment to follow. Manager Hong Kong and Shanghai Banking Corporation points out that Chinese able to absorb

enormous quantities of gold and he has 800,000 gold dollars

which he could sell at high rate of premium but he considers preservation of gold reserve within the Empire to be of

great Imperial importance. Should action be taken to

prohibit importation of sovereigns in these circumstances

reply urgently required,

SEVERN.