CO129-456 - Governor Sir Stubbs - 1919 [10-12] — Page 233

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Hongkong and Shanghai Banking Corporation.

Hongkong, 3rd November, 1919.

The Honourable

The Colonial Secretary,

Sir,

Hongkong.

With reference to your letter No. 4111/1911

of 15th October, 1918, informing us that the Secretary of

State for the Colonies had sanctioned anțincrease in the 81

note issue of this Bank to $1,200,000 I now beg to request

that the limit should be further increased, and would suggest that authority be obtained to issue 81 notes up to an amount

of $2,000,000.

The increased population and business of the

Colony necessitates a large issue of these small notes, and as matters stand at present we are quite unable to meet the

requirements of the Colony in this respect.

The tax of 1% on this issue was waived by the

Secretary of State from the date of the last increase until

the end of the war, but in view of the short life of these

notes and the great expense to the Bank of the issue, I beg to request that the 81 note issue may be allowed to be free

of tax for the future.

1

I have etc.,

(Sd.) N. J. Stabb,

Chief Manager.