CO129-467 - Governor Sir Stubbs & Acting Governor Claud Severn - 1921 [1-5] — Page 55

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GOVERNMENT HOUSE,

HONGKONG. 19th January, 1921.

54

My Lord,

With reference to Mr. Lyttelton's despatch

No.68 of the 14th April, 1905, I have the honour to observe that the sum of $700,000 there laid down as the limit of Government balances to be kept in local Banks is not nearly sufficient to meet the requirements of the Government under present day conditions having regard to the great expansion of the Colony since 1905 as well as to the general increase of prices.

Under these circumstances I shall be glad

to have Your Lordship's permission to retain a balance not exceeding $2,000,000 in the local Banks. Of this sum 81,500,000 would be kept in the Hongkong and Shanghai Bank and any balance in the Chartered Bank.

I have the honour to be,

My Lord,

Your Lordship's most obedient,

humble servant,

7. E. Stubbe

Governor, &c.

THE RIGHT HONOURABLE

&c.,

VISCOUNT MILNER, G.C.B.,

&C..

&c.