CO129-472 - Others - 1921 — Page 510

MINUTES.

MINUTES NOT TO BE WRITTEN ON THIS SIDE.

XION

CISABLED

In reply

please quote Regd. No.

F.2866.

Dear Grindle,

507

TREASURY CHAMBERS,

WHITEHALL.

28th June 1921.

Ausd 5.0.4 July 2,

I have just seen the copy of Sir Charles Addis letter of the 8th June which you sent us in our 30080/21.

Taken strictly his (i) would imply

that the rank can issue Notes up to 1rd of $20,000,00G

This is not our understanding

without any security.

of the position: we did not think that any change was proposed in the direction of making any part of the We thought that what you proposed

issue fiduciary.

was that the first $10,000,000 must be covered

to the extent of 1/3rd and the remaining $10,000,000 The practical result

ordinary issue fully covered.

if the issue is $20,000,000 is of course the same, viz. that $13,333,333 cover is required. Very likely

we all really mean the same thing and the point is likely to remain academic.

Grindle,q. C.M.G.

Colonial Office.

Yours sincerely,

S. Spensimmer

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