CO129-478 - Public Offices & Others - 1922 — Page 155

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MINUTES.

MINUTES NOT TO BE WRITTEN

ON THIS SIDE.

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13/1/22

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14-1

y reply to this letter should be addressed to—

THE SECRETARY.

TREASURY,

WHITEHALL, LONDON, S.W. 1, and the following number quoted.

F. 2866.

NATIONA

SABLE

TREASURY CHAMBERS.

بار

// January 1922.

CO

1919

REC

152

Sir,

(REC: 120

(1) I have laid before the Lords Commissioners of His Majesty's

Gr Treasury Sir G. Grindle's letter of the 4th instant, (63019/1921),

enclosing a copy of a despatch from the Govern of Hongkong and a

copy of a draft Bill to amend the Hongkong and Shanghai Bank Ordinance,

1866.

(2) As regards the security to be held against the Bank's

Ordinary note issue My Lords had understood that the intention was

that approved securities or coin must be deposited to cover one-third

of the first $10,000,000 of the note issue and that the remaining

$10,000,000 must be fully covered, and They learn from the second

paragraph of the letter under reply that this understanding was correct.

Since however the Bill as now drafted entirely repauls section 13 of

the origiml Ordinance and definitely restricts the total ordinary

issue to $20,000,000, They do not wish to raise any objection to the

provision that the necessary security shall be approved goin and/or

securities equal to of that amount.

The Under Secretary of State,

Colonial Office.

(3)

ST