CO129-482 - Public Offices - 1923 — Page 791

Any reply to this letter should be addressed to-

THE SECRETARY.

TREASURY.

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

F/6242

789

TREASURY CHAMBERS.

sir,

उ

December, 1923,

59359

6. DEC 23

I am directed by the Lorde C

The

His Majesty's Treasury to request you to inform the

Duke of Devonshire that the Treasury Chest Officer at

Hong Kong has recently complained that the tenders made

by the Hong Kong and Shanghai Banking Corporation and

the other Banks in Hong Kong for the telegraphic

transfere on London, by means of which the Chest is

supplied, have for some time been at rates which

appeared to give the Banks an excessive profit.

Treasury Chest Officer further asserted that although

in theory the tendering Banks are in competition with

one another, yet in practice the Hong Kong and Shanghai

Bank Bo dominates the market that it is able to dictate

the rates obtained. My Lords are not in a position to

test the accuracy of this assertion, but They are dispoɛed to agree that the rates on some occasions have

been prima facie unduly high,

The Under Secretary of State,

Colonial Office.

The

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