CO129-482 - Public Offices - 1923 — Page 797

Copy.

11/J.

795

CHART RED BANK OF INDIA, AUSTRALIA AND CHINA,

38, Bishopsgate, London, E.C.

2nd November, 1923.

Government on the matter and in these circumstances

I am to request that They may be favoured with the

observations of the Secretary of State upon the

arrangements which appear from the enclosed correspondence

to have been concluded between the Colonial Government

and the Chartered Bank.

I 201,

sir,

Your obedient Servant,

6 Wimages

The Lorde Commissioners

of His Majesty's Treasur”,

Whitehall, S.F.

My Lords,

re Tenth Supplemental Charter dated 15th April, 192,

For the information of the Lord Commissioners of

His Majesty's Treasury we enclose copy of a letter dated 20th

September, 1923, addressed to ourHongkong Manager by the

Colonial Secretary, Hongkong, together with extract from our

reply to our Hongkong Manager, relating to the security against

this Bank's Note Issue, You will note therefrom that it has

always been the Directors' policy to maintain an adequate

silver reserve against its Note issue, and that we have had

pleasure in instructing our Hongkong Lenager to arrange with

the Local Government to place on record that a Coinage reserva

of at least one-third of the Notes outstanding in the Colony

will be deposited under the absolute control of the Hongkong

Government.

I have the honour to be,

Your Lordships' most obedient Servant,

(Signed)

A.S. H?

Secretary.