CO129-484 - Governor Sir Stubbs - 1924 [1-7] — Page 11

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Hongkong & Shanghai Banking Corporation,

HONGKONG,

1st December, 1923.

е

The Honourable,

The Colonial Secretary,

E 0 N G K Ô N G,

*10

sir,

I have the honour to refer you to the tenth supplemental oharter dated 15th April 1922 granted to the Chartered Bank of India, Australia & China, whereby that Bank is empowered to 188us notes to the extent of 330.000.000 without being required to de- posit coin or bullion as security for any part of such issue, $15.000.000 thereof being available for issue in Hongkong.

Of an issue of $30,000,000 by the Chartered Bank, 35.333.333 would be fiduciary and 24,666.667 secured by deposit of securities in London,

In comparison to the above facility granted to the Chartered Bank of India Australia & China, I would point out that the authorised issue of this Corporation is 320,000,000 only, of which $6,666,667 is fiduciary and $13,333,335 secured by deposit of

securities in London and elsewhere.

I understand that the Hongkong Government have made an arrange- ment with the Chartered Bank of India Australia & China whereby the full powers of their supplemental charter shall not be taken ad- vantage of but that they will always keep deposited with you coin

or bullion to the extent of one-third of their total issue.