CO129-488 - Governor Sir Stubbs - 1925 [1-7] — Page 275

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29 JUL...

GOVERNMENT HOUSE,

HONGKONG, 28th May, 1925.

264

123153/19

Sir,

ecretary of State No.192 of the 13th June, 1919.

Secretary of State No.393 of the 12th August, 1919.

44753

With reference to the correspondence noted

in the margin, I have the honour to enclose

a copy of a letter from Messie, Johnson, Stokes and Master, Solicitors, forwarding the draft of a bill, which the Bank of Canton, Limited,desires to bring before the Legislative Council. The object of this bill is to reverse the operation effected by the Ordinance approved in the correspondence under reference, namely to convert the gold capital of the Bank into silver.

2. The Executive Council considered the master on the 21st May, and advised that this Goverment should accede to the request of the Bank. It is obviously advantageous to the Bank to have its Capital in silver as nearly all its transactions take place in that currency, and I, therefore, submit the draft bill for your approval before proceeding further in the matter.

3. In the course of the discussion in Executive

Council the view was expressed that the former conversion | of the Capital of the Bank into gold had probably been affected in order to taxe advantage of the high rate of

exchange ruling at the time, and that the present

HE RIGHT HONOURABLE

LIEUTENANT COLONEL L.C.H.S. AERY, 1.P..

&C..

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