CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 277

Chinese General Chamber of Commerce,

Hongkong, 16th September, 1925.

Sir,

I have the honour to inform you that in view of the present exceptional stringency in the money market of the Colony, a representative meeting was held in this Chamber on Monday the 14th instant to consider the numerous requests received from various commercial guilds and the many merchants of the Colony

to devise means to avoid a financial ruin which is now

threatening the Colony. A resolution was unanimously

passed to petition to the Government for the issuance

of Treasury Bonds to relieve the situation.

It was expressed at the meeting that since

the Strike began the commerce of the Colony was affected to an enormous extent and concurrently a

shortage was felt in the money market. At first the

aspect was viewed at as a temporary effect on account of the strike and the suffering of the people were but momentary. But as time went on, things began to look more serious. Three months have now elapsed and

no indication of a settlement is yet in sight. The

alarming financial situation is gradually assuming a serious aspect. The stagnation of trade and commerce

is going from bad to worse. Owners of property and

merchandise are experiencing tremendous difficulties

in obtaining mortgages to meet their obligations,

depositors are pressing their bankers for withdrawal of

their deposits while demands on purchasers to take

delivery of their goods are as vivid as wild-fire.

But