CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 324

COPY.

Enclosure 10.3.

323

Colonial Secretary's Office,

Hongkong.

16th October,1925,

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sir,

2.

I am directed to acknowledge the receipt

of your letter of the 15th October regarding the terms on which you are prepared to make your note issue available for purposes of the trade loan.

It should be clearly ynderstood that this Government is not prepared to accept any obligation to provide a deposit in silver dollars until it has exhausted other means of procuring

such money as it may require. You informed His Excellency the Governor that you anticipated that

you would be able to issue a considerable sum in

notes before any question of a deposit of silver dollars would arise, and I am to enquire whether you

are prepared to name a definite amount which you

can issue against the deposit of gold coin in

London, without any obligation on the part of this Government to provide a silver reserve,

3,

It is considered necessary to make this

stipulation as to the provision of silver, because

the Government has no control over the Bank's note

issue. It is quite possible that a large part of

the trade loan will not be taken up in the form

of bank notes, and on the other hand very large amount

in

S

Chief Manager,

Hongkong & Shanghai Banking Corporation,

Hongkong.