CO129-510-1 Correspondence concerning securities held against note issues by various banking corporations 28-2-1928 - 16-10-1928 — Page 28

D

No 104.

RECEIVE

2 APR 1928

COL. OFFICE

Sir,

525214

GOVERNMENT HOUSE,

HONGKONG.

25th February, 1928.

28

30099/27

no20

Enclosures 1 - 3.

tinell, to î

%

L

With reference to Mr. Ormsby-Gore's despatch

No.268 dated 1st September, 1927, on the subject of the

security required in respect of the excess note issue of the Hong Kong and Shanghai Banking Corporation, I have the

honour to enclose for your information a copy of the

correspondence which has taken place with the Bank on the

subject.

2.

It will be seen that the Bank now suggests

that the most convenient arrangement would be that sovereigns should be "earmarked" by the Bank of England on behalf of the Crown Agents, and I submit this proposal for

your favourable consideration.

3.

It is understood that Sir Newton Stabb has

been in communication with the Treasury and the Bank of

England on the subject and that the arrangement proposed

would be acceptable to the Treasury and the Bank.

I have the honour to be,

Sir,

Your most obedient humble servant,

Cement

Governor, &c.

THE RIGHT HONOURABLE

LIEUTENANT COLONEL L.C.M. S. AMERY, M.P.,

&C..

&c.,

&c.