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I-E.
Draft Notice referred to in paragraph 6 of 1—D.
The undersigned Exchange Banks, feeling that the return of the Colony's cur- rency to its true silver basis will improve trade, check unhealthy speculation and prove generally beneficial to the Colony's best interest, announce the following pro- cedure effective October, 1929 :--
1. The undersigned Banks agree to accept over their counters Mexican Silver Dollars and British Trade Dollars (the so-called Hong Kong Dollar) at par in the normal function of a circulating medium of that size.
2. The Banks will continue to accept the existing Hong Kong one dollar note, but decline to pay it out over their counters until such time as the circulation of the above mentioned Silver Dollars becomes so thoroughly re-established that the currency, as a whole, is on its true silver basis. In place of the One Dollar Note, the undersigned Banks will pay out over their counters the above mentioned silver dollars in the ordinary function of the One Dollar Note.
3. Merchants and firms who are likely to accumulate large amounts of silver dollars as a result of this practice, are invited to communicate with any of the undersigned Banks, as arrangements have been made to take care of this contingency.
4. Nothing in the foregoing is to be construed as affecting the Bank Notes
of larger denominations in any way.
The undersigned Banks feel that any slight temporary inconvenience caused by the use of silver Dollars in the place of One Dollar Notes should be borne cheer- fully in view of the great advantages to be derived from the restoration of our cur- rency to its real level and accordingly request the co-operation of all classes of the community to this end.
II.
Letter from the Associated Banks.
The Hon. Mr. W. T. Southorn,
Colonial Secretary, HONG KONG
Hong Kong,
26th November, 1929.
Sir,
At a meeting of the Associated Banks of the Colony held on the 21st November, a discussion took place in respect of the shortage of notes in the Colony, and it was unanimously decided to represent to His Excellency the Governor the desirability of making the conditions under which the issuing Banks at present issue notes less oner-
ous.
It was therefore decided to petition His Excellency to remove the 1% Tax at present payable on notes issued against silver dollars held under the control of Gov-
ernment.
A large amount of silver dollars has arrived, and further large shipments are expected to arrive in the Colony shortly, and the withdrawal of the 1% Tax would be an inducement to the note-issuing Banks to increase their issue of notes, which would relieve the shortage of notes under which the trade of the Colony is at present suffering.
We the undersigned Banks do accordingly petition that His Excellency the Gov- ernor, in the interests of the Colony, be pleased to remove the 1% Tax in so far as that portion of the note issue against silver dollars is concerned, which will permit of an immediate increase of the note issue.
We are, Sir,
Your obedient Servants,
THE AMERICAN EXPRESS COMPANY INC.
(Sd). E. W. DUGGAN.
Manager.
FOR THE P. & O. BANKING CORPORATION LTD.
(Sd).
W. J. WADDINGTON.
Manager.
BANQUE DE L'INDO CHINE.
(Sd). A. LECOT.
Manager.
FOR THE NATIONAL CITY BANK OF NEW YORK.
(Sd). F. McD. COURTNEY. Manager
FOR THE HO HONG BANK, LIMITED.
(Sd). Ko LEONG HOE.
Manager.
NEDERLANDSCH INDISCHE HANDELSBANK, N. V.
(Sd). C. STIGTER, Manager.
EQUITABLE EASTERN BANKING CORPORATION.
(Sd). D. M. BIGGAR.
Manager.
FOR THE BANK OF EAST ASIA, LIMITED.
(Sd).
KAN TONG PO.
Chief Manager.
FOR THE BANK OF CHINA.
(Sd). SHOU J. CHEN. Manager.
FOR THE INDUSTRIAL AND COMMERCIAL BANK, LIMITED.
(Sd.) M. T. CHIEN.
Sub-Manager.
NEDERLANDSCHE HANDEL-MAATSCHAPPIJ, N. V.
(Sd). P. M. ELBERG.
Agent.
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