CO129-529-2 Currency- note issue 31-1-1931 - 31-1-1931 — Page 25

COPY:

FROM SIR NEWTON STABB TO MR.EZECHIEL.

9, Grace church Street,

LONDON. E.C.3.

8th October, 1931.

25

Dear Mr. Ezechiel,

With reference to our conversation of yesterday,

Grayburn writes me that he wishes to hand over to the Crown Agents for the Colonies as Trustees for the Hong Kong Government Bar Silver to the extent of ozs.30 to ozs.40 million as

security for the Bank's note issue

the silver to be delivered

during the course of the next two or three months.

I understand that the Royal Mint would receive

I take it

and store this silver for the Crown Agents for the Colonies for an indefinite period at a charge of 1/- per ton per month, in addition to which there would be handling charges of 4/6d.

per ton on delivery and 5/- per ton on release. that such charges would be defrayed by the Crown Agents for the Colonies and recovered from the Hong Kong Government, but I think you mentioned that the question of expenses was a matter for arrangement between the Bank and the Hong Kong Government.

Will you kindly let me know as soon as possible when we may start delivering this silver, as we already have a large quantity on hand for the purpose.

In case you have to communicate with the Hong Kong Government before replying perhaps you will request that an answer be sent by wire. I am forwarding a copy of this letter to Grayburn so that he can discuss the matter with the Hong

Kong Goverment.

Yours very truly,

(Sa). N.U. Stabb.