CO129-560-18 Bank balances- six monthly returns of deposits 12-1-1937 - 27-5-1938 — Page 13

813

Dear Gent,

។ -

RECEIVED

25 MAR 1938

C. O. REGY

4, MILLBANK,

WESTMINSTER,

LONDON, S. W. 1.

( JO 7730)

ABBEY

24th March, 1938.

Your letter of the 22nd March, No.53553/37, enclosing

a copy of a letter from Caine regarding the statement which is

furnished every six months showing the maximum amount deposited

with authorised banks in Hong Kong during that period.

It has been of some interest to us to learn what rates were

being obtained locally in comparison with the rate earned on

balances in London (in the Joint Colonial Fund) and if at any

time there had been apparent advantage in (for instance) sending

more money to London we should have made the suggestion. Such

a point, however, would not escape the Financial Secretary, to

whom the appropriate and profitable distribution of balances

is a matter of close concern, and we agree with your view that

there is no objection to the discontinuance of the return,

either in the case of Hong Kong or in that of the Straits

Settlements.

G.E.J. Gent, Esq., D.S.O., 0.B.E., M.C..

b

Yours sincerely,

perano

CA