COPY
i
21
WHI.9400
9th March, 1948.
16/Abd/2505 (F.5.)
Dear Hampson,
YOKOHAMA SPECIE BANK
On our re-occupation of Hong Kong in 1945, the supply of Hong Kong dollar notes presented a problem of real difficulty, because all the stocks of new notes which had been prepared against the eventuality were still held in this country owing to the suddenness of the Japanese surrender In consequence, our local authorities had to chase around for currency already available on the spot and one of their windfalls was a quantity of mixed notes amounting to $4,012,319.70 which were uncovered in the Yokohama Specie Bank. The notes were taken over from the liquidator and again put into circulation on 14th September, 1945. at that time, the Colony was under British Military Administration, the notes were brought to account by crediting the sterling equivalent of £250,769:198:8d. to a Suspense Account in War Office books and there it has rested ever since.
As,
We presume that this is one of the items of Japanese external assets which will eventually be dealt with under the Peace Treaty and the question is whether the War Office should continue to hold the cash until then. We are not anxious to do so and, in any case, the Civil Government of Hong Kong, to whom we restored local control on 1st May, 1946, would appear to be the proper custodian in present circum stances. We should not have required the notes had we not been short of currency in the early stages and it appears to be merely a case of replacing now what we borrowed then.
E.L. Hampson, Esq.,
Treasury,
S.W.1.
/I....
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