On the 3rd instant representatives of the Native Bankers' Guild attended, by invitation, at the Chamber's Offices, No. 1, Yuenmingyuen Road, to confer with representatives of the Chamber on the subject of the due date of Native Bank Orders and the use of the Hui Hua Chop—a subject upon which the two bodies have for some time been in correspondence.
The Bankers' Guild was represented by Mr. Yuan Liu and Mr. Sich Lun-hui, and the Chamber's Representatives wore Mr. William D. Little, Chairman, and Mr, C. Brodersen.
In welcoming the delegates of the Bankers' Guild, Mr. Little briefly outlined the situation and recapitulated the main points of the correspondence, emphasising the fact that the recent continuous use of the Hui Hua Chop is a departure from an old-established custom, and the Chamber therefore desires to know why the change has been made, especially as, contrary to usage, the trades interested were not consulted or even notified.
After a discussion which occupied the best part of an hour, the following items of information wore elicited.
1.—The change in the established custom had been necessitated by the expansion in trade without a corresponding increase in the amount of available sycee, resulting in stringency of the money market.
2.—Under the revised system, if Native Bank Orders, due ona certain day, are paid in to a Native Bank with which the payor has a current account he is credited on the said due date.
3.—If cash is wanted on due date it is payable at midnight of the due date, provided that the Bank Order is presented for payment before 2 p.m. of the same day. Formerly the tino for presentation was before 4 p.m. of the same day.
Mr. Little thanked the delegates of the Bankers' Guild for attending and promised to advise his colleagues of the result of the interview.
Text read from the printed page and cleaned; old type leaves the occasional error.