THE HONGKONG GOVERNMENT GAZETTE, 23RD JULY, 1898.
GOVERNMENT NOTIFICATION.-No. 322.
711
The following Bill, which will be read a first time at the next meeting of the Legislative Council, is published.
By Command,
Colonial Secretary's Office, Hongkong, 23rd July, 1898.
A BILL
ENTITLED
An Ordinance to amend The Hongkong and Shanghai Bank Ordinance Amendment Ordi- nance, 1882.
BE it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-
T. SERCOMBE SMITH,
Acting Colonial Secretary.
1. This Ordinare may be cited as The Hongkong and Short title. Shanghai Bank Ordinances Amendment Ordinance, 1898.
2. Ordinance No. 21 of 1882 is hereby amended in man- Amendment ner following, viz., by substituting for section 13 the follow- of Ordinance ing section:-
21 of 1882.
Notes.
13.--(1.) Subject to the provisions of sub-section (2) Limitation of
of this section the total amount of the bills and issue of notes of the Company payable to bearer on demand Reserve to actually in circulation shall not at any time exceed be kept. the amount of the Capital of the Company actually Condition on paid up and there shall be kept by each establish which excess ment of the Company an amount of coin and bullion permitted. equal to one-third at least of such of the said bills and notes as were issued from such establishment and are for the time being in circulation.
(2.) Bills and notes of the Company payable to bearer on demand may be issued and be in actual circulation to an amount in excess of the Capital of the Com- pany actually paid up: Provided that there shall be previously deposited and kept at the Head Office of the Company in Hongkong, to the satisfaction of the Colonial Secretary and the Colonial Treasurer, an amount of coin and bullion equal to the whole value of such excess issue, actually in circulation.
issue
8. This Ordinance shall continue in force for a period Duration of of one year from the coming into operation thereof.
Reasons and Objects.
This Ordinance cuables the Bank to increase its Note issue in order to alleviate the inconvenience experienced by the present inadequate supply. The provision requiring the deposit of bullion equal in amount to any excess issue provides ample security to holders of such Notes.
W. MEIGH GOODMAN,
Attorney General,
Ordinance.
GOVERNMENT NOTIFICATION.-No. 323.
The public are informed that a pole has been erected in front of the Cable House at Deep Water Bay, a line from which through the Cable House denotes the position of the Submarine Cable, and Steam-launches and other craft are warned against anchoring near this line.
By Command,
Colonial Secretary's Office, Hongkong, 20th July, 1898.
T. SERCOMBE SMITH,
Acting Colonial Secretary.
GOVERNMENT NOTIFICATION.--No. 324.
His Excellency the Officer Administering the Government is pleased to direct that Monday, the 1st August, being a Bank Holiday, is to be observed as a Holiday by the Government Departments.
By Command,
Colonial Secretary's Office, Hongkong, 23rd July, 1898.
T. SERCOMBE SMITH,
Acting Colonial Secretary.