CONTENTS.
(1.)
Governor Sir A. E. Kennedy's Despatch, No. 46 of 2nd July, 1872,-
Reports that he has with the advice of the Executive Council, and under Section XII of Ordinance 5 of 1866, granted permission to the Hongkong and Shanghai Bank to issue One Dollar Notes
(2.)
Colonial Office Despatch, No. 150 of 14th October, 1873,—
Regrets that it was not sooner observed that the issue of Notes for sums under the equi- valent of £1 was contrary to the 327th Colonial Regulation, and requests that, unless there is any legal difficulty, or that any serious public inconvenience would result, instructions may be issued for calling in the One Dollar Notes now in circulation and preventing the issue of any further Notes of less value than Five Dollars
(3.)
Governor Sir A. E. Kennedy's Despatch, No. 60 of 1st April, 1874,—
Transmits a Memorial from the Bankers, Merchants, &c., of Hongkong, praying the Secretary of State to re-consider his decision; urges that the calling in of the One Dollar Notes would be a source of very serious public inconvenience....
(4.)
Colonial Office Despatch, No. 21 of 31st March, 1875,---
In reply to above, restricts (for the present) the issue of One Dollar Notes to the amount already in circulation, and states that in future the Governor is not to exercise the power vested in him by the 12th Clause of Ordinance 5 of 1866, without referring the matter for the Secretary of State's approval; directs the Governor to ascertain the classes of the population amongst whom the One Dollar Notes already issued have been absorbed, and also to report the result of this experiment; adds that the permission now given to allow these Notes to remain in circulation is not to be considered a precedent for extending any similar facilities to other Banking Companies
(5.)
Administrator Austin's Despatch, No. 68 of 10th June, 1875,—
States that the Corporation has been instructed not to issue any more One Dollar Notes in excess of the present circulation of $226,000; in reply to enquiry states that the Notes are chiefly absorbed by the Chinese at Canton and Hongkong; considers that an error was committed in conceding the privilege to one Bank only, thinks that the issue of One Dollar Notes should belong to Government......................................
(6.)
Governor Sir A. E. Kennedy's Despatch, No. 20 of 1st February, 1876,-
Transmits an application from the Hongkong and Shanghai Bank for permission to increase the One Dollar Note issue by $74,000 and thus bring the issue up to $300,000; thinks that the application should not be granted, and that in lieu thereof the Government should issue a number of Notes sufficient to meet the requirements of the place and ensure such a profit as would meet the possible loss that may time be incurred by the importation of Subsidiary Coinage
at any
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