average- is fairly ascertained, the Bank -
in the meantime. Keeping
Cash in its
Treasury, exclusively to meet the Circulation,
equal to any
extent the circulation
may
exceed the amount of the paper pledged to Government, and rendering Returns of the circulation and of the cash it sets aside to
meet the
same
,
1
set
certified by the proper officers and verified in any other reasonable manner that Government may suggest.
The Bank would leave it to
Government to decide what should be the
lowest denomination of Note, but
"Colonial Banks
are
usually permitted to issue Notes of £1. each and upwards, probably Notes of $5 and upwards may be considered a suitable Currency for this Colony-
I trust that His Excellency will be pleased to confirm his approval of this
arrangement
Page 363
arrangement - which places the circulation of the Bank's Notes on a firm and satisfactory basis, and that he will be pleased to recommend that the sanction
of Her
Majesty's Government may be obtained to the notes of this Bank being made medium of receipt and disbursement of the Colonial Revenues.
I beg to send herewith for His Excellency's information a copy of the Deed of Settlement and original By Laws of the Bank and take the liberty of
referring you
to the advertisement in
the "Friend of China" of 23 Instant for any
particulars you may desire as to the
nature
of the business to be conducted at this Branch.
(True Copy)
I have to
Signed) S. L. I. Campbell
S.L.I.
Manager
Frederick M. A. Bruce