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"Company, the attention of Mr. Bellenden (then standing Counsel to the Treasury) was particularly called to this point, and words were accordingly inserted providing expressly that the Charter granted for "the purpose of enabling the Company to carry on the business of banking in England as in the said Act provided,
"and which were intended to control the effect in the Clause of the deed above referred to, in so far as that Clause might be considered to imply any power in the Company under the Charter beyond the scope of the English Banking Act?
Under these Circumstances, My Lords must consider that the powers claimed by the Bank under the Charter to carry on the business of Banking, and in the Colonies were, to issue if they be conferred by the Charter unintentionally conferred under cover of a term; the object of which was not avowed.
They must further observe that notwithstanding the opinion obtained by you from the Attorney and Solicitor General and Mr. Pollock on an ex parte Case, My Lords are led to entertain doubts, in consequence of other opinions of the Law Officers, whether the Agra and United Service Bank has the legal right of issuing promissory Notes at the Agency which they have established at Hong Kong; but whatever may be the strict legal merits of the question, their Lordships must decline to recognize by any official proceeding the status claimed by you as a Bank of issue under the authority of a Charter, obtained under the Circumstances stated, in virtue of an Act of Parliament intended to apply only to English Banks, and not, even in England, to Banks of issue.
In stating thus distinctly these opinions on the irregularity of the proceedings in this business, their Lordships disclaim any intention of casting any imputation on the conduct of the Directors, and if their decision...