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7.
guarantee. There have been recently several instances of the local branch bank's shipping all their specie and bullion to India and elsewhere, on learning of the insolvency of their firms in England, and thus leaving their local creditors completely in the lurch.
I felt, therefore, that a new element had been introduced for my consideration and I proposed securing at least the holders of notes by rendering them a first charge on all the property of the Company.
The Directors, however, on consultation preferred establishing unlimited liability of the Shareholders as to notes - a proposal which I at once accepted, equally ensuring the object in view, and a provision to that effect is accordingly inserted in Section 12.
8.
I enclose an opinion of the Attorney General stating that he sees no objection to the enclosed Ordinance.
I have the honour to be,
Your Lordships' Most Obedient Servant,
Richard Graves MacDonnell,
Governor.