Off these Banks, four Chartered Banks, viz.
The Oriental Bank
The Chartered Mercantile Bank of India, London and China
The Chartered Bank of India, Australia and China
and
The Agra and Masterman's Bank (united).
The fifth Bank - the Hongkong and Shanghai Banking Corporation - will shortly be constituted under a special Ordinance in accordance with my letter of the 30th ult. with the minute of this Board.
On inquiry at the Colonial Office, it appears that more than half of the capital of
The Bank of Hindustan, China and Japan is, however, not a Chartered Bank, but is registered under Act 24 & 25 Vic, cap 89; and it appears from the correspondence that passed upon the subject of an application from the Bank in July 1864, to the Governor of Ceylon for an Ordinance to authorize the issue of notes in that Colony, that its Memorandum and Articles of Association do not contain the restrictions which are required by The Colonial Regulations relating to Banking to which the other Chartered Banks are subject.
From the managers' letter of 5th September last, of which a copy is enclosed herewith, it appears that at that date, only 50 percent of its capital had been paid up.
As for the issue of notes, the application to the Lords, in Their letter of November 1864, expressed my advice to the alteration of the Ordinance of that Colony - No 4 of 1861 – for the purpose of facilitating the operations of this Bank.