You are to inform the Secretary Cardwell that Their Lordships will not object to the receipt of the notes of this company, in payment of Government dues at Hong Kong, on the understanding that an Ordinance is passed for subjecting this Bank to the usual conditions contained in the Regulations for the incorporation of Banks in the colonies, in conformity with the views expressed in Their Lordships' letter of the 19th of April last. Their Lordships sanction this arrangement on the understanding that no further limitation of Liability will be sought by the Company, and that should they seek to Register themselves under the "Companies Act of 1862" (Imperial), their notes will no longer be received at the Colonial Treasury.
With reference to the proposal of the company that a branch direction should be established at Shanghai, My Lords see no objection to this provided a clause be inserted in the Ordinance, directing, under penalty, that all notes issued by the Company shall be dated, and made payable at Hong Kong, and that the monthly statement of assets and liabilities to be furnished by the Company to the local government should comprise all liabilities and assets of the Bank either in the colony of Hong Kong or beyond its limits.
I am, Sir,
Your obedient servant,
Enquirer...
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