10
{11
523 Oriental Bank may take. I may add that irrespective of the various reasons, which may recommend to one or more Bank's the course which Mr Gardon thinks will have to be adopted by the Oriental, the exemption of Bank notes from the operation of the Ordinance would not be regarded by the General Mercantile Community with favor. The local head of business transactions, Mr Whittall resident representative of Jardine Matheson & Co., declared in his place in Council that he approved of the proposed tax on Bank notes, though it was even too light.
14. and too light. I have only to add further on this subject, as Your Lordship is already aware from my Despatch No. 119 of the 10th of September last, that the tax will be reduced for a time at least, though not to one-half per cent per annum as mentioned in that Despatch, but to 2/3rd of the 1 per cent leviable under the Ordinance; And have therefore no apprehension of any disastrous result from a policy which imposes a lighter duty than in India and Singapore.
15. I may add that Mr Gordon's argument, as to the special necessity for Bank notes at Hongkong in consequence of the bulky nature of our Coinage, has more apparent than actual importance in a community, where none of the Europeans are in the habit of carrying money on...