More especially I felt that I had no title to interfere on such a point however advisable for the interests of the Shareholders and the general Public, because in the Regulations and Conditions laid down as to Charters incorporating Banking Companies in the Colonial Rules Chap: IX. Sec; 111. Your Grace will find that Clause 339 goes just as far as declaring that the accommodation given to any Director at any one time is not to exceed one third of the total Advances and Discounts of the Bank.
It seems to me so objectionable to give indirect sanction to such enormous advances in favor of a Director, that I feel it my duty to invite Your Grace's attention to the subject so that, if such Rule be still continued, it may not be through inadvertence but for reasons of policy which at present I fail to apprehend.
I have the honor to be,
My Lord Duke,
Your Grace's Most Obedient,
humble Servant,
Richard Graves MacDonnell
Governor.
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