7
290
actual withdrawal of notes from cir- culation to avoid the duty imposed; therson by the Stamp Ordinance, I have the honor to transmit herewitha
return
of the
verage
circula;=
itions of Notes by each of the four out of five existing Banks which circulate
Notes here.
༦t༤༦]
That return is a
complete and
any remarkable refritation of the prophes
very
indulged in
as
to the certain contraction
of the issue of Notes when subjected
an
to
taxation. It appears that the objects of the Bantes in issuing their Notes have not bun affected by the tax of 2/3 ide
)
per cent imposed under the Stamp
Ordinance. On the contrary their issue
of Note has been steadily increasing
till it has risen from a total of
$1,439,000 in
January
last
year, to
a total of $2,974,000 in January of the current year, being
an increase of
about 65 per cent, or nearly
of dollars-
one million
I have the hever tolu
My Lord Duke, Your Graw's most abedient
humble servant.
Rand
Srames Madonnell
Governor