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in French Cochin China, and it is deemed probable in the interests of the Corporation and of the trade of Hong Kong it will be advisable to carry on business at Manila and elsewhere in the Philippine Islands and in other parts of East India where British Consulates are or may become established.
The course of trade is continually shifting in the Far East and places that were of little or no commercial importance in 1866 have attained to considerable trade. An instance of this change is seen in Saigon which now exports Hong Kong produce of the yearly value of six to seven millions of dollars, more than three fourths of its export trade.
In order that the business of the Bank should be successfully carried on and that the public of Hong Kong should have sufficient facilities for the proper conduct of this trade it is therefore necessary that the Bank should have power to extend from time to time its connexions to meet the demands of commerce.
Doubts have arisen as to whether under Sec. 18 the authority of the Directors to establish the branch in Saigon is complete, and they have been advised to