daring 1870-1871-1871⁄2 from about one.
ᄒ
$1,900,000,
the average
of this Bowt
one million.
circulation being
$1/350,000; the one dollar notes have got issed to the extent of $175,000; i... the totad circulation, is not much more than a quarter of the mixansion allowed, of the one aftar notes only form about it of the average circulation of the Bank_ Ithould Say therefore that so far as the issue had already gone, the liability to a panic & Conspart
has not been Commercial disaster it tangibly increased 4 I do not believe any danger would be likely to aride from deferring to the views of the mempriclicas in this watter provided that the ice can be kept within reas mable limits. (? say $250000)
A
Now it does not appear that Sir M.K. finde any limit in the first instance, but I suppon he has power toprevent any further issue,
Seeing that the Bapers, to which the Bank Managers appeal, say distinctly that the note are wanted as "change" Seabriding coinage tare not noed by the poorer classes to be hoarded #that
a community of 120,000 people cannot Want an unlimited Inusfety Sufafely of such a commodity, & no objection could be sustained to the such a limit on their part; & a suggestion to the
Treasury to settle the Grecsung postion on this basis would be
1215
I think a of the matter.
163
reasonable tsafe colution
The men nictids should des be told that wuder no circumstances would the
Jock
Joesoury Calend the privilege to other thanks, prose who have lifned may have though it a thin end
of a wedge" "policy. IMR.
Mor Round.
7
Will
ри
19/5/74.
what is the amount
Bank notes (of lagertums than fo) which the Bank is authorind to issue of thin
charter, and how munte
guantity is actually iswed.
noter
Mat
Do the other Banks also ipue
in
to the same
A if to
proportion?
Rm 26/5
The actual circulation of the Banks is this given in the Bluebooks for Stong Karson's
Oriental.
Mestantsh
Chartered Chartered 2nd: Lon: China Ind: Aust.
Chira
Hongkon
Shanghai
7/20 #284961 $1,324,654
258,184
Average (1870. #419434 #627120
Monthly (1871. 416,536
but loved
1872 591936 1873.5/2022
492,030
42 20 99
16279
1456870
309,701 1243,803 479/6247523170
The rule laid down by the Treasu
the Treasury, Wrich.
is embodied in all the Charters they have granted, f in the Col: Regulations, is adopted in the Stouflon, Ordinance on corporally the Itts. Bank, sig that the total notes iered shall not exceed _ the capital cubscribed: that the minima note Shall be for 12 or a multiple of it / subject to Epecial permission), that the issue of notes shall