a proportionate bullion reserve being kept at Bank branch4 for the principal circulation - being relieved of any liability to hold bullion in excess of the value of its own notes, and I am to request that you be informed what Answer their Lordships would recommend should be returned to this Imperial Government.
It would appear from the early paragraphs of Mr. Austin's despatch that the Returns which have hitherto been published of the Bank Circulation do not include the circulation at the branches, & are therefore useless for testing with a view to the observance on the note issue of the limitations imposed by the 13th clause of the Ordinance, apparently it was apparently from incorrect returns of this nature as given in the Blue book that the figures quoted in the 2nd paragraph of my letter of 21st Nov 1876 relative to the issue of our dollar notes were taken from.
I am to express my Lord Commissioner's opinion that apart from the question of the proposed alteration of the law the present practice as regards publication of Circulation should certainly be amended.
PM.
Page 502