ترمه امام علی
845
On receiving the answer of the Secretary of State My Lords will communicate the decision to the London Branch of the Bank which memorialised the Treasury
ur 1877 to authorise the establishment of a Branch at Singapore.
Turning now to the question first raised in your Gov. letter of the 7th February 1876 as to the reserve of specie to be kept at the principal establishment of the Bank, My Lords consider that the Ordinance of 1866 may be amended to meet the wishes of the Company. For that purpose the 12th and 19th Sections of that Ordinance should be repealed and in lieu thereof provision should be made to the following effect:
It shall be lawful for the Company to make, issue, and circulate notes or bills payable to Bearer on demand in Coin lawfully current and to reissue the same provided that all such notes shall bear date at the place of issue and shall be made payable to Bearer on demand at the establishment from which the same shall have been issued, and in coin lawfully current in the place where the same shall be paid, and that all notes issued at and from any Establishment of the said Company being the principal establishment of the Company in such Colony, shall be made payable not only at the establishment at and from which the same have been issued, but also at the principal establishment of the said Company in such Colony provided also that no such notes shall be issued for any sums other than the sum of five dollars or some multiple of such sum, or other equivalent amount, provided that nothing herein contained shall exempt the Company from the operation of any existing or future laws of the Colony or of any law beyond the Colony restricting or regulating the issue of notes in the Colony or in any place beyond the Colony.