97
herein contained shall restrict the said Company with the consent of the Commissioners for the time being for executing the office of Lord High Treasurer in England; from establishing any Bank or Branch Bank in Penang and Singapore.
My Lord accordingly hereby consent to the establishment, by the Hongkong and Shanghai Banking Company of a Branch at Singapore, upon the condition that should the Government of Hongkong decide to issue small notes, the Company will unconditionally withdraw their one dollar notes from circulation, it being understood of course, that, in the mean time the circulation of such notes is conducted under the existing restrictions.
It would, however, be desirable that the existing ordinance of 1866, should be repealed for Hong Kong and a new ordinance as well as an Ordinance of the Straits Settlement permitting the establishment of the Branch, should be passed without further delay, and My Lord presumes that the Secretary of State would require copies of these Ordinances to be submitted to him before they are adopted by the Legislature of the Two Colonies.
My
*
IN
W