375
it's note issue
secondly,
As
would in practice be enforced,
to the difference, if any such
difference exists, between the provisions of the
Hong Kong and Shanghae Bank ordinances,
and the section
of
the Imperial Banking
the
Act of 1879 defining the unlimited liability
of Banks of issue registered under Companies Acts for their note issues; thirdly as to the power of the Stong Kong and Shanghae Bank to create a special reserve
such
04
the
Bank offers for
a dollar note
issue,
and
That
to
the manner in
which
such
X-
power, if thought unobjectionable
general grounds, should be
sanctioned.
072
conferred.
am to encloue
a
copy of
the case
and opinion
in question.
3
My Lords before stating their view
proposal submitted to
of the policy of
the
them will offer
some remarks
upon
the
monopoly of
small notes which the propoval.
would confer upon one Bank, and ales
upon the question of a special reserve. The
proposal as
Q
· formulated undoubtedly confers
monopoly
on the Hong Kong
and
Shanghae Bank. My Lords however are
willing to understand the Government of Hong Kong to mean that the privilege of
dollar note issue should be confined to Banks subject to untimited liability for
their notes. One only
in
the Bankes established
One only of the
Hong Kong, the Hong Kong and
Shanghae Bank, satiefies this condition, but
if
this con
dition should
become applicable.
to
му