maximum
of advantage for the Bank and
377
-responsible for
the result of
the speculations
a
maximum
Government.
Passing
of disadvantage for the
to the general policy of
the proposal, My Lords must record their
decided opinion that it is the duty of
| this Board and
State to
of
the Secretary of
the importance of the
recognize the
principle involved in the sanction
given
by the Secretary of I guarantee of the Omerital Bank issue
general considerations justified the Secretary
State to the Government
If
(
of a private trader, over whom they have
and in the conduct of where bus mes
no
control; They have
720
voice in the
conduct of his business. They
are partners
In his losses but not in his gains .
This Statement of a self evident fact
establishes an unanswerable
case against
private issues in brown bolonies, and My
in consequence resolved not to
· Lords are
assent to
any
extension
of existing note
of State in
in imposing that liability on the whole of a community for the benefit of
general considerations will
a class, the same
hold good elsewhere, and the principle
established that Colonial Governments are
responsible
privileges
in such bolonies..
They may add that in their opinion
it is incumbent on the Secretary of State
to avail himself of every legitimate opportunity for carrying out the policy which he has
inaugurated, and to substitute issue for private
issues
a state
in
Colonies
which