N.B. the Hong Kong Ordinance has just been extended for 21 years.
Now as to our course for the future.
My opinion ceteris paribus is that the stability of its note circulation is important. On the other hand, however admirable its management may be, it would be ruined if left perfectly unfettered, considering proceedings at its Head Quarter and its Branches.
Both the Banks understand their own business better than we do. But the note-circulation complicates matters. To allow a Hong Kong Bank to open branches abroad may, by successful banking, strengthen the position of the Parent Bank at Hong Kong.
The Hong Kong and Shanghai Bank also mention places like London and San Francisco where they have "Branches and Agencies". If not allowed to do Banking business directly, they get into equal difficulties.