Enclosure 1.
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Hongkong and Shanghai
Banking Corporation
Hongkong 17th May 1887.
Six
We, the undersigned, Directors of the Hongkong and Shanghai Banking Corporation, desire to address you respecting the operation of Section 4 of the Ordinance incorporating the Bank, viz. -
Ordinance No 5 of 1866 which restricts its operations to certain places therein mentioned.
At the time when the Ordinance was passed, the increase which has taken place in the business of the Bank was not foreseen, therefore it was not contemplated to extend the operations of the Bank beyond the limits therein mentioned, and the proviso was drafted accordingly.
But the necessity for enlarging the business of the Bank was too strongly felt and Ordinance No 1 of 1872 was passed, authorizing the Bank with the consent of the Lords Commissioners
of the Treasury to establish branches,
at