3
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are to be dealt with
For the sake of comparison & would mention that the Chartered Bank and the Chartered Mercantile Bank have the privileges of issuing notes, yet they can, and do, open Branches and Agencies wheresoever they please, without let or hindrance).
Holders of their notes rank only as ordinary creditors, as there is not any special legislation in either of their Charters regarding their note issues. Our Capital & Reserve Fund comes to $11,800,000.
CF = £1,770,000.
The Chartered Bank's Capital & Reserve = £1,050,000.
The Chartered Mercantile Bank's Capital & Reserve = £750,000.
The Chartered Mercantile Bank has nominally got a Reserve Fund; but in reality, there is not any.
Their Reports state that their Capital is fixed abroad at par, i.e. 1s. 4d for the Rupee, and 4/6 for the Dollar. If those figures were adjusted to current rates, say 1/4 and 3/1, their Reserve...