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The Original Charter by which your Memorialists are governed fixes the limit of their Note issue at an amount equal to their Sterling Capital. At the date of the original Charter this equivalent was settled at the fair average of exchange of the day based also upon past experience by which the dollar was treated as equivalent to 4/- or a fifth of a pound Sterling whereby the Capital (£800000 Sterling) was equivalent to $4000000. Owing however to the depreciation in the value of Silver during the last 20 years the Silver dollar does not now represent an exchangeable value of more than 2/9 Sterling, so that the same Sterling Capital would now be equivalent to $5818190, the result is that the Bank's present Note Issue by no means accurately represents the equivalent of its Sterling Capital, and it is not therefore obtaining the full benefit of the Note issue contemplated by its Charters.
Under the circumstances stated in this Memorial it is apparent that it would be of great benefit to the places now served by the Bank's Note issue, and to all persons having business transactions with such places that the deficiency in the Note circulation which has arisen should be recognised and that the Bank should be authorised to make a Note issue equivalent to the amount of its Sterling paid up Capital at the present average rate of exchange.