note-issue in the Straits Settlements and how far it has
contributed, or is likely to contribute, to relieve
the stringency of paper money in Hong Kong. So far as
They understand at present, the Hong Kong and Shanghae
Bank have definitely decided to withdraw their note-issue
in the Straits; and the Chartered Bank of India Australia and
China are likely, in part at any rate, to follow their example.
If this is so, it may be that no further
steps will be necessary for the present in Hong Kong.
I am to take this opportunity of enquiring whether
the National Bank of China transacts its business subject
only to the provisions of the Companies Acts, or whether its note issue is limited by any other conditions. Their Lordships would be glad to know whether, in the opinion of the Secretary of State, there is any probability
that the number of its notes will increase.
They presume that other Hong Kong banks are prohibited from issuing notes without special authority, by the Ordinance which was submitted in draft to this
Roard by the Colonial Office letter of 5 December 1894; but They are not aware whether the Ordinance ever actually
became law. It would be convenient to Them if the
Secretary of State would cause Them to be furnished with copies of this Ordinance (if passed) and of the recent Ordinance relative to the Hong Kong and Shanghae Bank.
I am.
C
Office or Individual.
Treasury
1898
19
Oct
Last previous Paper.
to A gto inf
Sir,
Your obedient servant,
Eitte wilta
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340-14000-5-15
at sabsequent Paper.
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Hory Kong
N 234
(Subject.)
Subsidiary Coins
DOMESTIC.
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23470
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mint has been inst? to supple. presumes this is in addition to the fortnightly consegnant
sual
(Minutes.)
SW Hatton
Treasury
:
Isubmit draft reply to
(
and dft. to C.A. / to when I have
spoken about par. 2 to in this letter).
2010
CPL
20
A. F.20/10
at once