117104
In the reply to this Lutter the following Number should be quoted.
9359
1900
SI
ER I MAY 00
TREASURY CHAMBERS,
30 May 1900.
→
Mo
15878
Sir,
With reference to Mr Lucas' letter of the 28th
instant (15878/1900),I am directed by the Lords Commissioners of Her Majesty's Treasury to acquaint you, for the information of the Secretary of State for the
Colonias, that They concur in the proposal to introduce
Ordinances into the Legislative Councils of the Straits Settlements and Hong Kong for continuing the existing
power of the Hong Kong and Shanghai Banking Corporation
to issue notes in excess of their normal maximum, on
condition of the deposit of coin or bullion to the value
of the excess, until the 13th of August 1908, the date
of expiration of the Ordinance under which the Bank is at
present incorporated.
I am to observe that the Ordinances at present
regulating the Bank in both Colonies contain provisions
making the privileges of the Bank subject to any laws which may hereafter be passed for restricting or regulating
the issue of Notes. In view of the possibility that a Government issue of Notes in Hong Kong may have to be considered before 1908, My Lords desire to suggest that
the power now proposed to be extended should be made
distinctly subject to the same condition.
I am, Sir,
The Under Secretary of State,
Colonial Office.
Your obedient servant,
Euttamilte
673
103