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these notes, in spite of the fact that the Hongkong and Shanghai Bank would still be prepared to credit the notes in cash to the Government accounts.
3.
There is, as Your Lordship is aware, no immediate prospect of a Government note issue in Hongkong, but, apart from this question, there would seem to be no necessity from the public point of view for further facilities for note issue being granted, in view of the fact that the issue of both the Hongkong and Shanghai Bank and the Chartered Bank is at the present time much below that authorized.
4.
I concur in the opinion of the Lords Commissioners that if the National Bank is allowed to exceed its present limit of issue in Hongkong it should be only upon the condition that coin or bullion is to be deposited to the full value of the excess issue.
I have the honour to be,
My Lord,
Your Lordship's most obedient,
humble servant,
"Governor, &c."