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CQ 408
3636
REGE 30 JAN 07
TREASURY CHAMBERS,
29 January 1907.
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WB
Sir,
I have laid before the Lords Commissioners of His
Majesty's Treasury Mr. Lucas's letter of the 19th instant (2152/1907), relative to an application from the Hong Kong and Shanghai Banking Corporation for local legislation to
enable them to increase their capital and for an extension
for 21 years from 14th August 1908 of the Ordinance under
which the Bank is incorporated.
In reply I am to state for the information of the
Secretary of State for the Colonies that My Lords see no
the limit of objection to the proposed increase in the Bank's Capital to
10. $1,000,000, subject to the condition proposed in Mr. Lucas's
letter namely that the normal power of Note issue shall
remain limited, as at present, to $10,000,000 and that any
Notes issued in excess of that amount shall be covered by a
deposit of coin or bullion or both with the officers of the
Colonial Government.
My Lords also concur in the extension for a further
term of 21 years from 14th August 1908 of the Ordinance under
which the Bank is incorporated, it being clearly understood that the Bank is subject to any local laws made during its incorporation.
The two volumes enclosed with the letter under
reply are being returned to your Department.
The Under Secretary of State,
Colonial Office.
I am + Sir
Your obedient Servant,
un