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period of Sir George Murray's recent stay in the Colony this discrimination in favour of the paper money was occasionally as much as 21%.
As a consequence of this state of affairs we, a non-issuing Bank, find ourselves at a very serious disadvantage in conducting our business as Exchange Bankers in the Colony. We are handicapped in our extra-Colonial transactions owing to our inability to import legal tender coin, which we might, if we imported it, have to dispose of at a heavy discount, or to keep idle in our treasury for an uncer- tain period waiting favourable opportunities of getting it into circulation; whilst if we on the other hand insisted on our legal right of forcing such coin on the Bank's constituents we should lose
our business
connection completely, as business would naturally go
Where the greatest facilities were granted. Were the Note Issue of
the Colony in the hands of the Government we could rely on getting a
sufficiency of paper money for our requirements, but under the
prevailing conditions this facility is denied us, and our business
operations are very seriously hampered. We do not seek to gain an
dvantage over other British Banks. We do not ask for any favour,
But we do ask for a fair field in our competition for the business of
the Colony.
When Sir George Murray stated to you in his interview
that we as a Bank had never asked the Government for a Note Issue,
nd that therefore he did not put forward his argument as a grievance,
he was under a misapprehension. We did in 1898 apply through the
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Kong, but also for the Straits Settlements, and you will observe from
the copy which I attach of the correspondence which then ensued that
the only reason advanced for the refusal with which we were met was
that a Government Note Issue had been decided upon for the Straits
Settlements, and was in contemplation for Hong Kong also. Ten year S
have elapsed, and the Government of your Colony has not taken the Note Issue into its own hands. Even with the possibility of its under- taking such responsibility at a future date, I respectfully urge that the privilege of a Note Issue be granted to us, with the reservation,
hould it be so desired, that such privilege will be withdrawn when the