Downing Street,
30th January, 1899.
422
sir,
I am directed by Mr. Secretary Chamberlain to request that
you will inform your Directors that he has had under his consideration
your letter of the 26th August last, applying for the renewal of the
privilege of a Note Issue in Hong Kong and the Straits Settlements
which was enjoyed by the Chartered Mercantile Bank.
2. I am to observe that Mr. Chamberlain is unable to
accede to your request as regards the Straits Settlements, as a
Government Note Issue is being introduced into that Colony,
and although the Issues of Banks which at present possess the
privilege will not be interfered with, there can be no question
of extending to another Bank the right of issuing Notes for
circulation in the Colony.
3. As regards Hong Kong, the question of a Government Note
Issue is under consideration, and a further communication will be
addressed to you when that question is settled.
I am, Sir,
Your obedient Servant,
(Signed)
H. Bertram Cox.
The Chief Manager of the
Mercantile Bank of India, Limited.