{
All Setters to be attressed to
SHE CHIEF MANAGER"
PHIC ADDRESS)
PARADISE, LONDON
423
THE MERCANTILE BANK OF INDIA, LIMITED
C.0.
12146
RECE
REG 8 APR OC
41, Threadneedle Street,
Londen ze
9th February, 1899.
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I have the honour to acknowledge the receipt of your letter 414/98 of the 30th ulto. in answer to mine to Mr. Secretary Chamber- in of the 26th August last.
In your letter you inform me that as a Government Note sue is being introduced into the Colony of the Straits Settlements, ere can be no question of extending to another Bank the right of suing Notes for circulation in that Colony, but as regards Hong Kong u say that the question of a Government Note Issue is under consider-
ion, and that a further communication would be addressed to me when
at question is settled.
Your letter has been submitted to my Directors, and I am sired by them respectfully to point out that even as regards the raits Settlements the granting of the application contained in my
tter of the 26th August last can scarcely be treated as extending to
ght of issuing Notes for circulation in that Colony. The position is
at the Bank is a mere reconstruction of the Chartered Mercantile
nk of India, London & China, accepting and taking over the whole of
s liabilities, and among them those of Note Issue enjoyed by that
ak, and which Notes are still to some extent in circulation in the
lony, and there accepted as part of the circulating medium as freely
those of any other Bank. It is simply desired to keep up and
ntinue this existing state of things, though in the more convenient
ape of the Bank being at liberty to issue Notes of its own without
e inconvenience of Notes as they come in and are paid, having to be thdrawn from circulation through the inability to reissue.
Surely thus keeping up and continuing an existing Issue
nnot be regarded as any Extension interfering with the Note Issue
the Government, and as such my Directors will be glad if Mr.