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My Lords do not know whether it will be possible
to proceed in this case by Order in Council as contemplated in paragraph 21 of Section II of the Treasury letter of 1894 or whether a local Ordinance will be necessary upen the same lines as the Ordinances governing the Note Issue
powers of the Hongkong and Shanghai Bank, but the Secretary of State will perhaps consider this point.
In view of the probability of the ultimate
introduction of a Government issue the grant should be made
for a limited period only, not exceeding ten years, and be
subject even as regards such limited period to a proviso
similar to that contained in Section 4 of Hongkong Ordinance
No. 6 of 1907 in regard to the issue of the Hongkong and
Shanghai Bank.
I am,
Sir,
Your obedient Servant,
Manay
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