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RESE 10 NOV !!
GOVERNMENT HOUSE,
HONGKONG, 17th. October, 1911.
With reference to my Despatch No. 351 of
the 11th. instant, and to the opinion of the Lords Commissioners
of the Treasury that the excess note issues of the Banks should
be exempted from payment of the one per cent tax, I have the
honour to forward draft of three rules which it is suggested
(in Mr. Bertram Cox's Despatch of the 15th. December, 1910, to the Secretary to the Treasury) should be issued under section 5
(2) of Ordinance No. 16 of 1901 exempting certain classes of
Bank Notes from the 1 per centum tax.
2.
I venture to think that it is very
probable that the new Mercantile Bank issue will take a con- -siderable time to gain the confidence of the Chinese public and during that time the two existing Banks of issue would have no claim to a reduction in their contributions to the Revenue as they would be suffering no loss from the action of Govern- -ment in creating another Bank of issue. The abolition of the tax would moreover be an incentive to them to press for per- -mission to increase their excess issue, which the Lords Com- -missioners of the Treasury would desire to diminish, while the existence of the tax-free excess issue would prejudice the circulation of the notes issued by the Mercantile Bank of India.
30..
THE RIGHT HONOURABLE
LEWIS HARCOURT, M.P.,
&c.,
&c...
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