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recut
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Семь мана
Subsctim
in
6/12
& in deop sendent copy / 39070, raft to
A
In the reply to this Letter the following Number should be quoted.
21015
11
Sir,
RECE
CQ 164 33070
Rros FC 11
TREASURY CHAMBERS.
the
December 1911.
Tramry
on 35488 +29553.
hus Fiddles
JR7/2.
I puss
Auc
objection to it.
trair
trair ex asuriced
this off anda and see no
legal
of
Ven
سلے
thisik
Having regard to the profward insertion
word "unlimited" in places in ssc 4
that the Expression "banal tender coin" ui
sse 5124 line 8 would be construed to mean
the same th suc
+1
as
coms which is for the
time being unlimited begal tender in the
Coloney"
WA
Ssc 4
but for the sake of uniformity and to make the meaning free from my smelt it might be
advisable to subotilist the wording
quotid from Sic 4
coin"
alonce Cr. 6
for "legal Under
85.2.6/12
I have
modified
acendift
The Lords Commissioners of His Majesty's Treasury have given Their careful consideration to Sir C. Lucas' letter of 28th September (29553/1911) and Mr. Fiddes' letter of 14th ultimo (35488/11) with further reference to the draft of the Bill to authorise the issue of notes in Hong Kong by the Mercantile Bank of India, Limited.
In reply They direct, me to request you to convey
to Mr. Secretary Harcourt Their concurrence in the amendments proposed by him of the Clauses 4 and 3(5) with a view to ensuring the payment of the Banks notes in coin which is unlimited legal tender.
(I am however to observe that this object would appear to be secured adequately by the insertion of the word "unlimited" before the words "legal tender" in the passages indicated, without the further amendment of the words "current coin which is" to read "dollars which are".).
My Lords also concur with Mr. Harcourt in the
opinion that in the circumstances it would be desirable to
postpone the passing and publication of rules exempting
excess issues of bank notes from the 1% tax, until experience
has shown whether notes continue to command a premium over
coin after the Mercantile Bank has commenced to issue notes
The Under Secretary of State,
Colonial Office.
and