19
#
"The objects of the bank shall be the carrying on the business of banking and the other businesses and objects set forth and contained in regulation No. 3 of the regulations".
That regulation confers powers, inter alia:.
"To mint coin:-·
To acquire by purchase or otherwise, or otherwise to participate in, deal in, and turn to account, the business of any mercantile trading or banking concern or any other business of whatsoever nature;
To establish, carry on, undertake, finance, or otherwise deal with and turn to account any business, undertaking, transaction or operation commonly carried on or undertaken
..roduce rokers and dealers, merchants,
by.
traders, capitalists..
•
"To form, promote, finance, subsidise, and assist railways, or other commercial undertakings of whatsoever nature;
"To develop and turn to account any land, buildings, or other immovable property or rights therein acquired,
by the Bank or in which it is interested, and in particular by
ferming, cultivating.
•
•
•
•
It appears to the Board that the grant of such comprehensive
powers would extend the possible operations of the bank far
beyond what are considered to be in this country "the ordinary
and legitimate purposes of a banking establishment" (see
quotation above from Section 20 of Ordinance of 1866) and
far beyond what is necessary to enable "the Bank to carry on
all such kinds of business as experience has shown can be
suitably and profitably conducted in conjunction with the
main