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in Their opinion undesirable that the power to issue
notes should be unlimited in time.
In this connection I am to refer to the
Colonial Office letter of 24th February 1921
(6716/1920-21) and the enclosed despatch from the
Governor of Hongkong in which attention was drawn
to the possible expediency of introducing a
Government note issue at some future date, I am
accordingly to suggest that the privilege of Note
Issue should be extended in the .case both of the
Hongkong and Shanghai Bank and of the Mercantile
Bank of India to 1939, in which year the privileges
granted to the Chartered Bank of India, Australia
and China expire.
2. It should be a condition precedent to the
approval of the Ordinance that the Hongkong and
Shanghai