COPY
$.521/27
41
BOARD OF TRADE,
Great George Street,
Westminster, London, S.W.1.
15th February, 1928.
Sir,
I am directed by the Board of Trade to acknowledge
receipt of Sir Richard Hopkins' letter, F.10158, of the
23rd January, with reference to the proposals put forward
by the Hong Kong and Shanghai Banking Corporation for
the amendment of the Ordinances of the Bank. The Board
desire to submit the following observations on the letter
of the Chief Manager of the Bank to theColonial Treasurer,
copy of which was enclosed with Sir Richard Hopkins' letter:
The Board are of opinion that the words "and minting
of" in the 15th line of the first subsection of
1.
Regulation 3 should be omitted in view of the declaration
that the purpose of the Bank is, in the future as in the
past, to purchase silver bullion and pass that bullion to
one of His Majesty's Mints for conversion into coin, an
operation which appears to be adequately covered by the
wording "the Bank buying, selling and dealing in bullion,
specie and coins".
$
2. The explanation given by the Chief Manager of the
purpose to which it is proposed to apply the powers specified
in the draft subsection (4) of Regulation 3 does not, in the
opinion of the Board, establish the necessity for retaining
this subsection. It would appear, for example, that
subsection (6) contains a sufficient authority for taking
charge of any enterprise to which the Bank has made
The Secretary,
Treasury.
advances