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Honourable Colonial Secretary.
There are several different proposals in this
filc, and it is necessary to examine them separately.
2.
I said on 27.11.27.
I should like to repeat here two things which
One is that practice is more important
than legislation and that it is useless to provide by law
for a control which we could not, or would not, offectively
carry out.
The other is that a power of control which is
not, or camot, be made effective is worse than useless, because
(a) it creates a false feeling of security, and (b) it throws
odium on the Government in case of failure.
る
3.
Banks in the Colony may perhaps be clarified
as follows:-
(a) Banks established under a special H.K.
Ordinance, e.g., the H.K.^.B.
(b) Banks established under the H.K.
Companies Ordinance, e.g., the Instone
Banking Corporation Ltd.
(c) bans established by or under some other
legislative of executive authority in the
British Empire, e.g.!-
Chartered Bank (Royal
Charter).
Barclays Bank Ltd. (under
general Act of Parliament).
Ho Hon Bank Ltd. (under
Straits Ordinance).
(a) banks which are foreign corporations,e.g.,
the Yokohama Specie Bank Ltd.
All the above are corporations.