19
No. The str. 45. 3 Corp.
operates under an Armance:
The Chartered Bank by a
charts: the
by. Some of the Banks operate Under special auto
charlin.
ΟΥ
hall it be necessary therefor for nich Banks to take out a liner?
Agree
Don't follow all time. Leamin
we ought to put the Board of Trade view to the
Governor, I doubt if we need ask for deletion
of the provision (especially as the B. of E.
make no comment on this point) and we might
well leave the decision to the Governor.
The
B. of E. assume that the effect of this Section
will be to make all existing banking companies
I doubt if this is the
case, and we might suggest the advisability of
making such a provision to the Governor.
apply for a licence.
Section 3. The B. of E. suggest that
subscribed capital should also be included,
and that after the word "therein" there should
be inserted the words "with equal prominence".
anfroided for in the new 5.353, I see no objection.
and Brisking Banks do not fall
within its pueriscons
i.
Contr
(ai).
mol·ready linna to be
A.. summat
Section 4. The B. of T. state that so
far as liquidations in this country are
concerned, dominion and foreign creditors are
treated on a footing of absolute equality with
English creditors, and, even in cases in which
local creditors are entitled to local assets
in priority to creditors outside the local
jurisdiction, their dividends are equated to
those of the English creditors out of English
They strongly deprecate any amendment
of a local Act which would give priority to
local creditors.
assets.
This no doubt refers particularly to
Chinese companies with branches in Hong Kong,
such as the Wing On Company. The provision
might no doubt be of advantage in Hong Kong,
but in view of the considerable objection
expressed on general grounds by the B. of T.,
I think we must ask for the deletion of this
provision.
Section 6.