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SUGGESTED REVISED DRAFT FOR
PARAGRAPHS 2 & 3 OF COLONIAL OFFICE DESPATCH
to
39
2.
The new legislation will extend considerably the
statutory regulation of banks and, in approving this Bill, I have
accepted the local recommendation that in all the circumstances
it is desirable for Hongkong to have an Examiner of Banks.
Where this principle has been accepted elsewhere (e.g.
in Canada, U.S.A. and, more recently, in Palestine) it has been
regarded as necessary that Examiners of Banks should have had
substantial and sound practical experience in banking.
In view of the complications of banking business and
circumstances in Hongkong, and the peculiar international
relations of the Colony, it seems to me essential that the same
rule should be adopted there, and I regard the selection of a
suitably qualified Examiner as a matter of the first importance
in the application of this legislation.
I shall be glad to learn, in the light of the above
suggestions, what recommendations you would wish to make as to
terms of service and the precise scope of the Examiner's duties
and responsibilities.
14th October 1938.