11922.
SIB,
No. 149.
(GENERAL.)
TREASURY to COLONIAL OFFICE.
Treasury Chambers, December 11, 1862. WITH reference to the various communications which have passed between the Treasury and the Colonial Office on the subject of the incorporation of Colonial bank- ing companies, and more especially as regards Canada and the Australian Colonies, I am directed by the Lords Commissioners of Her Majesty's Treasury to request that you will inform the Duke of Newcastle that the attention of my Lords having been drawn to proceedings for the establishment of banks for carrying on the business of banking in Her Majesty's Colonies or possessions abroad under the Joint Stock Bank- ing Companies and Limited Liabilities Acts, their Lordships considered it right to ascertain the legal status of such corporations in the Colonies or possessions in which they may establish themselves.
I am to transmit herewith, for the information of his Grace, copy of a case which has been laid by their Lordships' orders before the Attorney and Solicitor General, with the opinion of those officers on the questions submitted to them. As it appears to be within the power of Colonial Legislatures to pass laws to prevent, regulate, or restrict the operations of banks of this description, my Lords do not consider it necessary for Her Majesty's Government to interfere in the matter, but they suggest that copies of the case and opinion should be forwarded to the Governors of the several Colonies for their information and guidance.
Sir F. Rogers, Bart.
I am, &o. (Signed)
F. PEEL.
PUBLIC RECORD OFFICE
Reference :-
PLLC.O. 885
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
PUBLIC RECORD OFFICE, LONDON
CASE.
As to the establishment of joint stock banks with limited liability for carrying ou
banking business in the Colonies.
The following is a copy of a letter from the Secretary of the Treasury :-
SIB,
Treasury Chambers, November 1, 1862.
I AM desired by the Lords Commissioners. of Her Majesty's Treasury to trans mit the enclosed copy of their Lordships' Minute of the 31st ultimo on the subject of joint stock banking companies; and I am to direct you to submit a case for the opinion of the Attorney and Solicitor General according to the instructions contained
therein.
The Solicitor.
I am, &c.
(Signed) GEORGE A. HAMILTON.
The following is a copy of the Minute referred to :—
Copy of Treasury Minute dated 31st October 1862.
The Assistant Secretary brings under the notice of the Board an advertisement which has appeared in the public papers of the establishment of a joint stock bank under the Joint Stock Banking Companies Amendment Acts by the title of "The "London and Colonial Bank (Limited)." Likewise an advertisement of the Standard Bank of British South Africa (Limited).
In the Memorandum of the first-mentioned association registered under the Joint Stock Companies Acts, 1857 and 1858; it is stated that the object of the establishment of the company is the "transacting of every kind of banking business in India and "the Colonial dependencies of Great Britain beyond the limits of the United
Kingdom."
But it appears from the advertisement that "in the first instance it is intended to "confine the operations of the bank to Canada." And it is announced that “the "management of the bank will be in London, and a branch office will, in the first instance, be established in Montreal, under the control of a local board of ** directors."
+
0 16796.-170,
95.2/66.