CO129-007 - Sir John Davis - 1844 — Page 370

Bank in addition to the Manager here from Bombay, have a local Board of more than three Directors who

other with the Manager

houer, statements required

Together

ow

verify by Government.

in the

any

are to

3. _ The Western Bank of India to deposit

the Colonial Treasury - East India Company's stock, or

1 or other valid Government stock, equal to the moiety of its Bank note circulation, for which the said stock, is to be an absolute security, so long as the Bank issues notes payable on demand. Provided that current coin or bullion equal to the moiety of the Bank note circulation be always kept in reserve

offers of the Bank to anot the

the

notes payable on demand.

4th The treasure in the coffers of the Branch Bank 1. be subject to the

inspection

Page 365

inspection of the Colonial Treasurer on

demand.

f

the

5th - Monthly average returns

Bank note circulation of the Western Bank in China, and of the Coin and Bullion in the coffers of the Branch Bank in China to be rendered to the Governor by the Manager and local Board, and to be verified by the Colonial Treasurer.

6th The Notes payable on demand to be

issued for not less than $5 each.

7th _The Notes of the Branch of the

Western Bank of India" thus secured to be received in payments of Government

by the Colonial Treasurer, and to be disbursed by him to parties not objecting to the receipt of the said Notes.

8th The Government to be at liberty at any time to cease its patronage of Bank when it considers that "The

Revenue

any

the

Sevegoing