any such objection to it had been communicated to the Board of Directors, they would have respectfully submitted to your Lordships the opinion of the Law Officers of the Crown.
In order to satisfy your Lordships that the directors were asking for no greater powers than the Bank was strictly entitled to, and actually possessed under their original charter, Mr. Peel proceeds to state that whether the Bank has the legal power of issuing notes or not, the reasons...
Therefore, your Lordships could not consent to the extension of the powers prayed for in the petition. The ground on which your Lordships would have refused to agree to the grant of the Charter appears to have been that your Lordships considered that the powers conferred in the Charter to carry on business elsewhere than in England "were not intended to apply to Colonial Banking."
But the Directors humbly venture to remind your Lordships that the Charter has been granted by Her Majesty by virtue of her undoubted Royal Prerogative and has been acted upon by your Lordships, which led your Lordships to decline to recommend the grant of a supplemental charter, could lead to object to the receipt of the notes at the Colonial Treasury and by the Collectors of the Colonial Revenue at Hong Kong.
It is stated that you are aware that there is a large and influential body of Her Majesty's subjects, who have embarked large capital in carrying out the Bank's integrity, which they have hitherto most favourably and successfully done, as testified by the high commercial position which the Bank occupies and the large premium which its shares command in the market.
Mr. Peel proceeds to observe that the establishment of several Banks under the Banking Companies Act with limited liability renders it advisable that orders should be given to the Governors of Crown Colonies to abstain from authorizing the receipt of notes of any Banks except those incorporated by Royal Charter.
Page 390
your Lordships could not have agreed to the grant of such extended powers to this Bank, if your Lordships had been entitled to should be given to the Governors of Crown Colonies to abstain from authorizing the receipt of notes of any Banks except those incorporated by Act of Parliament or Royal Charter.
any
such objection _ of it had been
Directors communicated to the Board of
h
they would have respectfully submitted s
your Lordships the opinion of the daw Officers of
The
order to satissy your Lordships that the directors
cecre
Crown
·ver.
petitioning
nop
for the supplemental Chanter, were asking for any greater powers than the Bank strictly entitled to, and actually popsessed under then orginal charter. -
Mr Peel proceeds to state that whether the Bunk has the legal power of ipuing notes
or not,
The
reasons
کو
بر مجھے
390
. Therefore your Lordships could not consent to extension of the powers prayed for in the
the
petitions.
on which
The
ground
your Lordships would have refused to agree to the grant
of the Charter appears to have been that your Lordships considered that the powers conturned in the Chanter to
b
carry
on
business
elsewhere than in England " were not intended
to Coloral Banking.
to
apply But the Directors humbly ventive to reminds
your
Ladshups that the Charter has been
Majesty
granted by Her Mapsly
bu virtue
of...
her
aduntted Royal Perogative and has been actect upon by
which led
you
Ladships the
you
Lordships
a.
to decline to recommend the grant of jupplemental charter, could lead
سے
to object to the recept of the totes at- The Colonial Treasury and
by the Collectors
of the Colonial Reverne at Hong Kong. –
stated that the'
You
Ow
to W Hamilton's letter to M referring
Divselon Broth, the Bound of
Lordships
find
it there
are aware
in
virtuve
ساخت
lange and influential body
of Her Majesty's subjects, who have mu barkod
lange capital in carrying
err
carrying it out-ui il integisty, which they have hithate most trouvrably and successfully done, as testifeds
the high
& commercial position which the
by
Bank Occupies and the lage premium which
its shares.
اسمی
command
་
bra
the
tumey
market
Mr Peel proceeds to otsaive that the
establishment of
several Banks under the
Banking Companies club with limited tibility
to
4
renders it adusable that orders
carry
that H. M. possesses an undoubted right of Her prerogative to grant chanters of Incorporation for Banking Companies
business in any of Her Majesty's popescous, your Lordships comet not-have agreed to the grant of such extended powers to this Bank, if your Lockships on the subject, and
Therefore
had
been
Carr Lu
entled
should be
given to the Governors of (rown Colonies to
the abstain from authenging the receipt of
• Voter of any Banks except those incorporated
by
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