CO129-114 - MacDonnell - 1866 [7-8] — Page 339

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

335

guarantee. There have been recently several instances of the local branch bank's shipping all their specie and bullion to India and elsewhere, on learning of the insolvency of their firms in England, and thus leaving their local creditors completely in the lurch.

I felt, therefore, that a new element had been introduced for my consideration and I proposed securing at least the holders of notes by rendering them a first charge on all the property of the Company.

The Directors, however, on consultation preferred establishing unlimited liability of the Shareholders as to notes - a proposal which I at once accepted, equally ensuring the object in view, and a provision to that effect is accordingly inserted in Section 12.

I enclose an opinion of the Attorney General stating that he sees no objection to the enclosed Ordinance.

I have the honour to be,

Your Lordships' Most Obedient Servant,

Richard Graves MacDonnell,

Governor.

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335 7. guarantee. There have been recently several instances of the local branch bank's shipping all their specie and bullion to India and elsewhere, on learning of the insolvency of their firms in England, and thus leaving their local creditors completely in the lurch. I felt, therefore, that a new element had been introduced for my consideration and I proposed securing at least the holders of notes by rendering them a first charge on all the property of the Company. The Directors, however, on consultation preferred establishing unlimited liability of the Shareholders as to notes - a proposal which I at once accepted, equally ensuring the object in view, and a provision to that effect is accordingly inserted in Section 12. 8. I enclose an opinion of the Attorney General stating that he sees no objection to the enclosed Ordinance. I have the honour to be, Your Lordships' Most Obedient Servant, Richard Graves MacDonnell, Governor.

Baseline (Original)

335 7. guarantee. There have been recently several instances of the local branch bank's shipping le India and elsewhere. all their specie and bullion on learning, the Insolvency of their firms in England, and thus leaving their local creditors completely in the lurch. I felt therefore that a new- element had been introdureed for my. consideration and I proposed securing at least the holders of notes by rendering them a first charge property of the Company on all The Directors however on Consultation preferred establishing unlimited in liability of the Shareholders as to notes- CL proposal which I at once accepted onclosure 2 equally ensuring the object in view, and a provision to that effect is accordingly inserted in Section 12. 8.. Mo ل enclose an opinion of the Allerney General stating that he sees objection to the enclosed Ordinance. I have the hover to be Your Lordships Meat Obedient Sevennt, Rechend Sonny Martinell Governer..

2026-05-19 10:48:48 · Baseline

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335

guarantee. There have been recently several instances of the local branch bank's shipping le India and elsewhere. all their specie and bullion on learning, the Insolvency of their firms in England, and thus leaving their local creditors completely in the lurch.

I felt therefore that a new-

element had been introdureed for my. consideration and I proposed securing at least the holders of notes by rendering them a first charge property of the Company

on all

The

Directors however on Consultation preferred establishing unlimited in

liability of the Shareholders as to notes-

proposal which I at once accepted

onclosure 2

equally ensuring the object in view, and a provision to that effect is accordingly

inserted in Section 12.

8..

enclose an

opinion of the

Allerney General stating that he sees

objection to the enclosed Ordinance. I have the hover to be

Your Lordships

Meat Obedient Sevennt,

Rechend Sonny Martinell

Governer..

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