522
have ceased to exist-
vizz the Agra Masterman, 2. The Commercial. 3. The Asiatic. 4. The Bank of Hindustan -
5. The Bank of India. 6. The Central Bank.
at any perceptible inconvenience would arise from the Oriental Bank's retiring all its notes at any moment whilst however true it may be that like all other Banks it is obliged to have a reserve fund to meet its liabilities.
b. As to the average Circulation of notes in the Colony Your Lordship will perceive that the total circulation at the end of January last amounted to $1,439,039, but of this there was only $289,000 in Oriental Bank notes. In fact the circulation of the latter from a period long antecedent any discussion of a Stamp Tax has been gradually decreasing from $800,000 upwards in the first two months of 1866, to $156,000 last November.
It is quite evident therefore that otherwise, it is also a fact that for reasons totally unconnected with loss or profit on its notes, it has had during the whole of the past year Specie on hand in its vaults an amount of bullion and many times greater than required to meet its note circulation with all its other current liabilities added thereto.
8. Thus whilst its issue of notes is at this moment considerably under $300,000, the amount of Bullion retained by the
4
522
have ceased to exist-
vizz the agra Masterman, 2. The Commercial. 3. The
Asciatic. 4. The 1Bank of Hindustan -
5. The Bank of India. b. The Central
Bank.
at
any
+
perceptible
inconvenience would arise from
the Oriental Bank's
retiring
all its notes
moment whilst however true it
may
be that like all other Bank's it is
obliged to have
a reserve
fund to meet its
b.
As to the
average
Circulation
of notes
liabilities whether contracted on notes or
in the Colony Your Lordship will perceive that the total circulation at the end of January last amounted to $1,439,039, but
only $289,000 in Oriental
of this there
was
Bank notes. In fact the circulation of
the latter from
Ito
been
and
period long
antecedent
any discusion of a Stamp Taxe has
gradually decreasing from $800,000
in the first two months of
upwards in the
1866, to $156,000 last November.
is
quite
evident therefore that
то
otherwise, it is also
fact that for
reasons
a
totally unconnected with loss or profit
its notes, it has had
the past year
Specie
on
during the whole of an amount of bullion and
times greater
in it's vaults
Many
than required to meet its note circulation with all its other current liabilities added
thereto.
8. Thus whilst it's issue of notes is at this moment considerably under $300,000,
the amount of Bullion retained by the
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