10
{11
523 Oriental Bank may take. I may add that irrespective of the various reasons, which may recommend to one or more Bank's the course which Mr Gardon thinks will have to be adopted by the Oriental, the exemption of Bank notes from the operation of the Ordinance would not be regarded by the General Mercantile Community with favor. The local head of business transactions, Mr Whittall resident representative of Jardine Matheson & Co., declared in his place in Council that he approved of the proposed tax on Bank notes, though it was even too light.
14. and too light. I have only to add further on this subject, as Your Lordship is already aware from my Despatch No. 119 of the 10th of September last, that the tax will be reduced for a time at least, though not to one-half per cent per annum as mentioned in that Despatch, but to 2/3rd of the 1 per cent leviable under the Ordinance; And have therefore no apprehension of any disastrous result from a policy which imposes a lighter duty than in India and Singapore.
15. I may add that Mr Gordon's argument, as to the special necessity for Bank notes at Hongkong in consequence of the bulky nature of our Coinage, has more apparent than actual importance in a community, where none of the Europeans are in the habit of carrying money on...
10
{
11
523
Oriental Bank
may
take. I may
add
that irrespective of
the various reasons,
which
may
recommend to one or more
Bank's the course which Mr Gardon thinks will have to be adopted by the Oriental, the exemption of Bank notes
from the operation of the Ordinance would regarded by the General Mercantile
not be
Community
with
What Comm
Community
favor. The local head
in the amount
of
of business
transactions, Mr Whittall resident
representative of Jardine Matheson H6: declared in his place in bouncil that he
approved of the proposed tax on Bank notes thought it even too
14.
and
too light.
I have only to add further on this subject, as Your Lordship is already
aware
10437 from my Despatch No 119 of the 10th of September last, that the taxe will be
reduced for a time at least though not to one-half per
cent
per
annum.
as mentioned
per
in that Despatch- but to 2/3th of the 1
I
cent leviable under the Ordinance; And have therefore
mo
apprehension of any
disastrous result from a policy which
imposes a lighter duty
than in India and
15.
I may
on Bank notes here
Singapore.
add that Mr Gordon's
argument, as to the Special necepity for
Bank notes at Hengrong in consequence of
the bulky nature of
more
our
Coinage, has
apparent than actual importance
community, where nome
a com
بند
in
of the Europeans
are in the habit of carrying money
on
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