3.
MAO decided to fix the 10th instant as the date for bringing the Stamp Ordinance, No. 12 of last year, into operation. Your Grace will perceive from the enclosed proceedings that I bore in mind the expectations held out to the Bank's last duty.
Vide Governor to Secretary of State of last year of reducing the weight on Bank Notes by 3/4 of 1 per cent per annum. That duty had already formed the subject of a correspondence between Mr. Gordon, Chairman of the Oriental Bank Corporation, and Earl Carnarvon, and in despatch No. 29 of the 27th February last, Your Grace will find a full report on the topics adverted to by Mr. Gordon. I have to add now that I see no reason to change the opinion expressed in that despatch as to the improbability of the note circulation of the Bank's being contracted in consequence of the operation of the Stamp Ordinance, so as to cause public inconvenience.
From the return, which I have furnished, of the average amount of the note circulation in the Colony, it appeared that its amount for the five Banks then existing had been for the eight previous months $1,362,885, the lowest circulation being that of the Oriental Bank, the amount of whose notes did not exceed $100,000 in November last year.
n.
3.
MAO
decided to fix the 10th
instant-
as itin date for bringing the Stamp
Ordinances, M: 12 of last
year, inte operation. Your Grace will perceive from
the enclosed proceedings that I bora in mind the expectations held out
te the Bank's last.
duty
Vide Governor to Secretary of State
of
year of reducing the weight l
on Baur Notes by p. leaning it 3/4 of 1 per cent pur
annum. That
duty had already formed the subject of a corespondence between Mr Gordon, Chairman of the Oriental Baux Corporation, and Earl Carnarvon, and
in
mi
29th
despatch W. 2010 of the 2.7
Ne
February last, Your Grow will find
full report
av
the topics adverted
to by Mr Gordon, I have to add)
now that I see
Mo
asov
to change
the opinion expressed in that despatele as to the improbability of the note
circulation of the Bank's being
contracted in
Cervo l
sequence of the
شده
operation of the Stamp-Ordinance as
to
3.
& then
CAMMO
inconvenience).
public inc
Fran the return, which I.
nount
average amount
furnished, of the note circulation in the Colony, it appeared that its
for the frie Banks then existing bad been for the eight previous months $1,362.885 the lowest circulation being that of the Oriental Banse, the amount of whose
notes did not exceed $100,000 in
November last
year.
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