CO129-125 - Sir MacDonnell - 1867 [10-11] — Page 28

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

8:3

(1.

So far, however, from any apprehension being justified

The Stamp Ordinance having contributed since then to narrow the note circulation of the Banks, it appears from the enclosed return for last month, on the Ordinance coming into operation, that the circulation of notes of the Oriental Bank had risen to £656,000 and the monthly circulations of all the Banks to upwards of two millions.

This increase in note circulation is the more remarkable, as it can scarcely be a source of profit, because, owing to the depressed condition of trade at this moment, there are probably about 4 millions of bullion lying comparatively unprofitable in the vaults of the Banks.

With regard to the light duties, as established by the Hong Kong Stamp Ordinance, compared with those in India, which it imposes, I think the reduced duty on Bank notes during the limited period of six months may be regarded as a reasonable concession, whilst it may also be regarded as one to which this Government had been previously pledged.

It was also judged expedient by the Council to reduce the duty by

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8:3 (1. So far, however, from any apprehension being justified The Stamp Ordinance having contributed since then to narrow the note circulation of the Banks, it appears from the enclosed return for last month, on the Ordinance coming into operation, that the circulation of notes of the Oriental Bank had risen to £656,000 and the monthly circulations of all the Banks to upwards of two millions. This increase in note circulation is the more remarkable, as it can scarcely be a source of profit, because, owing to the depressed condition of trade at this moment, there are probably about 4 millions of bullion lying comparatively unprofitable in the vaults of the Banks. With regard to the light duties, as established by the Hong Kong Stamp Ordinance, compared with those in India, which it imposes, I think the reduced duty on Bank notes during the limited period of six months may be regarded as a reasonable concession, whilst it may also be regarded as one to which this Government had been previously pledged. It was also judged expedient by the Council to reduce the duty by

Baseline (Original)

H 8:3 (1. So for howwer, from any apprehension formided evv The Stamp Ordinance having contributed since then to narrow the Note circulation of the Barths it appears from the enclosed return for last month, on the Ordinance conving into operation that the circulation of notes of the Oriental e v e of the Stamp Baus had risen to & 656,000 and the monthly circulations of all the Banks to upwards of two millions. This increase in note α. circulation is the as just Qonce não it mner er remarstable, scarcely be a of profit, because, owing to the pecution condition of trade at Enclosure Me 2. Kto altered this moment there + lacs. Adole are probably about 4 millions of bullion and) can lying comparatively unprofitable seats in the Vaults of the Banks. Leothing, howwm, to the light request. A b. duties, as established can pared with those in India, which the f Wonghong Stanp Ordinance inpores, I think the reducid duly on Bank limited violes during the funded period of six months mas be regarded as a reasonable consesion, whilst it may also be regarded As one to which this Geonment had been previously feledged). % It was also judged impedient by the Connoil to reduce the duty by

2026-05-19 21:59:33 · Baseline

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8:3

(1.

So for howwer, from any apprehension formided

evv

The

Stamp Ordinance having contributed since then to narrow the Note

circulation of the Barths it appears from the enclosed return for last month, on the Ordinance conving into operation that the circulation of notes of the Oriental

e v e

of the Stamp

Baus had risen to & 656,000 and

the monthly circulations of all the

Banks to upwards of two millions.

This increase in note

α.

circulation is the

just

Qonce

não it

mner er

remarstable, scarcely be a

of profit, because, owing to

the pecution condition of trade at

Enclosure

Me 2.

Kto altered

this moment there

+ lacs.

Adole

are

probably

about 4 millions of bullion and)

can

lying comparatively unprofitable

seats in the Vaults of the Banks.

Leothing, howwm, to the light

request. A

duties, as

established

can

pared with those

in India, which the

Wonghong Stanp Ordinance inpores, I think the reducid duly on Bank

limited

violes during the funded period of

six months

mas

regarded

reasonable consesion, whilst it may

also be regarded

one to which this

Geonment had been previously

feledged).

It was also judged impedient

by the Connoil to reduce the duty by

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