399
in French Cochin China, and it is deemed probable in the interests of the Corporation and of the trade of Hong Kong it will be advisable to carry on business at Manila and elsewhere in the Philippine Islands and in other parts of East India where British Consulates are or may become established.
The course of trade is continually shifting in the Far East and places that were of little or no commercial importance in 1866 have attained to considerable trade. An instance of this change is seen in Saigon which now exports Hong Kong produce of the yearly value of six to seven millions of dollars, more than three fourths of its export trade.
In order that the business of the Bank should be successfully carried on and that the public of Hong Kong should have sufficient facilities for the proper conduct of this trade it is therefore necessary that the Bank should have power to extend from time to time its connexions to meet the demands of commerce.
Doubts have arisen as to whether under Sec. 18 the authority of the Directors to establish the branch in Saigon is complete, and they have been advised to
2.
399
in French Cochin Chince, and it is -decred probable Alivet in the partensts of the Corporation and of the trade of Hong Kong it will be advisable earry on business at Manila and elsewhere in the Philippine. Islands and in other parts east India where British Consulates
to ea
are a
may become established.
The
Course
of trade is
f
continually shifting in the fur East and places that
were
of little
or no"
commercial importance in 1866
have
attained to considerable
trade. Am instance of this chainge
is
Seen in
to
Saigon which new
exports
Hong Kong produce of the yearly
value of six to seven millions of dollars, I than three fourths of its export
More
trude : In order that the business of
the Bank should be successfully carried on and that the public of Hong Kong should have sufficient facilities for the proper condual this trade it is therefore necessary that the Bank should have power
to extend from time to time it's Connexions to meet the dermands
of
Commerce.
Doubts have arisen as
IV
to
of
whether under Sec. 18 the authority.
of the Directors to establish the branch in Saigon
complete,
Avas Co.
-and they have been advised to
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