CO129-167 - Sir Kennedy - 1874 [1-8] — Page 367

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SIR,

Mr. Law to the Under Secretary of State, Colonial Office.

TREASURY CHAMBERS,

28th February, 1874.

I have laid before the Lords Commissioners of Her Majesty's Treasury Mr. Herbert's letter and the Act inclosed therein, entitled an Act to Incorporate a Company called 'The Mercantile Bank of Sydney,' New "South Wales."

I am to state that my Lords have no objection to offer to the Act, but they would observe with reference to the provision in the 6th Section, which empowers the Bank to establish agencies in the Australian Colonies, the British Dominions, and elsewhere, that for some years past an agreement has been made between this Board and the India Office, that in all future Charters to Joint Stock Companies they should be empowered to establish either agencies or branches in India, only after they have conformed to the existing laws of that country.

With the view, therefore, of avoiding any misapprehension as to the meaning of the Clause above mentioned. my Lords would suggest. for the consideration of the Secretary of State, whether it would not be desirable to call the attention of the several Colonial Governments to this arrangement, or, at least, those Governments whose interests are likely to be affected by it.

I am, &c., (Signed)

The Under Secretary of State, Colonial Office.

WILLIAM LAW.