CO129-170 - Sir Kennedy - 1875 [1-3] -- Acting Governor Austin - 1875 [3-6] — Page 685

the privilege to one Bank only. 6. Moreover the issue of notes should in my opinion belong

· to Government and it seems to me therefore that a commencement might well be made with respect to those of one dollar. I do not see too why the Government should not keep in its own hands as - far as feasible a power which might be made available to a limited extent in

in procuring funds for public works. "". As regards the questions.___. asked by the Treasury as to _ terms in which permission

was

676

given to the Hougtong and Shanghae Bank and the power of the Government to recall it, and in respect to the- amount of the whole note. circulation and the proportion which one dollar notes bear to the whole issue, I have the

honor to inform your Lordships 1st That permission was

granted! under Section XII of Ordinance

5 of 1866 and that there appears.

to be no

·legal.

impediment to it's recall if needed,

andy. That the Total amount of

notes in circulation on the