CO129-171 - Acting Governor Austin - 1875 [7-11] -- Sir Kennedy - 1875 [12] — Page 503

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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499

be justified in issuing Notes elsewhere than at the head office. The Act provides whether in lieu of the being all held

Bullion reserve at are Office

returns

-Office the Government would not be content to know by returns sworn to before Her Majesty's Consul what were the Reserves

and Circulation at the Port

respectively.

This application I referred to the Attorney General and on receipt of his opinion, which was to the effect that the Executive had an option in the matter

and was bound to exact a Bullion Reserve of at least one third at

the head Office, I informed Gething that a compliance with the Law was indispensable, but that I would draw Your Lordship's attention to the great hardship and loss thereby entailed on the Bank in its competition with other Establishments.

5.

These including the Oriental Bank and Chartered Bank differ

in several respects from the Hongkong and Shanghai Bank as

are

an

their Notes issued and made payable in local currency

are at the branches, bound to keep a Bullion reserve at each Branch proportioned only to the local

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499 be justified in issuing Notes elsewhere than at the head office. The Act provides whether in lieu of the being all held Bullion reserve at are Office returns -Office the Government would not be content to know by returns sworn to before Her Majesty's Consul what were the Reserves and Circulation at the Port respectively. This application I referred to the Attorney General and on receipt of his opinion, which was to the effect that the Executive had an option in the matter and was bound to exact a Bullion Reserve of at least one third at the head Office, I informed Gething that a compliance with the Law was indispensable, but that I would draw Your Lordship's attention to the great hardship and loss thereby entailed on the Bank in its competition with other Establishments. 5. These including the Oriental Bank and Chartered Bank differ in several respects from the Hongkong and Shanghai Bank as are an their Notes issued and made payable in local currency are at the branches, bound to keep a Bullion reserve at each Branch proportioned only to the local
Baseline (Original)
499 be justified in ifning Notes elsewhere than at the head office. the acted wherter in lien of the being all held Bullion reserve at are Office returns -Office the Government would not be contant to know by te sworn to before Her Majesty's Canub what were the Reserves and Circulation at the Port respectively. This application Irefered to the Altancy General and on receipt of his opinion, which was to the effect that the Execentive option in the matter had and was band to exact a Bullion Reserve of a are third at the head Office, I infamed Greing that a Law was Mr compliance with the indispensable, but that I would draw Your Lordshipin attention to the great hardship and lof Thuerely entailed on Bank in its competition with other Establishment. 5. his These including the Oriental and nureaudite Bankho differ in several resfrects from the Cloughing and Shanghai Bank as are an their Notes issued and made payable in local c I and they currency are at the branches, bound to keep a Bullion reserve at each Brauch proportioned only to the local E
2026-05-21 05:16:33 · Baseline
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499

be justified in ifning Notes elsewhere than at the head office. the acted wherter in lien of the being all held

Bullion reserve at are Office

returns

-Office the Government would not be contant to know by te sworn to before Her Majesty's Canub what were the Reserves

and Circulation at the Port

respectively.

This application Irefered to the Altancy General and on receipt of his opinion, which was to the effect that the Execentive option in the matter

had

and was band to exact a

Bullion Reserve of

a

are third at

the head Office, I infamed Greing that a

Law

was

Mr

compliance with the indispensable, but that I would draw Your Lordshipin attention to the great hardship and lof Thuerely entailed on Bank in its competition with other Establishment.

5.

his

These including the Oriental

and nureaudite Bankho differ

in

several resfrects from the Cloughing

and Shanghai Bank as

are

an

their Notes

issued and made payable

in local c

I

and they

currency

are

at the branches,

bound to keep a

Bullion reserve at each Brauch

proportioned only to the local

E

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