CO129-190 - Governor Hennessy - 1880 [10-12] — Page 311

the

Treasury and Shanghae Bank to establish

proposal of the Hongkong

branch at Singapore and on the privilege temporarily granted by my predecessor

to the Bank to issue one dollar notes in Hongkong.

12.

In Sir Michael Hicks Beach's despatch W148 of the 20th of

November, 1879, he asked for my views

as to an issue of Government one dollar notes, pointing out that in event of such a Government issue

being undertaken the conditional privilege granted to the Bank by Governor Sir Arthur Kennedy would be withdrawn.

3.

The question put to me by Sir Michael Hicks Beach required

some careful enquiry and consideration on my part; and it was entirely unconnected with another subject dealt with by Sir Michael Hicks Beach in the same despatch, namely, the suggestion I had made that this Government should be allowed to proclaim the Japanese Yen current in Hongkong.

14930

I am now in a position to inform Your Lordship that the Directors of the Hongkong and Shanghai Bank agree to withdraw their dollar notes in the event of the Government wishing them to do so. They have not yet sent me a formal reply to my enquiry on the subject, but I am aware of their decision.

Page 295-303

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