94
new ordinance' are under consideration.
interests and to propose amendments
My Lords
are
unwilling to
ncrease
increase-
D
which it thinks
the number of questions connected with the currency and banking arrangements
of
the small settlement of Hong Hong which
are
and have been for years under
consideration and they view with apprehenson:
the
proposed invitation to the Bank to
Submit its general
views On
those intricate
subjects at least five
years before
the
Experation
necessary
without any ~~
envitation of the unlimited character which
the Secretary of State appears to contemplate
C.
approve
My Lords could not m
the passing
these circumstances
the temporary ordinance
suggested in paragraph 4
My Lords further learn from your
that Lord Kimberley
letter
anxious
to allow
of the Ordinance under which it carries
on
business.
are not prepared to
They think it right therefore to say that they anticipate by so long a period the discusion of the general question. They think further that when the time comes
the Bank may safely be trusted to look after its
own a
interests
notes issued in one colony to be reissued in
another colony and he acks to be favoured which this Board
with the
reasons upon
base their opinion to the contrary
At present the law obliges the Bank
to keep
a reserve
of
coin and bullion at the
head establishment in
20
Hong Kong equal to
1/3th of the whole circulation
of the
Bank in
all
DREIGN
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