CO129-218 - Administrator Marsh Governor Sir Bowen & Others - 1884 [11-12] — Page 380

maximum

of advantage for the Bank and

377

-responsible for

the result of

the speculations

a

maximum

Government.

Passing

of disadvantage for the

to the general policy of

the proposal, My Lords must record their

decided opinion that it is the duty of

| this Board and

State to

of

the Secretary of

the importance of the

recognize the

principle involved in the sanction

given

by the Secretary of I guarantee of the Omerital Bank issue

general considerations justified the Secretary

State to the Government

If

(

of a private trader, over whom they have

and in the conduct of where bus mes

no

control; They have

720

voice in the

conduct of his business. They

are partners

In his losses but not in his gains .

This Statement of a self evident fact

establishes an unanswerable

case against

private issues in brown bolonies, and My

in consequence resolved not to

· Lords are

assent to

any

extension

of existing note

of State in

in imposing that liability on the whole of a community for the benefit of

general considerations will

a class, the same

hold good elsewhere, and the principle

established that Colonial Governments are

responsible

privileges

in such bolonies..

They may add that in their opinion

it is incumbent on the Secretary of State

to avail himself of every legitimate opportunity for carrying out the policy which he has

inaugurated, and to substitute issue for private

issues

a state

in

Colonies

which