CO129-248 - Public Offices & Others - 1890 — Page 278

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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C. G. 3407

ALC

24 FEB 90

In the reply to this Letter the following

Number should be quoted.

1998

(90

610

TREASURY CHAMBERS,

22 February 1890.

Sir,

I have laid before the Lords Commissioners of Her

Majesty's Treasury your letter of the 4th instant, and enclosures, from which it appears that the Hong Kong and Shanghai Banking Corporation are prepared to accept the condition prescribed by the Treasury letter of the 14th September last that They should safeguard their note-issue by the deposit of approved securities to the amount of $2,500,000, being one third of the amount of the possible issue.

I have also submitted to the Board the Ordinance likewise forwarded, which has been enacted by the Legislature of Hong Kong, for the purpose of now according to the Bank that further liberty of action which it has so long sought.

As the Bank has assented to secure its issue, My Lords offer no objection to the Ordinance; but They observe that the previous consent of the Treasury is made a condition precedent to the opening of each Branch of the Bank outside the Colony; and while they are unwilling to propose any changes involving the enactment of a new Ordinance, they think it well to note that requirement about the Treasury consent is not in consonance with the policy latterly pursued in the case of supplemental charters in which My Lords have, as you are aware, been careful to divest Themselves of interference in the affairs of Banking Companies.

I am,

Sir,

Your obedient servant,

Revelly

The Under Secretary of State,

Colonial Office.

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C. G. 3407 ALC 24 FEB 90 In the reply to this Letter the following Number should be quoted. 1998 (90 610 TREASURY CHAMBERS, 22 February 1890. Sir, I have laid before the Lords Commissioners of Her Majesty's Treasury your letter of the 4th instant, and enclosures, from which it appears that the Hong Kong and Shanghai Banking Corporation are prepared to accept the condition prescribed by the Treasury letter of the 14th September last that They should safeguard their note-issue by the deposit of approved securities to the amount of $2,500,000, being one third of the amount of the possible issue. I have also submitted to the Board the Ordinance likewise forwarded, which has been enacted by the Legislature of Hong Kong, for the purpose of now according to the Bank that further liberty of action which it has so long sought. As the Bank has assented to secure its issue, My Lords offer no objection to the Ordinance; but They observe that the previous consent of the Treasury is made a condition precedent to the opening of each Branch of the Bank outside the Colony; and while they are unwilling to propose any changes involving the enactment of a new Ordinance, they think it well to note that requirement about the Treasury consent is not in consonance with the policy latterly pursued in the case of supplemental charters in which My Lords have, as you are aware, been careful to divest Themselves of interference in the affairs of Banking Companies. I am, Sir, Your obedient servant, Revelly The Under Secretary of State, Colonial Office.
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C. G. 3407 ALC 24 FEP 90 In the reply to this Letter the following Number should be quoted. 1998 ( 90 610 TREASURY CHAMBERS, 22 February 1890. Sir, you ob b S 1217 میرا 18420 که فکر I have laid before the Lords Commissioners of Her Majesty's Treasury your letter of the 4th instant, and enclosures, from which it appears that the Hong Kong and Shanghai Banking Corporation are prepared to accept the condition prescribed by the Treasury letter of the 14th September last that They should safeguard their note-issue by the deposit of approved securities to the amount of $2,500,000, being one third of the amount of the possible issue. I have also submitted to the Board the Ordinance like- wise forwarded, which has been enacted by the Legislature of Hong Kong, for the purpose of now according to the Bank that further liberty of action which it has so long sought. As the Bank has assented to secure its issue, My Lords offer no objection to the Ordinance; but They observe that the previous consent of the Treasury is made a condition precedent to the opening of each Branch of the Bank outside the Colony; and while they are unwilling to propose any They changes involving the enactment of a new Ordinance, the think it well to note that requirement about the Treasury in consent is not consonance with the policy latterly pursued in the case of supplemental charters in which My Lords have, as you are aware been careful to divest Themselves of interference in the affairs of Banking Companies. he Under Secretary of State, Colonial office. I am, Sir, Your obedient servant. Revelly ان ها با بالات
2026-05-26 15:18:05 · Baseline
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C. G. 3407

ALC

24 FEP 90

In the reply to this Letter the following

Number should be quoted.

1998

(

90

610

TREASURY CHAMBERS,

22 February 1890.

Sir,

you

ob b S

1217

میرا

18420

که فکر

I have laid before the Lords Commissioners of Her

Majesty's Treasury your letter of the 4th instant, and enclosures, from which it appears that the Hong Kong and Shanghai Banking Corporation are prepared to accept the condition prescribed by the Treasury letter of the 14th September last that They should safeguard their note-issue by the deposit of approved securities to the amount of $2,500,000, being one third of the amount of the possible

issue.

I have also submitted to the Board the Ordinance like-

wise forwarded, which has been enacted by the Legislature of Hong Kong, for the purpose of now according to the Bank that further liberty of action which it has so long sought.

As the Bank has assented to secure its issue, My Lords

offer no objection to the Ordinance; but They observe that

the previous consent of the Treasury is made a condition precedent to the opening of each Branch of the Bank outside

the Colony; and while they are unwilling to propose any

They changes involving the enactment of a new Ordinance,

the

think it well to note that requirement about the Treasury

in consent is not consonance with the policy latterly pursued in the case of supplemental charters in which My Lords have,

as you are aware been careful to divest Themselves of

interference in the affairs of Banking Companies.

he Under Secretary of State,

Colonial office.

I am,

Sir,

Your obedient servant.

Revelly

ان ها با بالات

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