CO129-248 - Public Offices & Others - 1890 — Page 291

2

In the reply to this Letter the following

Number should be quoted.

-

Copy

11580

RECR

(R: 18 JUN 30)

TREASURY CHAMBERS,

288

:

ז י

7522

90

my

Sir,

June 1890.

1750

I have laid before the Lords Commissioners of Her Majesty's Treasury Mr Meade's letter of the 12th ultimo, with its enclosed copy of a letter from the Manager of the Hong Kong and Shanghai Banking Corporation applying for the consent of this Board to establish certain Branches and Agencies (25 in number) outside Hong Kong, in pursuance of the amending Hong Kong Ordinance No.29 of 1889; and in reply I am directed to request you to inform the Secretary of State that They feel bound in the first instance to record Their sense of the irregularities of the Bank's

past proceedings.

2166

By Article 4 of the Hong Kong Ordinance No.5 of 1866 under which the Bank was established, it is provided that the Bank might carry on business in Hong Kong, and might with the consent of the Treasury establish Branch Banks "at London or at any Port Town City or Place in India Penang and Singapore or in the Dominions of the Emperor of China or of the Tycoon of Japan, in or at which any British Consulate

and or Vice Consulate is or may be hereafter established, also without such consent as afores:id establish at London or any Port Town City or Place as aforesaid Agencies for Exchange &¢*. This provision of the Ordinance was embodied in the 12th Article of the Deed of Settlement with a further restriction; for under that Article the Bank was not to establish Branches under the Provisions of the 4th Clause of the Ordinance without the written consent of the

Treasury,

nor to establish without similar Treasury consent

any agencies within the territories under the Government of India

The Under Secretary of State,

Colonial office.

!

APT