532
of the note issue (page 1) to $7,000,000 instead of half the issue of the Bank; with a proviso that there may be occasional issue in excess of $2,000,000 (with the consent of the Governor) each 15th day full account of such special issue being reported in the Special Treasury of which an account is kept.
As regards the substitution at home, he proposes a reserve in the hands of the Bank of 40% under lock and key. The industrial (Bank) contemplates something less than 50% all under lock and key.
5/ M. Ammanney,
M. Ammanney, not rather set out 25% in cash and 25% in sterling assets as proposed in the letter of the Bank to the Treasury (14701).
The special reserve should be made the subject of a "declaration of trust" declaring that it is held under undertaking of the Local Bank Manager and Officials for the special purpose of being issued to pay the Bank's notes as presented in case of sudden demands.
The 40 per cent under lock and key in the custody of the Bank should be taken in excess of the cash held by the Bank itself under its full control of not less than 33 per cent.
532
of the note ipore (page 1) to $7,000,000 instead
of half the insector of the Bank; with hisenti
at page 2
a proviso that there
may
occasional ipue in each of $2,000,000 (with (?)
consent of the Sorensen) cach 15ther full accom
fsuch specially anthriced and one being
Reported in the Special Tuany of which
an than the hoop keys
Un Gro. Officials
As acts the substitution.
at home, he perproses a
да
instead of the Reseen in the hands of
totot of 40% unde
loval team
Inisties
Good lock and key. The indrecial (Bank)
This is something less than
In 50% all and lock and key contemplates
Funsmies.
5/ M. Ammanney,
M. Annanney, hot rather setta
MINUTE PAPER.
them 25% hun lish and hey.
and 25%
dimportion as possessed in the
under foot dimportion
letten of the Bank to the Tranny (14701)
The special reserver Phuld be made the intest
Juest "declaring
of a careful..
" declaration of
that it is held under Untentional of thee
Loval Bank Manager and Otely's butter
Stecial purpure of bring isoned to bay thi
Bauchs notes as presented in case of succgening
The 40 per cunt under lock and bey in the Cunstrony of the fut muuth tähen the in
Exceps of the cash best by the Bank itself bude its full contrrell of not less than 33 talent.
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