285
-90 40 28tholo Catting vendo que ni DZA .Jnuors JanIsviupe marto 74 -973 $laviupe ert to bewog ego non acei Jom a va not betonebrog- bebivory ou Jnoisviupe all to wo annoy yra to riqisim yes to lo flove one seat to gosiq and Ja siab raad iinde 2nto" nova Ils Jo. J Dinerots ze dne rousid to a nse nove je bosat e lisula es 2910% lisna antaneeneyed to atremo11392 emolucoza04 Isino100 quo to ynB OF iiiwṣi nino endo to sobantil bejial yon) to miss at alloys 903 ed De bereat ed liste varid vorm met amosky Sid at dnevnd de la bes w/690 po rense end of midevet ol pa je beueat ons s -netid on loqtoning of mate! Jon Jnserialid ɛtað na Ana”
9
Ponant vnd
70 70 3.memwovon to zena od ja Jnan eruiesecevi jutroIoD 5mg Taj -ioning ed ja lien es eldayaq abem el lise alli ro 29to't amse
mo voɔdot mið af vastrat Lise and to for not.detali urbined inq iw temelj je prutei uns gige ef fine alfi To anto law.
ece and do tow mort bas 18 tonneflistel to dnad relvoijman 0.3 30 at Mfano t Ja. J anda bauivoch biezarote 26 bevat din eber of amat of it #dquod) 91 1lage at ti vero? bisa sed eni lutuse of Jmol sodmol to brslei 9. nt bisseyote 28 89JOH A/2 to tr
DACEST Awa 't ef ́eejok dou2 0
da nisitry jeant to venom gril*
omo to gif? Na semaa *o gailueja bavoj smo nend
12 9:30 Vis 707
* 0218 bebivo79.200
22
ot tutal ad Jon Liste d 700 to go vi pramab mo Tenced of aldene aetoli yrosutor$ eract of 29iðnekangad no ajname11392 astmolo! ***ur evin isxe : lorow Ai
40 need asi zetoйf noua,
-budet t
Jerevo gill of Dovevar a ve
itiw maging 92) 191 Js 1 tot bej"touge 87enofuat mod of ro tuene() bebtvori.¿YU2394T 200 to arenissimod end to mottom, smolver; ent - ni ed ad ayowle listu exand dadi awalɔså yde en ob es uns oel! eltic animula apo to poes ni sesã nónɛT3⁄4 ŋo baed e.17 yd evrog-
290
"or Dependencies or other place where a Bank shall be established an "average monthly amount of specie equal at least to one-third of the Promissory Notes of such Bank and Branch Banks at any time in circulation in such Colonies Settlements or Dependencies respectively
"Provided also that the total amount of the Promissory Notes payable
"on demand in circulation shall not at any time exceed the amount of the Capital of the Company actually paid up unless with the sanction of the Commissioners of our Treasury*
It now appears to us that there is no reference whatever in the above words to the rate of exchange at which the Bank's Sterling Capital shall be converted into Silver for the purpose of regulating the Note Issue, and that the only conditions as to limitation of the total Issue are contained in the words "that the total amount of the Promissory Notes payable on demand in circulation shall not at any time exceed the amount of the Capital of the Company actually paid up"
The words in the first clause "Provided that no such Notes shall be issued
for the Island of Hongkong and other places in China for any other sum than five dollars or one pound sterling or some multiple of such five dollars or other equivalent amount" appear to us clearly to refer to the denomination
of the Notes, and can in no way be construed as fixing the rate of exchange between Sterling and Dollars.
If our present reading be correct it necessarily follows that our Note Circulation in Silver must be regulated by the amount of the Bank's Capital in Silver taken at the current rate of Exchange.
Under these circumstances we consider that it is not
285
-90 40 28tnolo Catting vendo que ni DZA .Jnuors JanIsviupe marto 74 -973 $laviupe ert to bewog ego non acei Jom a va not betonebrog- bebivory ou Jnoisviupe all to wo annoy yra to riqisim yes to lo⇓ flove one seat to gosiq and Ja siab raad iinde 2nto" nova Ils Jo. J Dinerots ze dne rousid to aЯnse nove je bosat e lisula es 2910% lisna antaneeneyed to atremo11392 emolucoza04 Isino100 quo to ynB OF iiiwṣi nino endo to sobantil bejial yon) to miss at alloys 903 ed De bereat ed liste varid vorm met amosky Sid at dnevnd de la bes w/690 po rense end of midevet ol pa je beueat ons s -netid on loqtoning of mate! Jon Jnserialidɛtað na Ana”
9
Ponant vnd
70 70 3.memwovon to zena od ja Jnan eruiesecevi jutroIoD 5mg Taj -ioning ed ja lien es eldayaq abem el lise alli ro 29to't amse
mo voɔdot mið af vastrat Lise and to for not.detali urbined inq iw temelj je prutei uns gige ef fine alfi To anto law.
ece and do tow mort bas 18 tonneflistel to dnad relvoijman 0.3 30 at Mfano t Ja. J anda bauivoch biezarote 26 bevat din eber of [[s:/ amat of it #dquod) 91 1lage at ti vero? bisa sed eni lutuse of Jmol sodmol to brslei 9. nt bisseyote 28 89JOH A/2 to tr ་ ༣ ་
DACEST Awa 't ef ́eejok dou2 0
da nisitry jeant to venom gril*
omo to gif? Na semaa *o gailueja bavoj smo nend
12 9:30 Vis 707
* 0218 bebivo79.200
22
ot tutal ad Jon Liste d 700 to go vi pramab mo Tenced of aldene aetoli yrosutor$ eract of 29iðnekangad no ajname11392 astmolo! ***ur evin isxe : lorow Ai
40 need asi zetoйf noua,
-budet t
Jerevo gill of Dovevar a ve
itiw maging 92) 191 Js 1 tot bej"touge 87enofuat mod of ro tuene() bebtvori.¿YU2394T 200 to arenissimod end to mottom, smolver; ent - ni ed ad ayowle listu exand dadi awalɔså yde en ob es uns oel! eltic animula apo to poes ni sesã nónɛT3⁄4 ŋo baed e.17 yd evrog-
290
"or Dependencies or other place where a Bank shall be established an "average monthly amount of specie equal at least to one-third of the *Promissory Notes of such Bank and Branch Banks at any time in circu- *-lation in such Colonies Settlements or Dependencies respectively X*X "Provided also that the total amount of the Promissory Notes payable
མ་ར
"on demand in circulation shall not at any time exceed the amount of "the Capital of the Company actually paid up unless with the sanction of the Commissioners of our Treasury*
It now appears to us that there is no reference what- -ever in the above words to the rate of exchange at which the Bank's Sterling Capital shall be converted into Silver for the purpose of regulating the Note Issue, and that the only conditions as to limita- -tionof the total Issue are contained in the words "that the total "amount of the Promissory Notes payable on demand in circulation "shall not at any time exceed the amount of the Capital of the "Company actually paid up"
The words in the first clause "Provided that no such "Notes shall be issued
for the Island of Hongkong "and other places in China for any other sum than five dollars or "one pound sterling or some multiple of such five dollars or other "equivalent amount" appear to us clearly to refer to the denomination
of the Notes, and can in no way be construed as fixing the rate of exchange between Sterling and Dollars.
If our present reading be correct it necessarily fol- -lows that our Note Circulation in Silver must be regulated by the amount of the Bank's Capital in Silver taken at the current rate of Exchange.
Under these circumstances we consider that it is not
No comments yet.
Private notes are available after approval.