430
The Directors have issued for circulation in Hong Kong and South China notes of different denominations not to exceed the total value of £51,000 for the past three years. These notes have been very favourably received by the public, especially by the Chinese; there being a considerable demand for them, the withdrawal of the Chartered Mercantile Bank issues having created a void, the Hongkong and Shanghai Banking Corporations and the Chartered Bank being unable to supply the want having issued to their full limit.
The Directors have understood from you that there is some Treasury order of old date that prevents their notes from being received at your office and by other Government Departments without previous sanction from Her Majesty's Treasury, and that any discrimination against the Bank's notes will considerably diminish their value to the Bank's Customers and be a public inconvenience. The Directors have the honour to request that you will apply to His Excellency the Governor to apply to the Secretary of State for the Colonies for whatever permission or sanction may be required to enable this Bank to circulate its notes as freely in the Government offices as the notes of other Banks.
The Directors are prepared to keep an adequate reserve against their note issue and to allow Government inspection and verification of that reserve. They undertake to furnish...
430
The Directors have issues
for circulation in Stong Kong and South China notes of different denominations not to exceed the total value of £51,000 for
the waxt three
beau
years
These notes have
very favourably received by the public, expecially by the Chinese; there being
A
Considerable
demand for then the withdrawal
the Crime
д
arra
Chartered
Mercantile Bank issues having
Created
a void, the songkong and
Shanghai Banking Corporations and
the Canatened Bank being unable to supply the want having issued to
their full limit.
The Directors have murder
Sir, that there is
-stood from you,
some Treasury order of old date;
that prevents their notes from being
received
at your office
تو
and by other Government Dep. soments without
previous
previous sauction from Ster Majestys
Treasury, and
y that
kind
and as any discrimination
agarines the Banks notes
will considerably diminish their raline to the Bank's Customers and
be a public inconvenience the Directors have the homore
request that
your
will
to
His Excellency the Governor to apply to the Secretary of State for the Colonies for whatever permission.
or sanctions:
ett bli
the
may be required to
this Bank to circulate as 7 freely in the Government
offices
6. The Branchs and to
The noter
he received at least
the
a
reasily
Ax
Cheque of any
your will accept the resident in ordinary
The Directors
gord
ord credit
are of Comme
prepared to keep the andivany
reserve against their note, issue
The fort to allow Government Inspection undertake, veripeation of that reserve Everify there reserverques
in
And t
furnish
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