concurrence?
a short Ordinance for this purpose trend it to Treasury In
Sir R. Meal
Gurih
Iattach a small draft which I think will do what
in Hantuch
hating
Jassume that thiness Banks do not iporme notes. I
believe there are such Banks
In the reply to this Letter the following
Number should bo quoted.
Gor
13351
94
sir,
83 24/11
Send it to sei
for
TREASURY CHAMBERS,
99
pot
November 1894.
f
C. O.
19260 REC?
12771
Taits Queral 8640
The Lords Commissioners of Her Majesty 2 W 34.
Treasury have had under consideration your letter of the
29th August last, with its enclosure, relative to the
Note-issue in Hong Kong of the National Bank of China.
In intimating to This Board his decision not to
allow the Bank's notes to be received by the Colonial Treasury, the Secretary of State (1) suggests a Government
issue to supply any proved deficiency in the local
requirements over and above the amount of notes which the
local Banks are empowered to issue, and (ii) enquires
whether a law should not be passed prohibiting all issues
by fresh Banks unless such issues are specially sanctioned
by the Secretary of State in view of their being secured
on the lines originally proposed for the Hong Kong and
Shanghai Banking Corporation.
From the Treasury letter of the 21st September
(13364/94) the Marquess of Ripon has already learnt the
general views held by This Board both as to the superiority
of a State issue over a Bank issue, and also as to the
importance of securing, whenever possible, all notes which
Banks may be allowed to issue in Crown Colonies; and it
only remains in the present case to apply those general
views to the particular circumstances of Hong Kong.
In the first place, My Lords desire me to point out,in connection with the renewal of the Royal Charter of
the Chartered Bank of India Australia and China on which
They
The Under Secretary of State,
Colonial Office.
T
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