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There is NOV 38
TREASURY CHAMBERS,
November 1898.
623
98
Sir,
19834/98
I have laid before the Lords Commissioners of Her Majesty's Treasury your letter of the 22nd ultimo relative to the note-issue of the Hong Kong and Shanghai Banking Corporation, together with the enclosed copy of the Hong Kong Ordinance No. 6 of 1898 amending the Hong Kong Ordinance No. 21 of 1882.
Their Lordships agree with the Secretary of State for the Colonies that the Ordinance should be repealed and that a new Ordinance should be substituted for it, embody- ing the arrangements described in the Treasury letter of 15th July last. It will be necessary for this purpose, as Mr Chamberlain points out, that the arrangement of 1889 regarding the Bank's note-issue should be included, and that it should be made clear that the reserve for the excess issue must be kept under the responsible custody of the Colonial Secretary and the Colonial Treasurer.
Subject to this understanding, however, there is no reason why the reserve should not be kept, under proper safeguards, in the Bank's own vaults as has been permitted in the case of the Chartered Bank.
My Lords note the information contained in your letter regarding the limits imposed on the note-issue of the National Bank of China and the progress of the Government
note
The Under Secretary of State,
Colonial Office.
Page 630Page 631
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