CO129-303 - Public Offices & Others - 1900 — Page 105

117104

In the reply to this Lutter the following Number should be quoted.

9359

1900

SI

ER I MAY 00

TREASURY CHAMBERS,

30 May 1900.

→

Mo

15878

Sir,

With reference to Mr Lucas' letter of the 28th

instant (15878/1900),I am directed by the Lords Commissioners of Her Majesty's Treasury to acquaint you, for the information of the Secretary of State for the

Colonias, that They concur in the proposal to introduce

Ordinances into the Legislative Councils of the Straits Settlements and Hong Kong for continuing the existing

power of the Hong Kong and Shanghai Banking Corporation

to issue notes in excess of their normal maximum, on

condition of the deposit of coin or bullion to the value

of the excess, until the 13th of August 1908, the date

of expiration of the Ordinance under which the Bank is at

present incorporated.

I am to observe that the Ordinances at present

regulating the Bank in both Colonies contain provisions

making the privileges of the Bank subject to any laws which may hereafter be passed for restricting or regulating

the issue of Notes. In view of the possibility that a Government issue of Notes in Hong Kong may have to be considered before 1908, My Lords desire to suggest that

the power now proposed to be extended should be made

distinctly subject to the same condition.

I am, Sir,

The Under Secretary of State,

Colonial Office.

Your obedient servant,

Euttamilte

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