TELEGRAPHIC ADDRESS, BONIFACE LONDON
A LETTERS TO 22 ADHESS20
$VENITTANCES MAGZ PAYABLE TO THE RONGKONG & SHANGHA: BANKING CORPURATION
NGI TO INDIVIDUALS
Hongkong & Thanghai Bambing Corporation.
31. Lombard Street. Linden, 1.6.
Extract from Chairman's speech at meeting of Shareholders
held in Hongkong 17th February 1900.
271
Our note circulation was $ 979,979 less on the
31st December than it was at the close of the previous
half year. The process of withdrawing our notes
in the Straits in favor of the Government circulation
It is evident that has so far been a slow one.
Ordinance No 1 of 1899, which gives us power to issue any amount of notes we may find necessary against a deposit of coin,will have to be renewed from year to
Under said Ordinance our note circulation
year.
is on a sound and satisfactory footing,both as regarās the Colonial Government, the public, and the Bank itself. It may seem an unprofitable undertaking
to have to look up dollar for dollar against our excess note circulation; however we do not want any modification of the Ordinance,we consider its
An inflated note provisions prudent and reasonable. circulation insufficiently secured would be highly
undesirable in the interests of all concerned.
2
No comments yet.
Private notes are available after approval.