CO129-339 - Acting Governor May Governor Nathan - 1907 [1-3] — Page 262

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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Page 11

DESPATCH.

HONG KONG, 18 Febr 1907

No 6201

C.O.

6201

Rece'd Pre 18 FEB 07

Note Issue of Hongkong & Shanghai Bank.

Previous Paper.

Corporation urge that note issue be allowed to increase automatically with capital.

Copy com'd to Treas.

Minute 74H, 7688

Subsequent Paper.

£ (78) £23000-11-0

Mr. Lucas

I thought they would wish for this. We cannot allow an extension of the ordinary note issue on the present terms (that they deposit securities to the extent of one third with the Crown Agents) which is the survival of an old arrangement such as would never be permitted now. But in order not to handicap the Bank in its competition with foreign rivals I think we might agree to an extension of the ordinary note issue, pari passu with the extension of the paid-up capital, on condition that this extension of the issue is fully covered by securities deposited with the C.A. We shall be making them a handsome present, since of course the Bank will draw interest on the securities. But the extension of the note issue will be fully secured, and that is the main point.

I suggest this to Treas., sending copy of tel.

Page 19

(To be sent at once)

...


Page 259

J. Wolf's barry for his of as

him that unless he See string thin the arrangement Care suggested, Lord Elgin proposes to leave the matter to Sir M. Nathan's discretion.

CPL Governor. No,

klegra 6 Sid ват

...

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Page 11 DESPATCH. HONG KONG, 18 Febr 1907 No 6201 C.O. 6201 Rece'd Pre 18 FEB 07 Note Issue of Hongkong & Shanghai Bank. Previous Paper. Corporation urge that note issue be allowed to increase automatically with capital. Copy com'd to Treas. Minute 74H, 7688 Subsequent Paper. £ (78) £23000-11-0 Mr. Lucas I thought they would wish for this. We cannot allow an extension of the ordinary note issue on the present terms (that they deposit securities to the extent of one third with the Crown Agents) which is the survival of an old arrangement such as would never be permitted now. But in order not to handicap the Bank in its competition with foreign rivals I think we might agree to an extension of the ordinary note issue, pari passu with the extension of the paid-up capital, on condition that this extension of the issue is fully covered by securities deposited with the C.A. We shall be making them a handsome present, since of course the Bank will draw interest on the securities. But the extension of the note issue will be fully secured, and that is the main point. I suggest this to Treas., sending copy of tel. Page 19 (To be sent at once) ... Page 259 J. Wolf's barry for his of as him that unless he See string thin the arrangement Care suggested, Lord Elgin proposes to leave the matter to Sir M. Nathan's discretion. CPL Governor. No, klegra 6 Sid ват ...
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11 klegra 6 Sid ват J. Wolfs barry for his of as 259 DESPATCH. षे afon him that unless he See string thin the arrangement Care suggested, Lord Elgin propones blean the matter кван to Sir M. hathan's discrtion. go CPL Governor. No, tel 1907 18 Febr HONG KONG No 6201 (Subject.) C.O. 6201 Rece Pre 18 FEB 07 Nate Dome of thong thaughai Bank. previous Paper. Corporation urge that note issive be allowed to mccrease automatically with capital. No Copy com Itracs 74H 7688 plrection to course proposed which is in accord with arduauere Increase of capital due to trade (Minutes.) | £ (78) -&in?—23000-11-0 bsequent Paper. Mr. Lucas I thought they would w and this. Wu Callist allow an extension of the orullary note issue on the present terms ( that they deposit securities to the extent of one third with the U.Agents) which is the survival of an old arrangement such as would never bo permitted now. But in order not to handicap the Bank in its competition with foreign rivals I think we might agree to an extension of the ordinary note issue, pari passu with the extension of the paid up capital, on condition that this extension of the issue is fully covered by sucurities deposited with the C.A. shall be making them a handsome presunt, since of course the Bank will draw interest on the securi- ties. But the extension of the note issue will be fully secured, and thai is the main point. ? suggest this to Treas. sending copy of tel. Ace (-P.2.19 at once 1
2026-06-03 13:54:15 · Baseline
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11

klegra

6 Sid

ват

J. Wolfs barry for his of as

259

DESPATCH.

षे

afon

him that

unless he

See

string thin the

arrangement

Care suggested,

Lord Elgin propones

blean the matter

кван

to Sir M. hathan's

discrtion.

go

CPL

Governor. No,

tel

1907

18 Febr

HONG KONG

No 6201

(Subject.)

C.O.

6201

Rece Pre 18 FEB 07

Nate Dome of thong thaughai Bank.

previous Paper. Corporation urge that note issive be allowed

to mccrease

automatically with capital. No

Copy com

Itracs 74H

7688

plrection to course proposed which is in accord with arduauere Increase of capital due to trade

(Minutes.)

| £ (78) -&in?—23000-11-0

bsequent Paper.

Mr. Lucas

I thought they would w and this. Wu Callist

allow an extension of the orullary note issue on the

present terms ( that they deposit securities to the

extent of one third with the U.Agents) which is the

survival of an old arrangement such as would never

bo permitted now. But in order not to handicap the

Bank in its competition with foreign rivals I think

we might agree to an extension of the ordinary note

issue, pari passu with the extension of the paid up

capital, on condition that this extension of the issue

is fully covered by sucurities deposited with the

C.A. shall be making them a handsome presunt, since

of course the Bank will draw interest on the securi-

ties. But the extension of the note issue will be

fully secured, and thai is the main point.

? suggest this to Treas. sending copy of tel.

Ace

(-P.2.19 at once

1

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