CO129-339 - Acting Governor May Governor Nathan - 1907 [1-3] — Page 581

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equal to one-third of the amount of $10,000,000, and 35,000,000 of

which, is to be covered by the leposit, in the same manner and under the

same conditions as stated above, of security to the full amount of

$5,000,000.

Any excess of the authorized note issue for the

time being to be covered by the deposit of coin or bullion with the

Hongkong Government as hitherto,

As the question has been before His Majesty's

Governrent for sore line it would appear that the above is as far as

they are prepared to go towards meeting the Banx's application and in

reply to the enquiry in your letter i now beg to say that we accept

the condition imposed.

Looking at the Bank's position, however, as

explained in my letter of 12th. Webruary last, i cannot help expressing

great regret that the Secretary of State for the Colonies lil not see

his way to authorize an increased note issue automatically with the

increase of Capital as in the present Urdinance, and I venture to hope

that at some future time it may be found possible to modify the

conditions.

I now beg to enquire if H. 8. the Governor will

approve of the introduction of a bill in the Legislative Council

amenling the Ordinance in accordance with the foregoing conditions and

extending it for the usual period of 21 years.

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I have etc.,

(S3.) J. K. K. Srith,

Chief Manager.

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