CO129-354 - Public Offices & Others - 1908 — Page 111

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

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

04/1908.

2 Confus(?)
110
7667
08

Sir,

TREASURY CHAMBERS,
30 June 1908
23697

The Lords Commissioners of His Majesty's Treasury having had before Them the letters from your Department of 24th April last and the 15th instant, relative to the circulation of unauthorised Notes at Hong Kong, I am directed to request you to lay before the Earl of Crewe the following observations.

The question first arose in connection with the circulation of Notes of the Banco Nacional Ultramarino. That Bank, having an Agency in Hong Kong, is amenable to the laws of the Colony. It appears that the Notes were circulated in ignorance of the provisions of the Colonial law, and that the Agents, on their attention being called thereto, promised to discontinue the practice.

The other case is that of Notes issued by the Canton authorities, which are said to circulate in Hong Kong although holders are not entitled to demand payment of them anywhere in the Colony. My Lords are not prepared to suggest any means of stopping the circulation of such Notes, which would not at the same time involve interference with the negotiation of extraneous Notes which may find their way into the Colony in the ordinary course of trade.

On a general view of the question, My Lords would regard it as improbable that Notes of this description could compete successfully with the issues of the authorised Banks.

Under Secretary of State,
Colonial Office.

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In the reply to this Letter the following Number should be quoted. 04/1908. 2 Confus(?)110766708 Sir, TREASURY CHAMBERS,30 June 190823697 The Lords Commissioners of His Majesty's Treasury having had before Them the letters from your Department of 24th April last and the 15th instant, relative to the circulation of unauthorised Notes at Hong Kong, I am directed to request you to lay before the Earl of Crewe the following observations. The question first arose in connection with the circulation of Notes of the Banco Nacional Ultramarino. That Bank, having an Agency in Hong Kong, is amenable to the laws of the Colony. It appears that the Notes were circulated in ignorance of the provisions of the Colonial law, and that the Agents, on their attention being called thereto, promised to discontinue the practice. The other case is that of Notes issued by the Canton authorities, which are said to circulate in Hong Kong although holders are not entitled to demand payment of them anywhere in the Colony. My Lords are not prepared to suggest any means of stopping the circulation of such Notes, which would not at the same time involve interference with the negotiation of extraneous Notes which may find their way into the Colony in the ordinary course of trade. On a general view of the question, My Lords would regard it as improbable that Notes of this description could compete successfully with the issues of the authorised Banks. Under Secretary of State,Colonial Office.

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In the reply to this Letter the following Number shuld be quoted. 04/1908. 2 Cofuiss 110 7667 08 Sir, TREASURY CHAMBERS, 30 June 1908 23697 The Lords Commissioners of His Majesty's Treasury having had before Them the letters from your Department of 24th April last and the 15th instant, relative to the circulation of unauthorised Notes at Hong Kong, I am directed to request you to lay before the Earl of Crewe the following observations. The question first arose in connection with the circulation of Notes of the Banco Nacional Ultramarino. That Bank, having an Agency in Hong Kong, is amenable to the laws of the Colony. It appears that the Notes were circulated in ignorance of the provisions of the Colonial law, and that the Agents, on their attention being called thereto, promised to discontinue the practice. The other case is that of Notes issued by the Canton authorities, which are said to circulate in Hong Kong although holders are not entitled to demand payment of them anywhere in the Colony. My Lords are not prepared to suggest any means of stopping the circulation of such Notes, which would not at the same time involve interference with the negotiation of extraneous Notes which may find their way into the Colony in the ordinary course of trade. On a general view of the question, My Lords would regard it as improbable that Notes of this description could compete successfully with the issues of the authorised Banks. Under Secretary of State, Colonial Office.

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In the reply to this Letter the following Number shuld be quoted.

04/1908.

2 Cofuiss

110

7667

Sir,

TREASURY CHAMBERS,

30 June 1908 23697

The question first arose in connection with the circulation of Notes of the Banco Nacional Ultramarino. That Bank, having an Agency in Hong Kong, is amenable to the

laws of the Colony. It appears that the Notes were circulated in ignorance of the provisions of the Colonial law, and that the Agents, on their attention being called thereto, promised to discontinue the practice.

On a general view of the question, My Lords

would regard it as improbable that Notes of this description could compete successfully with the issues of the authorised

Banks.

Under Secretary of State,

Colonial Office.

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