CO129-363 - Public Offices & Others - 1909 — Page 416

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Government itself undertakes the Issue of Notes.

Were a Government Note Issue established the obstacles experienced by this Bank in conducting Banking business in Hong Kong wod in a great measure disappear, but in the absence of such a solution of the difficulty it is, I maintain, most inequitable that we, a prosperous British Bank, doing business in a British Colony, should, for no adequate reason, be deprived of that equality of opportunity

hich the other British Banks with their power of Note Issue, enjoy.

I may mention that the ten years' interval since our first application was made has been a period of increasing strength and steady progress on the part of the Bank, and owing in a great measure to the more equitable conditions of the competition which we have to meet in India and in British Colonies other than Hong Kong, we have in that

RETARIAL ** 940 101 @ANG XOQAI TO WA. for period added to the strength of the Bank's position, as given in our application of 26th August, 1898, by accumulating a Reserve Fund and

ndivided profits, which at 30th June last amounted to upwards of 50% of our paid up capital, whilst our shares of £12.10/- paid up are at a

remium of £4.10/- per share.

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I may further mention that, as pointed out in our former application, the Bank is the Successor, under a deed of voluntary

and open reconstruction, of the Chartered Mercantile Bank of India,

London & China, an institution connected with the Colony since 1858.

Should the application which we now put forward meet with

Four Excellency's favourable consideration and approval, I trust that

the terms of the Ordinance for giving effect to the privilege which we desire may be similar to those accorded to the Hong Kong & Shanghai

Banking Corporation. This would mean, firstly, a power of issue to

the extent of our paid up capital of £562,500.- on the basis of the Bank keeping in special reserve an amount of Coin and Bullion equal to

hot less than one-third of the total issue in circulation; and secondly,

that the Bank should not exceed that amount without deposit-

ng and keeping deposited with duly constituted authorities Coin and Bullion and /or approved Securities at the Bank's option equal to