CO129-363 - Public Offices & Others - 1909 — Page 419

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institution, strengthened by the introduction of fresh capital.

Our representations met with the answer that the Government contemplated

a Note Issue of its own, and that therefore the privilege could not be Continued to the Mercantile Bank of India, Id.

but

Ten years have elapsed and during that time the scheme

of a Government Note Issue has not taken shape, and the privileges

that have expired with rival institutions have been renewed to them.

I do not for a moment say such differentiation has been intentional,

I suggest and even strongly urge that it is time the unfair

distinction was removed. I am aware that the powers of extended issue

granted the Hong Kong Bank are on altered conditions, but the fact remains that the original limited privilege which expired has been

continued and renewed on the old terms by Hong Kong Ordinance No.

of 1907.

6

I sincerely hope we shall be able to enlist the

sympathy of the Hong Kong Government in removing the very serious

disability under which we labour. Equality of treatment, and there-

fore, as the Chief Manager puts it in his letter, equality of opportunity, we, as a British Institution, have a right to.

A. Government Note Issue, not to be delayed longer than the time needed to make the necessary arrangements,,would meet our requirements. Failing such a solution I trust the Hong Kong

Government will, if we have its sympathy, put out claims for consider-

ation and fair treatment strongly before the Secretary of State for

the Colonies.

If I remember rightly financial questions of this nature

go before the Lords Commissioners of His Majesty's Treasury for comment and advice. I do not know what their attitude may be, but in view of the possibility of their being hostile to the application on

a plea of principle" the departure from principle in the cases of the Hong Kong Bank and the Chartered Bank may be cited.

I am,

Yours truly,

(Signed) G. S. Murray.