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THE CHIEF MANAGER!
HIC ADDRESS,
SARADISE, LONDON'
Q.
To The Right Honorable
Joseph Chamberlain M.P.
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419
THE MERCANTILE BANK OF INDIA, LIMITED
40 Threadneulle Street,
London
BC.
26th August 1898.
Her Majesty's Principal Secretary of State
for the Colonies,
Downing Street, S.W.
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I have been requested by the Board of Directors of this Bank
to approach you on the following subject:
The Mercantile Bank of India, Limited, has Branches in the
Colonies of Hongkong and Singapore, and does a general Banking business
in these Colonies.
The Bank is the successor of the Chartered Mercantile Bank of
India, London & China, under a scheme of reconstruction which was
carried out early in 1893. The Chartered Mercantile Bank of India,
London & China, had the privilege of issuing Notes in Hongkong and
he Straits Settlements, and in 1891, the last complete year for Which statistics are available, its average circulation was upwards of $1,280,000 in the Straits Settlements, and g 1,160,000 in Hongkong
Under the scheme of reconstruction the present Bank took over all the Assets and Liabilities of its predecessor, and I may mention that the scheme was carried through with open doors; it entailed no loss for inconvenience on any Creditor of the Bank; all obligations and liabilities were met in the usual manner on presentation or at maturity and this without touching by way of call or otherwise on the reserve
iability of the Shareholders which amounted to £750,000.-
But one effect of the reconstruction (which was carried out under the Companies Act 1862 to 1890) was that all Notes presented for encashment had to be withdrawn from circulation and cancelled and that until fresh powers were obtained the privilege of Note Circulation possessed by the old Bank lapsed.
Page 420Page 421
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