CO129-363 - Public Offices & Others - 1909 — Page 424

{

All Setters to be attressed to

SHE CHIEF MANAGER"

PHIC ADDRESS)

PARADISE, LONDON

423

THE MERCANTILE BANK OF INDIA, LIMITED

C.0.

12146

RECE

REG 8 APR OC

41, Threadneedle Street,

Londen ze

9th February, 1899.

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I have the honour to acknowledge the receipt of your letter 414/98 of the 30th ulto. in answer to mine to Mr. Secretary Chamber- in of the 26th August last.

In your letter you inform me that as a Government Note sue is being introduced into the Colony of the Straits Settlements, ere can be no question of extending to another Bank the right of suing Notes for circulation in that Colony, but as regards Hong Kong u say that the question of a Government Note Issue is under consider-

ion, and that a further communication would be addressed to me when

at question is settled.

Your letter has been submitted to my Directors, and I am sired by them respectfully to point out that even as regards the raits Settlements the granting of the application contained in my

tter of the 26th August last can scarcely be treated as extending to

ght of issuing Notes for circulation in that Colony. The position is

at the Bank is a mere reconstruction of the Chartered Mercantile

nk of India, London & China, accepting and taking over the whole of

s liabilities, and among them those of Note Issue enjoyed by that

ak, and which Notes are still to some extent in circulation in the

lony, and there accepted as part of the circulating medium as freely

those of any other Bank. It is simply desired to keep up and

ntinue this existing state of things, though in the more convenient

ape of the Bank being at liberty to issue Notes of its own without

e inconvenience of Notes as they come in and are paid, having to be thdrawn from circulation through the inability to reissue.

Surely thus keeping up and continuing an existing Issue

nnot be regarded as any Extension interfering with the Note Issue

the Government, and as such my Directors will be glad if Mr.