CO129-386 - Public Offices & Others - 1911 — Page 133

10

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

22490

10

Rect TREASURY OHAMBERS.

th

131

5 June 1911.

Sir,

The Lords Commissioners of His Majesty's Treasury have given careful consideration tor. Bertram Cox's letter of the 15th December last (34446/1910) enclosing a Draft Ordinance to authorise an issue of notes in Hong Kong by the Mercantile Bank of India.

In reply, I am directed by Their Lordships to state, for the information of Mr. Secretary Harcourt, that They concur generally in the criticisms of the draft Ordinance contained in the second paragraph of the letter under reply. With regard to the first of those criticisms, however, though My Lords will not press for the retention of Subsections (4), (5) and (6) of Clause 3 of the Draft if the Secretary of State is satisfied that adequate Government control over the issue can be secured by other means, They regard it as essential that alternative safeguards such as those contained in clause 8 of the Trinidad Ordinance No: 14

of 1903, as well as that contained in clause 9, referred to in the letter under reply, should be substituted in their place.

My Lords cannot however concur in Mr. Harcourt's

proposal to allow the proviso to Clause 3(2) of the Draft

Ordinance

The Under Secretary of State,

Colonial Office.