CO129-386 - Public Offices & Others - 1911 — Page 166

1

Wellis bot 2 of

ons 3

Frogsterer.

sa

roylish.

See 3 in brees and see it where they

recut

Hingeglest

reen ret. Dingent out 358 paining

marthtist.

I dft male may the delayed. Desp

dernful

To hous Frost

mait.

Ami

las 8 Tubberga

Test. an

Семь мана

Subsctim

in

6/12

& in deop sendent copy / 39070, raft to

A

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

21015

11

Sir,

RECE

CQ 164 33070

Rros FC 11

TREASURY CHAMBERS.

the

December 1911.

Tramry

on 35488 +29553.

hus Fiddles

JR7/2.

I puss

Auc

objection to it.

trair

trair ex asuriced

this off anda and see no

legal

of

Ven

سلے

thisik

Having regard to the profward insertion

word "unlimited" in places in ssc 4

that the Expression "banal tender coin" ui

sse 5124 line 8 would be construed to mean

the same th suc

+1

as

coms which is for the

time being unlimited begal tender in the

Coloney"

WA

Ssc 4

but for the sake of uniformity and to make the meaning free from my smelt it might be

advisable to subotilist the wording

quotid from Sic 4

coin"

alonce Cr. 6

for "legal Under

85.2.6/12

I have

modified

acendift

The Lords Commissioners of His Majesty's Treasury have given Their careful consideration to Sir C. Lucas' letter of 28th September (29553/1911) and Mr. Fiddes' letter of 14th ultimo (35488/11) with further reference to the draft of the Bill to authorise the issue of notes in Hong Kong by the Mercantile Bank of India, Limited.

In reply They direct, me to request you to convey

to Mr. Secretary Harcourt Their concurrence in the amendments proposed by him of the Clauses 4 and 3(5) with a view to ensuring the payment of the Banks notes in coin which is unlimited legal tender.

(I am however to observe that this object would appear to be secured adequately by the insertion of the word "unlimited" before the words "legal tender" in the passages indicated, without the further amendment of the words "current coin which is" to read "dollars which are".).

My Lords also concur with Mr. Harcourt in the

opinion that in the circumstances it would be desirable to

postpone the passing and publication of rules exempting

excess issues of bank notes from the 1% tax, until experience

has shown whether notes continue to command a premium over

coin after the Mercantile Bank has commenced to issue notes

The Under Secretary of State,

Colonial Office.

and