CO129-442 - Governor Sir May - 1917 [4-6] — Page 341

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opinion, hold equally good in respect of the larger amount.

The Chartered Bank of India, Australia

and China are prohibited under their Charter from issuing

notes of a Sl denomination, and the Mercantile Bank of

India do not wish to do so. I have therefore to ask that

the Hongkong and Shanghai Banking Corporation may be per- -mitted to issue 81 notes up to a limit of £700,000, sub-

-ject to the existing law as to security and subject to the

further condition, named in Mr. Harcourt's telegram of the

13th. September, 1912, that the issue is to be subject to

unconditional withdrawal, should the Government decide to

issue notes of less than 85.

5.

It would save time if you would com-

-municate your decision, in the event of approval, to the Hongkong and Shanghai Banking Corporation in London.

I have the honour to be,

Sir,

Your most obedient,

humble servant,

Governor,&c..