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11
I now have the honour to request permission to have the Hong- kong Shanghai Bank Ordinance se altered as to place us in at least as favourable a position as the Chartered Bank of India Australia & Chins, and, with this end in view, enclose a draft of a supplementary ordinance regarding our nete issue to be submitted to an extraordinary meeting of shareholders and to the consideration of His Excellency the Governor, by which we seek power to increase our ordinary issue from $20,000,000 to $30,000,000,- of which $6.666.667 would be fiduciary and $23.355.333 secured by deposit of securities in Londen or elsewhere. The proposed alteration provides alse for my excess issue over $80,000,000 being secured by deposit of coin or bullion with the Hongkong Government, either in the Colony or in aush place or places as may be sanctioned by them, and, further, that at all times the Corporation must keep deposited with the Hongkong Government or its nominees at other ports, coin or bullion to the extent of not less than one-third of its total issue, whatever the amount thereof may be.
•
Though asking te be placed in the same favourable position as our neighbour, I would emphasise that it is not ous intention at present to take advantage of the proposed alteration in our ordinance by depleting our cash reserves but rather it is our desire to be in a better position to meet the temporary increase of about $6 #llions which is always called for at China New Year, and to deal with any financial crisis that may arise,
As an additional reason for our request, we would mention that an examination of our note registere shows that, of our notes in
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