Copy.
A/1234.
Crown Agents for the Colonies,
4, Millbank,
Westminster, London, S.W.l.
28th January, 1935.
GO
Dear Williams,
I have read with much interest the report of
the Palestine Banking Committee, of which you enclosed a
copy in your letter of the 11th instant, especially as
I had some talk with Johnson about its subject matter
in Jerusalem a year ago when the Committee were busy.
2. I am entirely in accord with the main principles
on which the report is founded. It is clear that in the conditions which have grown up in Palestine the development of banking requires, for the protection of the public, a certain measure of vigilance and regulation on the part of the Government. At the same time I agree that it is far better to rely for the purpose on publicity and the gradual education of the community by requiring the publication of balance sheets in standard form, than to attempt to define liquid assets, or to prescribe percentages of cash and other forms of assets, in an ordinance.
3.
I also think that the appointment of a standing Advisory Committee constituted as proposed is an excellent
suggestion, although I do not feel so sure that "most probably no bank would care to ignore the advice of such a Committee" (§ 35). But it seems to me a very doubtful
step that "the High Commissioner should take
power under
the
O.G.R. Williams, Esq.
Page 60Page 61
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