§ MR. BRODIE HOARE (Hampstead)I beg to ask the Secretary of State for the Colonies by whom and under what restrictions and conditions bank notes are issued in British Guiana, and whether those conditions have been complied with in all cases; and, if not, whether he will take steps to have them immediately enforced.
§ MR. J. CHAMBERLAINBank notes are at present issued in British Guiana by the Colonial Bank (under Imperial Charter and Imperial Acts of Parliamant) and by the British Guiana Bank under certain local ordinances. The Colonial Bank may issue notes in British Guiana and the West Indies up to £500,000, or, if the Bill now before Parliament receives Her Majesty's assent, up to £600,000, and is required within six months from date of Act to deposit as security a sum in coin or securities equal to 25 per cent. of its note issue and to pledge its uncalled capital as further security. The British Guiana Bank under existing ordinances may issue notes to three times the value of its paid-up capital, without further restrictions. I have no reason to believe that these conditions have been infringed. A new ordinance for the British Guiana Bank is now under consideration.