✨ Colonial Bank of Issue Information
NEW ZEALAND
GOVERNMENT GAZETTE.
(PROVINCE OF NEW MUNSTER.)
Published by Authority.
All Public Notifications which may appear in this Gazette, with any Official Signature thereto annexed, are to be considered as Official Communications made to those Persons to whom they may relate, and are to be obeyed accordingly.
By His Excellency’s Command,
ALFRED DOMETT, Colonial Secretary.
VOL. III.] WELLINGTON, MONDAY, JULY 8, 1850. [No. 12.]
Colonial Secretary’s Office,
Wellington, 27th June, 1850.
In order that the public may be in possession of the fullest information as to the principles on which the Colonial Bank of Issue lately opened has been established, and as to the provisions contained in the Colonial Ordinance on the subject, and in Instructions from the Imperial Government, for its general management, for the attainment of complete publicity in all its transactions, for the security of the funds therein deposited and for their investment in the manner most advantageous to the Colony;
His Excellency the Lieutenant-Governor has directed the publication of the following Extracts from Despatches of the Right Hon. the Secretary of State for the Colonies, and from the Paper Currency Ordinance of Session 8, No.
By His Excellency’s Command,
ALFRED DOMETT,
Colonial Secretary.
EXTRACTS FROM A DESPATCH FROM
EARL GREY TO SIR G. GREY, DATED,
DOWNING-STREET, FEB. 2, 1847.
"The discussions which have taken place of late years, and more especially the proceedings of Parliament upon the occasion of the last renewal of the Bank Charter, have, I apprehend, in the judgment of those whose authority is of most weight on this subject, finally settled the principles upon which a paper currency ought to be regulated... Although a regard for existing interests has prevented these principles from being acted upon in this country to their full extent, there is no longer much difference of opinion as to the general nature of the system which an adherence to them would prescribe.
In New Zealand, I believe that no such interests have yet grown up, though they would not fail speedily to do so: it is therefore I trust still possible in that Colony to secure the great advantages which could not fail to result from the establishment of a paper currency regulated upon the most correct principles. The view which I take of these principles is as follows.
The business of Banking, or of dealing in money, and that of issuing Paper money, I consider to have not merely no necessary but no proper connection with each other. The former is a branch of commercial business which should be left like every other, to private enterprise; but to issue money, that is, to furnish the authorised medium of exchange, is one of the peculiar and not the least important functions
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New Munster Gazette 1850, No 12
✨ LLM interpretation of page content
💰 Announcement of Colonial Bank of Issue Principles
💰 Finance & Revenue27 June 1850
Colonial Bank, Paper Currency, Banking Regulations, Imperial Government Instructions
- Alfred Domett, Colonial Secretary
💰 Extracts from Earl Grey's Despatch on Currency Regulation
💰 Finance & Revenue2 February 1847
Currency Regulation, Banking Principles, Imperial Government Policy
- Earl Grey, Secretary of State for the Colonies