A SPECIAL meeting of Ratepayers is to be held on Wednesday next "to consider the question of an issue of Dollar Notes by the Municipal Council." The first question that presents itself on the announcement of the meeting is whether the Council has power under the Land Regulations to issue notes. This question may be at once answered in the affirmative; the Conncil have power by Regulation 1X to raise money when necessary by way of loan or otherwise; and the issue of promises to pay on demand, which is what the Council's proposed notes will be, obviously comes under the words "or otherwise," if not directly under "by way of loan," Having decided that the issue is lawful, there remains to be considered whether it is expedient, There is no doubt that a fresh issue of dollar notes will be a great benefit to Shanghai, a benefit felt more strongly every day. The present issue by the Hongkong and. Shanghai Bank is quite inadequate to the popular demand, and it is not elastic the Bank is not allowed to issue beyond a certain quantity. Unfortanately a large part of the existing issue is not in circulation, The notes
Text read from the printed page and cleaned; old type leaves the occasional error.