Enclosure 4.
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4.
In these circunstances the
Ordinance found among Un-official Members only two op-
-ponents in the persons of Mr. M. Stewart and Mr. H. E.
Pollock, K.C., who on the occasion of the second reading
urged respectively that a valuation of the Fund should
precede the transfer; and that the wishes of the minority
should receive further consideration. They did not, how-
-ever, press a division, owing I believe to riisunderstand-
-ing; but on the third reading Mr. Stewart divided the
Council when, in the absence of Mr. Pollock, he was the
only dissentient.
5.
I enclose a copy of the Ordinance
on which for convenience of reference notes have been
enfaced indicating the origin of each section.
With regard to Section 7 (1),
in
view of the statement in paragraph 2 of Lord Elgin's
Despatch No. 276 of the 28th. of December, 1907, to the
effect that there was no reason why sterling contributions
should not be credited at the actual rate of exchange,
words have been inserted providing that such contributions
shall be converted into dollars at the average demand rate
of exchange from the 15th. of the preceding month to the
15th. of the month of payment.
This
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