Power of warch and setzure.
Demanding for tranafor premium
of small change.
Penalties.
5. It shall be lawful for any police officer of or above the rank of sub-inspector who has reason to suspect that any small change is kept in any premises in contravention of regulation 3 to enter and search such premises and to scize any small change found therein.
6. It shall be unlawful for any person other than a mongY changer licensed under the Miscellaneous Licences Ordinance, 1933, to demand or receive any premium as a consideration for the transfer to any other person of small change. Any person who contravenes this regulation shall be guilty of an offence against these regulations.
7. Any person who commits an offence against these regulations shall on summary conviction be liable to a fine of five hundred dollars and if the offence is against regulation 3 or 4 the small change in respect of which the offence is committed shall be forfeited to the CrowIL.
3. It will be observed that money changers licensed under the Miscellaneous Licences Ordinance, 1933, are excluded from the provisions of Regulation 6 which makes it an offence to demand or receive any premiuni as a consideration for the transfer to any other person of amali Change. The reason for this is that the maximum premium at which a money changer may exchange Hong Kong currency of any denomination for Hong Kong currency of any other denomination is already prescribed by the Financial Secretary under Regulation 4A in Part V of the Regulations in the second schedule to the Miscellaneous Licences Orünance, 1933. The premia already prescribed by the Financial Secretary are as follows: -
1 cent coins or notes-à per cont
fi cent coins or notes
and 10 cent coins or notes-1 par cent.
COUNCIL CHAMBER,
29th September, 1950.
Hestam
Clerk of Councils.
.
Explanatory Nole.
During recent weeks a shortage of small change (ie, one cent. five cent and ten cent currency notes and coins) has persisted in the Colony, The shortage has continued notwithstanding that substantial releases of coins representing small change have been made doring the period. It is therefore apparent that the situation is not to be attributed to normol causes but may be ascribed to manipulation designed to accumulate small change so as to derive profit by its sale. This situation in causing serious inconvenience to the public and is a factor in increasing cost of living.
2. In these circumstances the above regulations, made under the Emergency Regulations Ordinance, 1922, have been enacted. The regulations make it an offence for any person to have in his possession or control amall change (as defined) which is in excess of his reasonable requirements, having regard to the nature of his employment or to the nature of the business hồ conducta, and for any person to export from the Colony smell change in excess of 2 dollars in value. The regulations provide that
be imposed upon summary conviction of such offences a fine of $500 may
provision is made that the small change in respect of which conviction of an offence has been recorded, shall be forfeited to the Crown, It is also made an offence punishable on summary conviction with a similar fine for any person other than a licensed money changer to demand or receive any premium for the giving of small change.