62
2. It repeals Section 78 of the Currency Note Ordinance, 1899, and re-enacte it with a proviso by which it is definitely laid down that when notes have been issued against gold received, and such gold has been used by the Commissioners for the purchase of silver for minting into Straits dollars, the profit on the minting is not to form part of the Note Guarantee Fund, but to be carried to a separate gold reserve fund.
3. I am of opinion that this Ordinance may properly receive the Royal
W. R. COLLYER,
Assent.
Attorney-General's Chambers, Singapore,
16407
11th April, 1905.
No. 83.
TREASURY to COLONIAL OFFICE. (Received 16th May, 1905.)
Attorney-General.
[Copy to Governor, 18th May, 1903. No. 124. L.F. See Nos. 85 and 122.] [Answered by No. 84.]
SIB,
Treasury Chambers, 15th May, 1905. I HAVE laid before the Lords Commissioners of His Majesty's Treasury Mr. Lucas's letter (12349) of the 26th ultimo,* further respecting the amendment of the Straits Settlements Note Ordinance.
In reply I am directed to state, for the information of Mr. Secretary Lyttelton, that my Lords see no objection to the proposed provision that so long as a deficiency exists under Section 10 of the Ordinance of 28th February, 1899, the whole of the profits from the note issue shall be carried to the Depreciation Fund, provided that it is made clear in the amending Ordinance that the obligation to make good out of revenue the balance of the deficiency is only suspended so long as the Secretary of State is satisfied that the circumstances justify it.
I am, &c.,
164.07
SIB,
No. 84.
COLONIAL OFFICE to TREASURY.
E. W. HAMILTON.
Downing Street, 18th May, 1905.
I AM directed by Mr. Secretary Lyttelton to request you to inform the Lords Commissioners of the Treasury that a copy of your letter of the 15th of May,t with regard to the amendment of the Straits Settlements Currency Note Ordi. nance is being forwarded to the Governor for his information and guidance.
63
2. The proposal made in my despatch, No. 27, of the 19th January last,* was that all payments from revenue under Section 10 (3) of Ordinance IV., of 1899, should cease absolutely, and that the whole of the income from the investment portion of the Note Guarantee Fund should, after paying the cost of working, be paid to the Depreciation Fund until that fund amounted to at least 10 per cent. of the investment portion of the Note Guarantee Fund.
3. I understand form your despatches that this proposal has not been accepted, but that the obligation to make good out of revenue any deficiency existing under Section 10 (3) must remain, with this concession, however, that the suspension of the payment of such deficiency will be permitted so long as you are satisfied that the circumstances justify it. In these circumstances I do not consider that it would serve any useful purpose to pay the whole of the net profits from the investments into the Depreciation Fund, except that the military contribution now payable when these profits are brought to credit of revenue will cease if they are to be credited direct to the Depreciation Fund.
4. The proposal made by the Treasury and embodied in draft (b) would appear
to be much the simpler and more workable arrangement of the two. It grants the relief that is given in your last proposal, and affords a sufficient safeguard against the occurrence of any deficiency of an excessive amount without disturbing the arrangements now obtaining for gradually maintaining the sufficiency of the fund.
5. I have marked the two Bills A and B, and shall be glad if you will inform me by telegraph which of the two is approved.
I have, &c.,
JOHN ANDERSON.
Enclosure 1 in No. 85.
A.
A BILL intituled An Ordinance further to Amend "The Currency Note Ordinance, Short title.
1899,"
Ord. iv. of
1. This Ordinance may be cited as "The Currency Note Ordinance, 1899, 1899. Amendment Ordinance 1905 No. II." It shall be read and construed as one with Ord. xiii.
of 1903. "The Currency Note Ordinance 1899" (hereinafter called "the principal Ordi- Ord. tv. of nance"). Any copy of the principal Ordinance printed after the commencement of 1904. this Ordinance may te printed with the amendments and additions made by this Ord. ill. of Ordinance.
1905.
2. Paragraphs (b) and (c) of Sub-section 4 of Section 8 of the principal Ordi- Amend- nance are hereby repealed and the following paragraph is inserted in place menta
thereof: --
of
of the
(b) Subject to the provisions of Section 9 and Section 10 hereof in the pay- Ordinance.
ment of the net balance after the payment of the said expenses to a Depreciation Fund.
principal
3. Sub-section (2) of Section 9 of the principal Ordinance is hereby repealed Amend. and the following sub-section is inserted in place thereof:-
ment of
Section 9
PUBLIC RECORD OFFICE
CO. 882
|ALLY WITHOUT PUMPINION OF THE
|| COPYRIGHT PHOTOGRAPH—NOT TO
DIE REPRODUCED HIDEOGRAPHIC.
| PUBLIC RECdlb OFFICE, LONDON
29020
No. 85.
I am,
&c.,
C. P. LUCAS.
STATE.
THE GOVERNOR to THE SECRETARY OF STATE. (Received 14th August, 1905.)
(No. 312.) SIR,
[Answered by No. 86.]
Government House, Singapore, 15th July, 1905.
I HAVE the honour to forward, for your consideration, two draft bills pre- pared in accordance with (a) the directions given in the enclosure to your despatch, No. 124, of the 18th May, and (b) the proposals suggested by the Lords Commis- sioners of the Treasury in their letter of the 14th April,§ forwarded to me under cover of your despatch, No. 100, of the 26th April last.|||
Ordinance.
(2) Whenever the Governor satisfies a Secretary of State that the Depre- of the ciation Fund is not less than ten per cent. of the investment portion of the principal Note Guarantee Fund and that any depreciation of market value below the cost price of the securities forming the investment part of the Guarantee Fund has been made good and that it is unnecessary for the present to increase the Depreciation Fund he may order the annual payment to the Depreciation Fund of the said net balance to be discontinued and the said net balance to be paid to the General Revenue of the Colony. If at any time thereafter the Governor is of opinion that it is necessary to increase the Depreciation Fund the Governor may order that the whole of or any part of the said net balanos shall be again paid into the Depreciation Fund.
4. Sub-section (8) of Section 10 of the principal Ordinance is amended by Amand- omitting the word " forthwith " in line 5 and the words " by order of the Governor ment of in line 8 and by inserting after the words the Revenue of the Colony in line 7 Section 10 the words "at such times as the Governor may with the sanction of the Secretary of State direct.”
of the
principal Ordinanes.
• No. 77.
↑ No. 83.
L.F. transmitting copy of No. 83.
§ No. 76.
ILF.
• No. 74.