82
No reference is made to payment by the Straits Government of sovereigns in exchange for dollars at the same ratio. Can you give us any indication if this operation may be expected to follow later on?
Thanking you in anticipation,
I have, &c.,
Manager.
83
and interest) of sending gold from London to Singapore. The fixed rate has since been declared by Order of the Governor in Council at 28. 4d. the dollar.
You will observe, therefore, that notes can only be obtained in exchange for gold either by presenting the gold at Singapore or by tendering there as above indicated.
The Commissioners of Currency at Singapore do not undertake to give gold in exchange for notes, but Lord Elgin understands that in accordance with the scheme recommended by the Straits Settlements Currency Committee, it is the intention of the Government to take that step hereafter, when, and so far as, they are in a position to do so.
Enclosure 2 in No. 111.
COLONIAL SECRETARY, Straits Settlements, to CROWN AGENTS.
(Dated 29th January, 1906.) TELEGRAM.
Ascertain at what rate sovereigns can be shipped freight and insurance London to Singapore: telegraph reply.
CROWN AGENTS to COLONIAL SECRETARY, Straits Settlements. (Dated 30th January, 1906.) TELEGRAM.
In reply to your telegram of yesterday's date, freight ten shillings, insurance two shillings per cent., both on face value.
COLONIAL SECRETARY, Straits Settlements, to CROWN AGENTS. (Dated 31st January, 1906.)
TELEGRAM.
At what rate can you send sovereigns, including packing, brokerage (allunen
? alunen-all other) charges.
CROWN AGENTS to COLONIAL SECRETARY, Straits Settlements. (Dated 1st February, 1906.)
TELEGRAM.
In reply to your telegram received yesterday, estimated cost freight and insur- ance and all charges fifteen shillings per cent.
3347
SIR,
No. 113.
I am, &c.,
FRED. GRAHAM.
COLONIAL OFFICE to BOARD OF TRADE.
Downing Street, 5th February, 1906.
I AM directed by the Earl of Elgin to request you to inform the Board of Trade that in accordance with the recommendations of the Straits Settlements Currency Committee [Cd. 1556], 1903, steps have recently been taken to bring about fixity of exchange between the sovereign and the new Straits Settlements dollar which has been placed in circulation in the Malay Peninsula in place of the British and Mexican dollars previously circulating there.
Lord Elgin learns by telegram* that on the 29th ultimo an Ordinance was passed by the Colonial Legislature providing that notes may be issued by the Currency Commissioners in exchange for gold at Singapore at a rate of exchange to be fixed by Order of the Governor in Council, or in exchange for telegraphie transfers on London at the best rate tendered, provided that the tender is sufficiently above the fixed rate to cover the cost of sending gold from London to Singapore, including freight, insurance, and interest. An Order of the Governor in Council was subsequently issued declaring the fixed rate at 2s. 4d. the dollar.
The Commissioners of Currency do not undertake to give gold in exchange for notes, but Lord Elgin understands that, in accordance with the recommendations of the Currency Committee above quoted, it is the intention of the Government to take that step hereafter, when, and so far as, gold is available.
Copies of the Ordinance recently passed and of the Governor's Order in Council will be sent to the Board of Trade when received in this country.
I am, &c.,
C. P. LUCAS.
3704
No. 112.
3347
No. 114.
COLONIAL OFFICE to THE CHARTERED BANK OF INDIA, AUSTRALIA, AND CHINA.
SIR,
[Copy to Crown Agents and to Governor, No. 34, 5th February, 1906. L.F.
See No. 117.]
Downing Street, 3rd February, 1906. I AM directed by the Earl of Elgin to reply to your letter of the 30th ultimo, addressed to the Crown Agents for the Colonies, on the subject of the Straits Settle- ments currency.
Lord Elgin is informed that under an Ordinance to amend the Currency Note Ordinance recently passed in the Colony, of which, however, no copy has yet reached him, notes may be issued by the Commissioners at Singapore in exchange for gold at Singapore at a rate of exchange to be fixed by Order of the Governor in Council, or against telegraphic transfers on London at the best rate tendered, if tenders allow sufficient margin over the fixed rate to cover the cost (including freight, insurance
Enclosure 1 in No. 111.
THE SECRETARY OF STATE to THE GOVERNOR. [Copy to Treasury, 17th February, 1906. L.F.] [Answered by Nos. 125 and 146.]
(Confidential.)
SIR,
Downing Street, 18th February, 1906.
I HAVE the honour to acknowledge the receipt of your Secret despatches of the 14th and 20th of Decembert regarding the currency question. As the result of subsequent telegraphic correspondence, the rate at which notes will in future be issued against gold has been fixed at 2s. 4d., and I now propose to deal with your suggestion that gold should be made legal tender, and with other matters referred to in your despatches.
I observe that in proposing that gold should be made legal tender by an Order of His Majesty in Council you were mainly actuated by the fear that a continued
• No. 110.
↑ Nos. 97 and 101.
!!
$1104
LI
PUBLIC RECORD OFFICE
Reference :-
TLC.O. 882
9
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC COPYRIGHT PHOTOGRAPH-NOT TO