יוייו
PUBLIC RECORD OFFICE
Reference :-
ཀ །
C.O. 882
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-
COPYRIGHT PHOTOGRAPH-NOT TO
Selling sterling remit- iances.
Purchase of silver for re- minting.
Sale of
silver
coins.
Profit to be
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Transfers payable in London by the Crown Agents which afford a sufficient margin below the rate fixed by such Order in Council to cover all charges including interest which may be incurred in remitting to London the equivalent in gold at the fixed rate of the notes received for such tender.]
TC-(1) It shall be lawful for the Commissioners to receive Straits Settlements dollars, fifty cent pieces or currency notes in exchange for sovereigns payable in London by the Crown Agents for the Colonies at a rate which will provide a sufficient margin above the equivalent in dollars to cover all charges (including interest) which would be incurred in remitting to London from Singapore the sovereigns so payable.
(2) The Straits Settlements dollars, fifty cent pieces or currency notes so received shall be kept in the custody of the Commissioners. Such portion thereof as represents the equivalent in dollars of the sovereigns payable by the Crown Agents for the Colonies shall be held by the Commissioners for the ordinary purposes of The value in sterling of the sum in excess of such the Currency Note Issue. equivalent shall be credited to the Gold Standard Reserve.
(3) In this section the expression "equivalent in dollars" means the equivalent at the rate of sixty Straits Settlements dollars for seven sovereigns.
7D (1) It shall be lawful for the Commissioners at any time, when the amount of the silver coins forming part of the coin portion of the fund is less than one-sixth of the Note Issue, to use any part of the gold forming part of the coin portion of the fund for the purchase of silver to be minted into current coin.
The whole of the profit of such minting shall be paid in to the Gold Standard
Reserve.
(2) The Commissioners may, at any time, sell any silver coins forming part of the coin portion of the fund for the purchase of gold.
(3) The proceeds of the sale of the silver coins shall be paid to the coin portion pid to and of the fund and the difference between the face value and the sale value of such loss to be coins, in the case of a loss shall be made good to the coin portion of the fund from profit shall be paid into the Gold from Gold the Gold Standard Reserve and in the case of a
made good
Standard
Reserve.
Invest-
ment
portion
of Note
Guarantee
fund.
Deprecia
Standard Reserve.
Investments and Depreciation Fund.
8.-(1) The investment portion of the Note Guarantee Fund may be invested in Indian Government securities and such securities of the Government of the United Kingdom or of the Government of any British Colony other than the Straits Settlements or in such other securities as may from time to time be approved of by a Secretary of State. Provided that not more than one-half of such sum shall be invested in Indian Government securities except by the express sanction of the Secretary of State.
(2) All such investments shall if made in England be made in the joint names of the Crown Agents for the Colonies and of such other officers or persons as a Secretary of State shall appoint as Trustees on behalf of the Commissioners. Investments made in India in Indian Government securities shall be made in the names of the Commissioners.
(3) The securities shall be applicable for the payment of currency notes and for no other purpose.
(4) The income derived from securities shall be applied :—
(a) in paying the expenses of and incidental to the execution of the Ordin-
ance; and
1(b) Subject to the provisions of Section 9 and Section 10 hereof in the pay- ment of the net balance after the payment of the said expenses to a Depreciation Fund.
9-(1) A separate account shall be kept of the Depreciation Fund and the tion fund. income of the fund shall be invested by way of accumulation so as to form part of the fund; but save as aforesaid or as is otherwise expressly provided by this Ordin- ance the Depreciation Fund shall form part of the investment portion of the Note Guarantee Fund and the provisions of this Ordinance shall apply thereto accord- ingly.
↑ Clause (b) was substituted for the original Clauses (b) and (c) by Ordinance V. of 1906.
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*(2) Whenever the Governor satisfies a Secretary of State that the Depreciation Fund is not less than ten per cent. of the investment portion of the 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 discon- tinued and the said net balance to be paid to the General Revenue of the Colony Gold Standard Reserve. 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 balance shall be again paid into the Deprecia- tion Fund.
Accounts and Expenses.
†10 (1) The accounts of all transactions of the Commissioners under this Accounts Ordinance shall be audited in every year by such persons and in accordance with of Com- such regulations as a Secretary of State directs.
(2) An abstract of such accounts shall be forthwith after such audit published in the "Gazette.'
(3) If it appears upon such audit that the market value of the securities form- ing the investment portion of the Note Guarantee Fund (including the Depreciation Fund) is less than the amount of coin taken for investment from the Note Guarantee Fund the amount of the deficiency shall be paid into the Note Guarantee Fund out of the general revenue of the Colony at such times as the Governor may with the sanction of the Secretary of State direct. Provided that the amount so advanced from general revenue may be recovred hereafter if and when the value of the securities is found to exceed the amount of coin taken for investment as aforesaid. (4) The Commissioners shall on the first of each calendar month or if that day be Sunday or a public holiday on the next day make up and forthwith publish in the "Gazette" an.abstract showing:-
(a) the whole amount of currency notes in circulation on the said day and
the average amount in circulation during the month ending that day; (b) the amount of the coin portion of the Note Guarantee Fund distinguishing
gold from silver and showing separately the amount of coin held by the Crown Agents for the Colonies or in transit from or to the Colony or in the custody of the Mint Master during coinage on the said day and the average amount during the month ending that day; and
(c) the nominal value of price paid for and the latest known market price of the securities forming the investment portion of the Note Guarantee fund;
(d) the bullion value of the old dollars held as part of the Note Guarantee
Fund under Sub-section (6) of Section 7A.
(5) The amount of notes in circulation at a particular date shall be the total nominal amount of notes issued to the public by the Commissioners prior to that date after deducting the total nominal amount of notes received by the Commis- sioners prior to that date.
(6) The said abstracts shall from time to time and at least once a quarter be verified in accordance with regulations made by a Secretary of State by a board of survey appointed by the Governor.
C11. All expenses of and incidental to the execution of this Ordinance shall
missioners.
CEX-
so far as not defrayed out of the income of the Note Guarantee Fund be paid out penses. of the general revenue of the Colony.]
Standard
11.-1) The profits of minting subsidiary coin after deducting therefrom the Gold costs of minting and all charges in connection therewith shall be paid to the Gold Standard Reserve and any loss incurred in the conversion of the existing subsidiary Reserve. coin into new subsidiary coin or by the sale of such coin as bullion shall be made good from the Gold Standard Reserve
(2) The Gold Standard Reserve shall be held in the custody of the Commis- sioners or by the Crown Agents for the Colonies and shall be liable for all expenses of and incidental to the execution of this Ordinance so far as they are not defrayed out of the income from the investment portion of the Note Guarantee Fund.
* Substituted for original subsection by Ordinance V. of 1906.
† As amended by Ordinances XIII. of 1903 and V. of 1906.