PUBLIC RECORD OFFICE
Reference :-
TLC.O. 882
ست.
9ALLY WITHOUT PERMISSION OF THE
PUBLIC RECORD OFFICE, LONDON
BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO
Penalty
on Com.
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(3) It shall be lawful for the ('ommissioners to invest the whole or any portion of the Gold Standard Reserve in such gold securities as may from time to time be approved by a Secretary of State.
The interest accruing from such investments shall be paid to the Gold Standard
Reserve.
(4) Subject to the sanction of the Governor it shall be lawful for the Commis- sioners, whenever it may be deemed necessary, to make use of any portion of the Gold Standard Reserve in the payment of currency notes
(5) Whenever the Governor satisfies a Secretary of State that the funds in the Gold Standard Reserve are sufficient after meeting all liabilities against it, to cover the difference between the bullion value and the face value of all silver coins held by the Commissioners as part of the Note Guarantee Fund, he may order the annual payment of the net balance to the Gold Standard Reserve made under the provision of subsection (2) of section 9 preceding, to be discontinued and the said net balance to be paid to the General Revenue of the Colony.
(b) If the Gold Standard Reserve shall at any time be unable either wholly or in part to meet the demands upon it, then such demands shall be made good from the General Revenue of the Colony and the amount shall be recovered from the Gold Standard Reserve.
Penalties.
12. If any Commissioner issues or is a party to issuing any currency note otherwise than in accordance with the Ordinance or authorizes or is a party to missioners. authorizing the application of any portion of the Note Guarantee Fund for any purposes not authorized by this Ordinance or otherwise acts contrary to his duty under this Ordinance he shall be guilty of an offence and shall be liable on convic- tion to imprisonment of either description for a term not exceeding three years or to a fine not exceeding ten thousand dollars or to both such punishments. Forgery of 13-(1) If any person with intent to defraud forges or alters any currency note or knowing any note purporting to be a currency note to be forged or altered utters the same he shall on conviction be liable to imprisonment which may be of either description for any period not exceeding ten years.
ourrency notes.
Penalty for having
materials
for forging
notes.
(2) If any person without lawful authority or excuse the proof whereof shall lie on him receives from any other person or has in his possession any forged or altered note purporting to be a currency note knowing the same to be forged or altered or any unfinished or incomplete note purporting to be a currency note issued by the Commissioners he shall be liable on conviction to imprisonment which may be of either description for any period not exceeding five years.
14-(1) If any person without lawful authority or excuse the proof whereof shall lie upon him:-
(a) makes or uses or sells or exposes for sale or knowingly has in his
possession-
(i) any instrument for the making of paper with any words device
or distinction peculiar to and appearing in the substance of the paper used for currency notes; or
(ii) any paper with any such words device or distinction as aforesaid; or
(b) by any art or contrivance causes any such words device or distinction or any words device or distinction intended to resemble and pass for the same to appear visible in the substance of any paper he shall on conviction be liable to imprisonment which may be of either descrip- tion for any period not exceeding five years.
(2) If any person without lawful authority or excuse the proof whereof shall lie upon him :-
(a) engraves or in any wise makes upon any plate whatsoever or upon any material any note purporting to be a currency note or a part of a currency note or any name word number figure device character or ornament resembling or apparently intended to resemble any signature to a currency note; or
(b) uses any such plate or material or any other instrument or device for the
making or printing of any currency note; or
(c) knowingly has in his possession any such plate material instrument or
device; or
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(d) knowingly utters or has in his possession any paper upon which an impression or any such matter as aforesaid is made or printed;
he shall be liable on conviction to imprisonment which may be of either description for a period not exceeding five years.
tion of
15. No person shall draw, accept, make or issue any bill of exchange, Prohibi promissory note or engagement for the payment of money payable to bearer on issue of demand, or borrow, owe, or take up any sum or sums of money on the bills or notes private payable only to bearer on demand of any such person.
bills or
Provided that cheques or drafts payable to bearer on demand may be drawn notes
bearer.
on bankers or agents by their customers or constituents in respect of moneys in the payable to hands of these bankers or agents held by them at the disposal of the persons drawing such cheques or drafts.
Any
a Police Person contravening the provisions of this section, shall, on conviction by be punishable with a fine equal to the amount of the bill, note or engagement in respect whereof the offence is committed.
Every prosecution under this section shall be instituted by the Currency Com- missioners or by an Agent duly authorized by them in writing.
Notes issued by banks duly authorized by law so to do shall be exempt from the operation of this section.
15. 16. Any power conferred by this Ordinance on a Secretary of State or General the Governor may be exercised from time to time and any order or regulation made provision. by a Secretary of State or the Governor for the
of exercising any such power may be revoked or varied by such Secretary of State or Governor as the case may be.
purpose
16. 17. This Ordinance shall not come into operation unless and until the Date of Governor notifies by Proclamation that it is Her Majesty's pleasure not to disallow coming the same and thereafter it shall come into operation upon such a day as the Governor tion. shall notify by the same or any other Proclamation.
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[17.3 18. "The Currency Note Ordinance 1897" is hereby repealed. Passed this 28th day of February, 1899.
No. 277.
into oper
Repeal.
E. G. BROADRICK,
Clerk of Councils.
THE GOVERNOR to THE SECRETARY OF STATE. (Received January 2, 1909.)
(Confidential.)
MY LORD,
Government House, Singapore, 9 December, 1908. WITH reference to my despatch, No. 462, of even date, forwarding the Currency Note Amendment Ordinance, No. XXVII. of 1908, and a protest signed by the Unofficial Members, I have the honour to transmit a copy of a memorandum by the Treasurer dealing with the statements and arguments in this protest.
2. In that despatch I have stated that the opposition by the Chamber of Commerce to the measure was entirely due to the representatives of the Banks. The Chairman, who signed the letter, informed me in conversation that he knew nothing of the subject, but that Mr. Baker, who was their representative and expert, had drafted the letters and he signed them as a matter of routine.
3. The Unofficial Members also admitted freely while the measure was before the Council that they felt bound to follow their expert, and that they did not profess to understand the matter.
4. The Treasurer deals effectively with most of the argumenta in the protest, and I need not repeat what he has said.
5. I would point out, however, the extraordinary contradiction between para- will graphs 3 and 6 of the protest. In the former it is stated that the measure check, if not render altogether impracticable. the import of gold for purposes of balancing international trade, &c., &c.," while in the latter it is stated that "The Currency Commissioners will have to operate at 2s. 4d. per dollar in order to get gold in London, as unless they do so gold will be imported into Singapore, it being
• No. 276.