PUBLIC RECORD OFFICE
Reference :-
LTC.O. 882
9PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
Preamble.
Short title.
Reprint.
Reminting of Coin
Guarantee Fund.
14
The acceptance of gold in exchange for Straits dollars should not, I am advised, begin until by contraction of the currency (subsequently to the establishment of the new dollar and the demonetization of the British and Mexican dollars) the rate of exchange has been reached which may hereafter be decided on as the fixed rate for the new dollar.
I have, &c.,
J. CHAMBERLAIN.
15
(3) The cost of such reminting as aforesaid and all charges in connection therewith including any loss of silver caused by the said reminting shall form part of the expenses of and incidental to the execution of this Ordinance.
(4) Any difference in the way of loss between the nominal value of coin origi- nally taken from the coin portion of the Fund to be reminted as aforesaid and the nominal value of the new coins actually received back from His Majesty's Mint shall forthwith be made good to the Commissioners from the General Revenue of the Colony.
(5) In the event of the reminting of any part of the coin portion of the Fund as aforesaid, the monthly abstracts published in the Gazette by the Commissioners in accordance with section 10 of the principal Ordinance shall include and show separately in the statement of the coin portion of the Note Guarantee Fund the nominal value of the coin taken out to be reminted.
3. Section 10 of the principal Ordinance is amended by substituting for the Amend- word "tenth" in the first line of sub-section 4 the word "first."
Passed this 3rd day of July, 1903.
ment of
section 10
of the
A. W. S. O'SULLIVAN, ·
Clerk of Councils.
principal Ordinance.
31484
SIR,
No. 27.
THE GOVERNOR to THE SECRETARY OF STATE. (Received 24th August, 1903.)
(No. 309.)
[Copy Ordinance to Treasury, 25th May, 1904. L.F.]
[Answered by No. 37.]
Government House, Penang, 28th July, 1903. I HAVE the honour to forward Ordinance No. XIII., of 1903, entitled “An Ordinance to amend 'The Currency Note Ordinance, 1899'."
2. I also enclose a copy of the Attorney-General's report explaining the objects of the Ordinance, with his certificate that the Royal Assent may properly be given thereto.
I have, &c.,
Enclosure 1 in No. 27.
F. A. SWETTENHAM.
ORDINANCE No. XIII. of 1903.
An Ordinance to amend "The Currency Note Ordinance, 1899.”
[3rd July, 1903.]
L.S. F. A. SWETTENHAM,
Governor and Commander-in-Chief. Whereas it is advisable to amend "The Currency Note Ordinance 1899" and to provide for the remitting of the coin portion of the Note Guarantee Fund:
It is hereby enacted by the Governor of the Straits Settlements with the advice and consent of the Legislative Council thereof as follows:-
1. This Ordinance may be cited as "The Currency Note Ordinance 1899 Amendment Ordinance 1903" and shall be read and construed as one with "The Currency Note Ordinance 1899" (hereinafter called "the principal Ordinance"). Any copy of the principal Ordinance printed after the commencement of this Ordi- nance shall be printed with the amendments alterations and additions required by this Ordinance.
2. The following new section 7a is inserted after section 7 of the principal Ordinance :-
7A. (1) Notwithstanding anything in the last preceding section contained it shall be lawful for the Commissioners of Currency with the approval of a Secretary portion of of State to use any part of the coin portion of the Note Guarantee Fund for the Note
purpose of having it reminted and coined into such coins as may be approved by His Majesty's Government as legal tender in the Colony. Provided always that where such approval has been given the Commissioners of Currency shall not be bound to sell any of the securities forming the investment portion of the Fund by reason of the coin portion of the Fund falling below the fixed proportion of the fund in consequence of the reminting of any part thereof.
(2) All coins the result of the reminting of any part of the coin portion of the Fund shall on being received from His Majesty's Mint be forthwith placed in the Coin Reserve for the ordinary purposes of the Currency Note Issue. Provided always that the Commissioners may exchange them or any part of them for an equivalent value of other silver coins which for the time being are legal tender in the Colony
4
Enclosure 2 in No. 27.
REPORT ON An Ordinance to Amend the Currency Note Ordinance, 1899," being Ordinance No. XIII., of 1903.
1. This Ordinance has been passed in order to enable the Government of the Colony to take the steps necessary to carry into effect the proposed change in the currency of the Colony.
2. It adds a new section to the Ordinance of 1899, empowering the Commis- sioners of Currency with the approval of the Secretary of State, to make use of the coin portion of the note guarantee fund for reminting and coining into such new coins as may be required. The coin, when reminted, is to be replaced in the coin reserve, and all deficiencies made good out of the general revenue of the Colony.
3. Section 3 deals with a separate matter. As a matter of convenience it alters the day on which the Commissioners are to publish the monthly abstract of their accounts.
4. I am of opinion that this Ordinance may properly receive the Royal Assent.
W. R. COLLYER,
Attorney-General.
Attorney-General's Chambers,
31489
SIR,
Singapore, 16th July, 1903.
(No. 314.)
No. 28.
THE GOVERNOR to THE SECRETARY OF STATE. (Received 24th August, 1903.)
[Answered by No. 31.]
Government House, Penang, 28th July, 1903. WITH reference to my despatch, No. 264, of the 25th ultimo and previous correspondence relative to the currency question, I have the honour to forward here- with copy of a letter from the Singapore Chamber of Commerce enclosing the comments of the Advisory Sub-Committee appointed by the Chamber on the 4th ultimo to watch the progress of the currency scheme.
ment.
2. I also attach a copy of the reply addressed to the Chamber by this Govern-
I have, &c.,
̧* 26826 : not printed.
F. A. SWETTENHAM.
No comments yet.
Private notes are available after approval.