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PUBLIC RECORD OFFICE

Reference:-

TILLCO. 882

9

PUBLIC RECORD OFFICE, LONDON ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO

Short title.

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Enclosure 1 in No. 116.

ORDINANCE No. I oF 1906.

AN ORDINANCE further to amend "The Currency Note Ordinance 1899."

(L.S.)

JOHN ANDERSON,

Governor and Commander-in-Chief.

[29th January, 1906.]

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 1906" and shall be read and construed as one with "The Currency Note Ordinance 1899" (hereinafter called "the principal Ordinance"). Reprints. Any copy of the principal Ordinance printed after the commencement of this Ordinance shall be printed with the amendments and additions required by this Ordinance.

Amendment

2. Section 78 of the principal Ordinance as amended by "The Currency Note of Section 7a Ordinance 1899 Amendment Ordinance 1905 " is repealed and the following section

is inserted in place thereof :-

of the principal Ordinance.

Issue of Notes in exchange for gold.

7B. (1) Notwithstanding anything in this Ordinance contained it shall be lawful for the Commissioners to issue Notes in exchange for gold received by the Commissioners at Singapore at a rate of exchange to be notified by an Order of the Governor in Council with the previous approval of the Secretary of State and the Commissioners may invite tenders for the issue of Notes in Singapore against Telegraphic Transfers in favour of the Crown Agents for the Colonies in London and may at their discretion accept any tender which affords sufficient margin above the rate fixed by such Order in Council to cover all charges, including interest which may be incurred in remitting to Singapore the equivalent in gold at the fixed rate of the Notes issued for such tender.

(2) The sum so received in gold shall form part of the Note Guarantee Fund and may be invested by the Commissioners in accordance with the provisions of this Ordinance or used by them for the purchase of silver to be minted into Straits Settlements dollars in accordance with such instructions as may be issued by the Secretary of State.

Provided that the whole of the profit on such minting shall be carried to a separate Gold Reserve Fund and not form part of the Note Guarantee Fund.

Passed this 29th day of January, 1906.

REPORT ON

A. H. LEMON,

Enclosure 2 in No. 116.

Acting Clerk of Councils.

"An Ordinance further to amend the Currency Note Ordinance 1899,"

being Ordinance No. I of 1906.

1. This Ordinance amends Section 7в of the Currency Note Ordinance 1899, which section was inserted in that Ordinance by the Amendment Ordinance of 1905.

2. The amendments are as follow:-

(a) In Subsection 1 the provision for the issue of notes against gold received on behalf of the Commissioners by the Crown Agents for the Colonies

is omitted. Gold will be received in exchange for notes in Singapore only, where the gold reserve is to be held.

(b) An addition to the same subsection is made, enabling the Commissioners to invite tenders for the, issue of notes in Singapore against Tele- graphic Transfers in favour of the Crown Agents in London. This power will be used when, from some temporary scarcity of gold, it is necessary to take steps to increase the stook in hand.

(c) In Subsection 2 this provision that the gold so received "shall be invested in accordance with the provisions of the Ordinance or shall be used for the purchase of silver" is made optional and not compulsory ("may be invested

or used") so as to leave the Commis-

sioners free to keep the necessary quantity of the gold in stook.

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3. I am of opinion that this Ordinance may properly receive the Royal Assent. Attorney-General's Chambers,

W. R. COLLYER,

Attorney-General.

8204

SIR,

Singapore,

1st February, 1906.

•

No. 117.

CROWN AGENTS to-COLONIAL OFFICE. (Received 9th March, 1906.)

[Answered by No. 119.]

Whitehall Gardens, London, S.W., 8th March, 1906. REFERRING to our letter of the 1st* and to your letter of the 5th of February, No. 3704,† I have the honour to enclose a copy of a letter which we have received from the Government of the Straits Settlements with regard to the purchase and shipment of gold to Singapore.

2. I have to request that we may be informed if the Secretary of State approves of our carrying out the wishes of the Colonial Government in this matter.

I have, &c.,

E. E. BLAKE.

Enclosure in No. 117.

The COLONIAL SECRETARY, Straits Settlements, to CROWN Agents.

Colonial Secretary's Office, Singapore,

GENTLEMEN,

8th February, 1906. WITH reference to the telegrams which have recently passed between you and this Government regarding the cost of sending sovereigns to this Colony, I am directed by the Governor to inform you that the rate of exchange has been fixed by an Order in Council at two shillings and fourpence the dollar, and that the Currency Commissioners are empowered to issue notes in exchange for gold at the rate of sixty dollars for seven pounds sterling.

2. They are authorised also, in case it may be found necessary, to issue notes in Singapore against telegraphic transfers on London in your favour at a rate which affords sufficient margin above the fixed rate to cover all charges, including interest, which may be incurred in remitting gold to Singapore.

On receipt of such remittances you will understand that gold is to be purchased and despatched to Singapore.

3. It is understood that the Peninsular and Oriental Company are prepared to quote special rates for gold sent on behalf of this Government, and I am to request that you will make arrangements with that Company if, as is believed, their terms are the most favourable.

I have, &c.,

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(No. 47.)

MY LORD,

No. 118.

E. L. BROCKMAN,

Acting Colonial Secretary,

Straits Settlements.

>

THE GOVERNOR to THE SECRETARY OF STATE. (Received 10th March, 1906.) [Copy to Treasury, 27th March, 1906. L.F.]

[Answered by No. 121.]

Government House, Singapore, 15th February, 1908.

In continuation of my despatch, No. 39, of 8th instant, forwarding a copy

• No. 111.

† L.F. transmitting oopy of No. 112.

‡ No. 116.