CO882-(8-9) — Page 221

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

6

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO

Old cons

taken fo

be replaced

by reminted

cofa..

New

#abweotion

TA (3)

Charges of

reminted

coine

New

subsection

TA (4).

Balance of

rominted

coins to be exchanger!

for old and paid to Gold Standard Reserve na

bullion

New sub-

section

7A (5).

Exchange

206

(2) Of the reminted coins received from His Majesty's Mint such number as is equal in face value to the total number of the old coins taken out to be reminted shall forthwith be placed in the coin portion of the fund for the ordinary purposes of the Currency Note Issue."

6 Subsection (3) of section 7A of the principal Ordinance is repealed and the following new subsection substituted therefor :--

(3) The balance, if any, of the reminted coins received by the Commissioners, after replacing the old coins taken out to be reminted, shall first he applied in the payment of the costs of reminting and all charges in connection therewith and in making good any loss which may have been incurred by the sale as bullion of current coin and in the reminting of any subsidiary coin.

7. Subsection (4) of section 7a of the principal Ordinance is repealed and the following new subsection substituted therefor :-

"(4) If there shall still remain a balance of reminted coins after defraying the expenses mentioned in the preceding subsection, the whole or such part thereof as is equivalent in face value to the old coins still standing in the coin portion of the fund shall be exchanged for an equal number of the old coins so standing and the value as bullion of the old coins received in exchange shall be paid into a fund to be called the Gold Standard Reserve

મ The following new subsection to be numbered (5) is added to section 7a :—

(5) Such further reminted coins, if any, as remain after the provisions of the for gol of preceding subsections have been satisfied, shall be exchanged for gold at such time any further or times as to the Commissioners may seem fit and the gold so received in exchange

shall be paid into the Gold Standard Reserve.”

reminted

coine.

New sub-

section

7A (6).

Old coins

may be

held in Note

Guarantee Fund after demoneti- zation.

New sub- section

7B (1). Buying sterling remit- tances.

New Bub- sections 7B (2) and 7H (3).

New

section 7c. Selling sterling remit- tances.

9. The following new subsection to be numbered (6) is added at the end of section 7A :-

(6) After the old coins shall have ceased to be legal tender, the Commissioners may, notwithstanding anything contained in this Ordinance, continue to hold such old coins as still remain in the coin portion of the Note Guarantee Fund for such time as the Governor may direct.

"The proceeds of any sale of the old coins as bullion shall forthwith be paid to the Note Guarantee Fund and the loss (if any) between the face value of these coins and the proceeds of their sale shall at once be made good to the Note Guarantee Fund from the Gold Standard Reserve so long as funds are available or otherwise at such time or times as the Governor may direct.'

10. Subsection (1) of section 78 of the principal Ordinance is repealed and the following new subsection substituted therefor :—

"(1) It shall be lawful for the Commissioners to issue Straits Settlements dollars, fifty cent pieces or currency notes in exchange for sovereigns payable in London to the Crown Agents for the Colonies at a rate not less than the equivalent in sovereigns and not exceeding a rate which will afford a sufficient margin above the equivalent in sovereigns to cover all charges (including interest) which would be incurred in remitting to Singapore from London such equivalent in sovereigns."

11. Subsection (2) of section 78 of the principal Ordinance is repealed and the following new subsections substituted therefor :-

(2) The sum so received in sovereigns may be kept in London in the custody of the Crown Agents. The equivalent in sovereigns of the Straits Settlements dollars, fifty cent pieces and currency notes issued in the Colony shall form part of the Note Guarantee Fund, and may be used by the Commissioners for payments under the next succeeding section. The sum (if any) received in excess of the equivalent in sovereigns shall be paid into the Gold Standard Reserve.

(3) In this section, the expression "equivalent in sovereigns

means the equivalent at the rate of seven sovereigns for sixty Straits Settlements dollars."

12. Section 7c of the principal Ördinance is repealed and the following new section substituted therefor

"7c. (1) It shall be lawful for the Commissioners to receive Straits Settle- ments 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.

207

(2) The Straits Settlements dollars, fifty cent pieces or currency notes so Such portion thereof received shall be kept in the custody of the Commissioners.

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 Currency Note Issue. The value in sterling of the sum in excess of such 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."

13. The following new section to be numbered 7D is added to the principal New Ordinance :-

*

section 7D.

for remint- ing.

7D (1) It shall be lawful for the Commissioners at any time, when the Purchase amount of the silver coins forming part of the coin portion of the fund is less than of silver 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 Sale of the coin portion of the fund for the purchase of gold.

silver coins.

paid to and

from Gold

made good

"(3) The proceeds of the sale of the silver coins shall be paid to the coin portion Profit to be of the fund and the difference between the face value and the sale value of such on to be coins, in the case of a loss shall be made good to the coin portion of the fund from the Gold Standard Reserve and in the case of a profit shall be paid into the Gold Standard Reserve."

Standard Reserve.

of section 9 of

Ordinance.

Amendment

14. Section 9 of the principal Ordinance is amended by omitting the words "General Revenue of the Colony "in the ninth line of subsection (2) and substituting the principal therefor the words "Gold Standard Reserve."

-

'ment of

section 10

15. Section 10 of the principal Ordinance is amended by inserting between Amend- [? after] the word" fund" in the second line of subsection (4) (b) the following:

distinguishing gold from silver and showing separately the amount of coin held by of the the Crown Agents for the Colonies or in transit from or to the Colony or in the principal custody of the Mint Master during coinage" and by adding at the end of the same Ordinance. subsection the words “(d) the bullion value of the old dollars held as part of the Note Guarantee Fund under subsection (6) of section 7A."

New

16. Section 11 of the principal Ordinance is repealed and the following new ection 11. section substituted therefor :-

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 Bars. Standard Reserve and any loss incurred in the conversion of the existing subsidiary 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.

(3) It shall be lawful for the Commissioners 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.

(8) 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.