CO882-(8-9) — Page 227

PUBLIC RECORD OFFICE

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سلسلسلتيلينا

Reference :-

C.O. 882

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH-NOT TO

9 PUBLIC RECORD OFFICE, LONDON

Reminting

of Coin portion

of Note Guarantee Fund.

Old coins

taken out

to be re- placed by reminted coins.

[Cost of

218

(2) Of the Note Guarantee fund a portion in this Ordinance referred to as the esin portion of the fund) not being less than the fixed proportion hereinafter mentioned shall be in coin and shall be kept in the custody of the Commissioners or of the Crown Agents for the Colonies but the balance may be invested as herein- after mentioned and the portion so invested is in this Ordinance referred to as the investment portion of the fund.

(3) The coin portion of the fund shall not be less than the fixed proportion of the notes for the time being in circulation and if necessary the securities forming the investment portion of the fund shall be sold so as to prevent the coin portion falling below the fixed proportion;

Provided that if the deficiency of the coin portion below the fixed proportion does not exceed one-fourth of that proportion the sale of securities may with the consent of the Governor be temporarily postponed for a period not exceeding three months; but until the coin portion amounts to that fixed proportion no further investment of securities shall be made and the whole income of the investment portion of the fund shall be carried to and form part of the coin portion of the jund.

(4) The fixed proportion shall in the first instance be two-thirds but if the Governor satisfies a Secretary of State that having regard to the amount of notes which are always outstanding the fixed proportion may be diminished without danger to the convertibility of the currency notes and obtains the authority of a Secretary of State for the purpose he may by Proclamation fix another proportion so that it be not less in any case than one-half.

(5) Any such Proclamation may be revoked by an order of a Secretary of State without prejudice to the issue of a new Proclamation.

(6) The proportion of gold to silver in the coin portion of the fund shall as soon as practicable be raised to two of gold to one of silver.

*7A-(1) Notwithstanding anything in the last preceding Section contained it shall be lawful for the Commissioners of Currency with the approval of a Secre- tary of State to use any part of the coin portion of the Note Guarantee Fund for the 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 coins which for the time being are legal tender in the Colony, and it shall be lawful for the Commissioners for this purpose to hold in any part of the Colony such amount of coin as reminted as aforesaid as to them shall seem fit.

(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.

C(3) The cost of such reminting as aforesaid and all charges in connection reminting therewith including any loss of silver caused by the said reminting and any difference to be made in the way of loss between the nominal value of coin originally 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 be made good to the Commissioners from the General Revenue of the Colony,

good from General Reventle.

Charges on reminted mina.

(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 be 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.

C(4) In the event of the reminting of any part of the coin portion of the

• Inserted by Ordinance XIII. of 1903, and amended by Ordinance IV. of 1904 and XXVI. of 1906.

†-Subsection (5) in Original Ordinance.

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Fund as aforesaid the monthly abstracts published in the "Gazette " by the Commis- sioners 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.]

Balance of reminted

(4) If there shall still remain a balance of reminted coins after defraying the coins to be expenses mentioned in the preceding subsection, the whole or such part thereof as exchanged is equivalent in face value to the old coins still standing in the coin portion of the for old and

paid to fund shall be exchanged for an equal number of the old coins so standing and the Gold value as bullion of the old coins received-in exchange shall be paid into a fund to Standard be called the Gold Standard Reserve.

Reserve as bullion.

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

further

reminted coins.

The proceeds of any sale of the old coins as bullion shall forthwith be paid to Fund the Note Guarantee Fund and the loss (if any) between the face value of these coins after 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 Governer may direct.

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

held in

Note

Guarantee

demoneti. zation.

*78.-C(1) Notwithstanding anything in this Ordinance contained it shall be Cleste, of lawful for the Commissioners to issue Notes in exchange for gold received by the notes in Commissioners at Singapore at a rate of exchange to be notified by an Order of exchange for gold. 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.

tances.

(1) It shall be lawful for the Commissioners to issue Straits Settlements Buying dollars, fifty cent pieces or currency notes in exchange for sovereigns payable in sterling London to the Crown Agents for the Colonies at a rate not less than the equivalent remit 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.

C(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.

(2) The sum 80 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.

སྙ

(3) In this section, the expression "equivalent_in_sovereigns" means the equivalent at the rate of seven sovereigns for sixty Straits Settlements dollars.

C17c. Notwithstanding anything contained in Sub-section (2) of the last Cimue of preceding Section it shall be lawful for the Commissioners whenever they shall gold in think fit so to do to issue gold in exchange for notes at the rate of exchange notified exchange by Order of the Governor in Council made under the provisions of the last preceding Section and the Commissioners may accept tenders for the purchase of Telegraphic

91104

Inserted by Ordinance I. of 1906.

↑ Inserted by Ordinance XXIII. of 1906.

13.

for notes.