CO129-474 - Governor Sir Stubbs - 1922 [1-4] — Page 377

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6.

It will be noted that one provision disappears in the new sec- tion 13, 1.e., the requirement of the latter part of the former sec- tion 13(1), that the Corporation had to keep at each of its estab- lishments an amount of coin or bullion equal in value to cite-third at least of the notes issued from such establishment and actually in circulation. It is considered that this may be left to the

discretion of the Corporation.

7.

Sub-section (4) of the new section 13 will enable the Corpora- tion, subject in all respects to the approval of the Governor, to keep, in places outside the Colony where notes may be issued by the Corporation, part of the excess note issue security, which must of

course be in coin or bullion.

The bringing of this sub-section

into practical operation is of course dependent upon the arrangement of a satisfactory scheme for the custody of the coin or bullion.

Section 4 ie, the usual saving clause.

8.

The Secretary of State's approval of the bill was communicated in his telegram of the 17th January and lat February, 1922.

10.

In my opinion this is an Ordinance to which: His Excellency the Governor Lay properly assent in the name of His Majesty and on His behalf.

Attorney

General.