CO129-484 - Governor Sir Stubbs - 1924 [1-7] — Page 16

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Saving of the rights

of the Crown

and of certain Other Frights.

with subsections 1,8,3 and 4 of this section shall never be less than one third of the total amount of such bills or notes actually in circulation.

4.

Nothing in this Ordinance shall affect or be deemed to affect the rights of His Majesty the King, His Heirs and successors, or the rights of any body politic or corporate or of any other parson except such as are mentioned in this Ordinance and those claiming by from er under them.

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OBJECTS and

REASONE.

1. The objects of this bill are :-

(a) To increase the limit of the ordinary

note issue from $80.000.000 to $30.000.000.

(b) To revise the requirements of the law as to the security to be held against the ordinary note isaune,

2. Under the existing law two thirds of the ordinary nete issue must be secured by coin or bullion or approved securities under the control of Custodians independent of the Corporation,

Under the new Ordinance the ordinary note issue will be increased to $30,000,000 and the whole of such increase and not merely 2/Srde thereef must be so secured by coin or bullion or approved securities,

3. Under the existing law the excess note issue must be fully covered by coin or bullion under the contral of custodians independent of the Corporation and this will be so under the now Ordinance also, In future however the excess note issue will mean an issue in emeess of $30.000.000 instead of $20,000,000 as at present.

4. Clause & provides that whatever the total amount of the nete issue may be at any particular time the amount of coin and/or bullion

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