CO129-561-10 Estimates 1938 2-9-1937 - 23-9-1938 — Page 153

HONG KONG LEGISLATIVE COUNCIL.

MINUTES.

The minutes of the previous meeting were confirmed.

PAPERS.

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THE COLONIAL SECRETARY, by command of H.E. The Officer Administering the Government, laid upon the table the following

paper:-

Amendments made by the Governor in Council under sections 3, 4 and 8 of the Pleasure Grounds and Bathing Places Regulation Ordinance, 1936, Ordinance No. 29 of 1936, to the First and Second Schedules to that Ordinance, dated 22nd September, 1937.

ANNOUNCEMENT.

H.E. THE OFFICER ADMINISTERING THE GOVERNMENT.- I think it is proper that this Council should be informed of an important decision which has recently been made by the Secretary of State for the Colonies. The operations of the Exchange Fund which was established nearly two years ago have hitherto been conducted in strict secrecy, but it has now been decided on the recommendation of the local Exchange Fund Advisory Committee that six-monthly statements of the exact position of the Fund may be made public. In order not to disclose the Fund's current activities these will be issued about three months in arrear, that is in April and October.

The Gazette to be published on Friday of this week will accordingly contain a statement of the backing of the currency of this Colony as it stood on 30th June, 1937, and similar statements will be published as a routine at six-monthly intervals thereafter.

I do not propose to foreshadow the figures that will be disclosed in two days' time except to say that I have every confidence that those figures will appear highly satisfactory to all members of the community who very naturally wish to know what security exists for the bank notes which are now, since the 1935 Currency reform, the principal legal tender of the Colony.

I think it will be agreed that Gazette notice as a routine is preferable to announcement in Legislative Council in view of the intervals that occasionally occur between Meetings of this Council.

MOTIONS.

H.E. THE OFFICER ADMINISTERING THE GOVERNMENT.- With the permission of the Council I shall reverse the order of the two second readings which are on the agenda to-day. The Motion standing in the name of the Hon. Attorney General.

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