CO129-590-21 Government funds- temporary provisions 23-12-1941 - 4-12-1942 — Page 24

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Mr. Roberts Wray.

We discussed the proviso to Clause 2 (1). It is not entirely clear what the "capital monies of the Exchange Fund" means. The phrase is not used in the Currency Ordinance and there might

be doubt whether this means the original money paid into the Fund, that is exclusive of all accrued interest; or its total assets as at 26th December, 1941; or its total assets

at the date of enactment of the Order-in-Council. We agreed that the second was the meaning we should like to attach to the phrase and we thought that the amendment could best be made by substituting something like "....... the application of any monies of the Exchange Fund established by the Currency Ordinance, 1935, other than interest received on behalf of the Fund after December 26th, 1941, except for purposes....

You said you would look at this again and get the amendment into decent shape.

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