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POWERS OF NOTE ISSUING BANKS, PROVISIONS AS TO LEGAL TENDER AND NOTIFICATION OF THE RATE OF EXCHANGE FRO-
CLAMATION
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LEGAL ADVISOR'S REPORT.
Subject to the modifications hereinafter mentioned this Proclamation was agreed in London with the Treasury and the Colmial Office.
The principal modification is that it has been decided to issue over-printed notes described in the Second Schedule to the Proclamation in order to cope with the shortage of currency. Since this decision, however, the convoy has arrived and I understand that it may not be necessary to issue the $5 and #10 denominations but that it will almost certainly be necessary to issue $1 denomination of these over-printed notes. The power to do is accordingly provided for by Article 5, but I suggest that if in fact #5 and #10 over-printed notes are not issued, the public should be informed of this as soon as possible by notice and broadcast.
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The second modification is that it has now been discovered that the Mercantile Bank of India have in fact in their possession the $50 notes Numbers 81501 to 86000 and the $100 notes Numbers 52501 to 57000. 1 attach a letter from the Manager of the Bank to say that the notes are in his vaults and can therefore be excluded from the First Sohedule.
The Froclamation has been approved in principle by the Commander-in-Chief and is now forwarded formally for his approval and signature.
I certify that the Proclamation is a proper measure to be enacted in the Colony.
13th September, 1945.
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Colonel, C.A. Legal Branch.
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