33285-1913-Supplementary-Bills-read-a-first-time--Deportation — Page 8

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Objects and Reasons.

The Order-in-Council published in the Gazette of the 30th March, 1895, regulates the currency of the Colony while Ordinance No. 11 of 1942 prohibits the importation and circulation of foreign copper coins.

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There is however no law in force on the subject of the importation and circulation of foreign silver and nickel coins.

This Bill, drafted on the lines of Ordinance No. 11 of 1912 above referred to, remedies this defect which it is highly desirable to remove in order that proper measures may be taken for the rehabilitation of the subsidiary cur- rency of the Colony; a matter in regard to which the exclusion of foreign coin is the first essential.

The confusion presently existing on account of the im- possibility of regulating the total amount of small coin in circulation and so maintaining their token value and on account of the uncertainty in regard to tender will dis- appear on the Bill becoming law.

The Bill is understood to have, the unanimous approval of the Mercantile Community.

JOHN A. BUCKNILL, Attorney General.

A BILL

ENTITLED

An Ordinance to prohibit the circulation of

Foreign Notes.

BE it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Foreign Notes Short title. (Prohibition of Circulation) Ordinance, 1913.

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2. In this Ordinance the word “ note includes all pro- Definition of missory notes made by a banker, payable to bearer on note. demand, and intended to circulate as money, and also all deeds, papers, or parchments, written or printed, or partly written and partly printed, by whomsoever issued, purport- ing to be or to represent money and intended to circulate

as money.

3. The circulation of all kinds of notes other than those Circulation of the Hongkong and Shanghai Banking Corporation, the, of notes pro- Chartered Bank of India, Australia and China and the hibited save Mercantile Bank of India is prohibited.

in certain authorized

cases.

circulation

4.-(1.) If any person circulates or attempts to circulate Penalty for any note or notes the circulation of which is prohibited by unlawful this Ordinance, he shall be liable on summary conviction to of notes. a fine not exceeding twenty-five dollars and the note or notes so circulated or attempted to be circulated shall be forfeited.

(2.) For the purposes of this section a person shall be Circulation deemed to circulate notes if he tenders, utters, buys, sells, defined. receives or pays them, or puts them off: Provided that a person shall not be deemed to circulate notes if he gives or receives such notes to or from a bonâ fide banker or licensed money changer in exchange for other notes or coin or for any other purpose, and provided also that this section shall not be construed so as to prevent or restrict the legitimate business of a bonâ fide exchange banker or licensed money changer.

5. Whenever a notification shall appear in the Gazette Provisions under the hand of the Colonial Secretary to the effect that for addition the issue of notes other than those specified in section 3 to authoriz-

ed exemp- above has been sanctioned by Royal Charter or Ordinance tions from then such notes shall be exempted from the provisions of Ordinance. this Ordinance in the same mauner as those specified in the said section.