1935-12-07 — Page 6

HENNESSY

INESSY COGNAC

PRODUCE OF FRANCE

GLASGOW.

For

Prices

and

Further

THE HONGKONG, TELEGRAPH. SATURDAY, DECEMBER 7, 1935.

HENNESSY

BRANDY

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French Bank Bldg.

CURRENCY BILL

FULL TEXT OF EXCHANGE CONTROL MEASURE

Below is published the full text of the Curroney Ordinance which was pinned at Thursday's meeting of the Legislativa Council, making, pro- vision for the control of local ex- change by the establishment and management of an Exchange Fund and amending the law relating to legal tender in the Colony nnil to notes issued by certain bank

The clauses of the B are as under:

Be it enacted by the Governor of Hongkong, with the advice and con- Rent of the Legislative Council thure- of, as follows:

1. This Ordinance. may be clted As the Currency Ordinance, 1935,

2. In this Ordinance "Foreign exchange" means all cur- rencies other than Hongkong cur- rency and includes sterling and other Empire 'currenclen.

tha "Note-issuing bank" means Chartered Bank of India, Austraila and China, the Ilongkong and Shang hal Banking Corporation and the Mercantile Bank of India Limited,

"Bank notes lawfully issued" menns Notén fasued in the Colony by, any of the note-issuing banks (a) before the commencement of this Ordinance in accordance with the provisions of the Hongkong and Shanghal Bank Ordinance, 1920, the Mercantile Bank Note Issue Ordin-

nces,

1911 and 1020, or the Char- ter of Incorporation of the Charter ed Bank of India, Australia and China, or any Supplemental Charter of that bank, and (b) between the this Ordinance commencement of And the 18th day of July, 1939, in accordance with the above mention- ed provisions

As-modified by this Ordinance.

of Hongkong.. The control of the Treasurer shall be exercised in con sultation with an Exchange Fund Advisory Committee of which the Treasurer shall bo iz ofielo Chair man and of which the other mem- bera shall be appointed by the Gov

ernor.

(2) There shall be paid or trans forred into this Fund all allver coins or silver bullion surrendered the Treasurer under section 4, or, under section 7 of thia Ordinance. There shall be paid from the Fund the Aumn payable in respect of silver surrendered under section 7 of this Ordinance.

or

(3), The Fund, or any part of il, may be held in Hongkong currency or in any other currency or in gold ar silver or may be invested by, the Treasurer in securities approved by the Secretary of State; and the Treasurer may for the account of the Fund buy or sell such currency or silver or securities ac- cordingly. Any such purchases or sales of currency shall be for im- mediate delivery, The Treasuror may. borrow for the account of the Fund either in Hongkong or clao- where on the security of any nsact held by the Fund or of the general

of the revenue

Colony; Provided that the aggregate amount of borrowings outstanding at any one time nhali not exceed thirty million dollars or, if held in foreign exchange, the equivalent at the current rate of ex- change.

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"Cometart of the Stars" at such times and in such manner as the Secretary of State may from time to time direct.

Compulsory Measure

7. Every person holding, whether on his own account or on account of any other person any British Dollara, Mexican Dollars,Hongkong subsidiary silver coin, or silver bul- ilon exceeding in

or value the silver coin and silver bullion referred to in sec Lion 4 shall surrender, the same with in one month of the commencement of this Ordinance to the Treasurer, who shall pay for the coin in Hong- kong currency at ita face value and for the million at the rate of one hundred and twenty-eight cents per

ten dollars other thanunt

Notes to be Legal Tender 3. As from the commencement of this Ordinances all bank notes, law-fine ounce. fully issued shall be legal tender in the Colony to any amoun! and any liability, whether incurred before or after the commencement of this Or- dinance, to pay silver currency may be discharges in such notes and in particular every hank note lawfully issued shall be deemed to be the currency of the Colony for the pur- pose of any promise to pay print-affect the holding of silver by any ed on any such note.

4. Each note-issuing bank shall surrender to the Treasurer on de mand all silver coin, and silver bul- Jion which it WOR required by the aforerald Ordhmances or Charters or otherwise immediately before such demand to deposit against its note isate.

6. (1) The Treasurer is authoris ed to issue to note issuing banks for the purposes laid down in this section certificates of indebtediness in the form in the Schedule.

(2) The Treasurer shall issue in exchange for silver coin and silver!

Recordance bullion surrenderal in

with section 4 certificates to

B. Every person who contravenes any provision of this Ordinance hall be liable on summary conviction to imprisonment for any period not ex- reeting one year, to the forfeiture of the coins and bullion in question and to a fine not exceeding twice the value of such coins and bullion.

9. Nothing in this Ordinance stiall

person under licence from the Trea- and the Treasurer may by surer licence authoriso any person to hold silver, in quantities covered by the ficence, which the opinion of the Treasurer a reasonably necessary for such person's business.

Objects and Reasons

The object of this Ordinance is to establish Government control of exchange in the Colony with a view to prevent unde Buctuation.

2. Section 3 provides that law- fully

shall be Issued bank Noten local currency and legal tender to

any amount.

3. Section 4 provides for the sur render by the note-issuing banks of

..........ØØØBSSCOSSSL00000face value of the notes covered by all silver coln und bliver billion

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such silver.

(3) For the purpose. funds to pay for

of raising

(1) Silver murrendered under sec tion 7 of this Ordinance; and

(1) foreign exchange or gold purchased in accordance with section U, it shall be lawful for the Trea- surer-to-issus further certificates to any note-insuing bank, and to re- quire such bank to pay to him for the account of

fund the exchange referred to In section the face value of such further certificates.

(4) The Treasurer, may apply the proceeds of sale of foreign exchange gold for Hongkong currency accordance with sub-section (8) of section to the redemption of cer tificates issued under sub-section (3) of this section.

or

which they have hitherto been re- quired by law to deposit against their note issues.

4. Section 6 provides for the issue instead of silver as Indebtedness by the Treasurer of certificates of for bank notes, It also backing makes it clear that nothing in the Ordinance will empower any note issuing bank to issue notes in exces of any maximum limit laid down in the Ordinances or Charters govern- ing the issue of such notes.

5. Section 6 provides for the ca tablishment and management of an Exchange Fund in

(5) Nothing in this Ordinance shall empower any note-issuing bank to issue notes in excess of any maximum mit laid down in the Or

dinances or Charters governing the

issue of such Notes, und In asuing the certificates under this section Treasurer shall take into account such maximum limits.

6

The Exchange Fund

(1) There shall be establish- ed a fund to be called the Exchange Fund" which shall be under the con- trol of the Treasurer and shall be used for the purpose of regulating the exchange 'value of the currency

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6. Section 7 provides that every person holding British dollars, Mex- can dollars, Hongkong subsidiary silver coin, or silver bullion exceed ing in amount or value ten dollar (other than the silver coin and silver bullion referred to in section 4) shall surrender the sunic within who to the Treasurer one month

will pay for the same in Hongkong

currency.

7. Section 8 provides the penalties for contravention of the Ordinance. 8. Section 9 saves the holding of silver under licence where the hold- ing of auch silver for business pur- posca is considered by the Treasur er reasonably necessary.

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