i D /-
My. J. C.
Brown.
NEW ZEALAND NOTE CURRENCY.
ANALYSIS.
10. Bearer entitled to cash for notes on demand.
Title.
1.
Short Title.
11. Places for payment of notes.
2.
Colonial Treasurer deemed incorporated.
12. Appropriation for redemption of notes.
4 . Notes deemed to be bank notes.
13. Returns to be published in Gazette.
14. Liability of the colony.
5.
15. Purchase of gold in exchange for notes.
3 . Colonial Treasurer to issue notes.
Signature and date of notes.
6 . Notes to bear five per cent. interest.
7 . Maximum value of notes in circulation.
8.
9.
Issue, how regulated.
Legal tender.
16.
17.
18.
19.
Assay and price to be paid for gold.
Application of gold so purchased.
Governor may make regulations.
" The Forgery Act, 1867," to apply.
A BILL INTITULED
AN AcT to authorize the Government of New Zealand to make and Title.
issue a Note Currency.
BE IT ENACTED by the General Assembly of New Zealand in
Parliament assembled, and by the authority of the same, as follows :5 1. The Short Title of this Act is " The New Zealand Note short Title.
Currency Act, 1886."
2. The Colonial Treasurer of New Zealand for the time being colonial Treasurer
and his successors in office, shall for the purposes of this Act be
deemed and taken to be a body corporate, by the titular name of his
10 office, and by that name shall have perpetual succession and shall be
capable in lam to do and suffer whatever may be lawfully done and
suffered by & body corporate.
deemed incorpo-
rated.
3. It shall be lawful for the Colonial Treasurer of New Zealand colonial Treasurer
on behalf of the Government thereof, from time to time, to make and
15 issue circulating notes of various denominations, but not of less value
to issue notes.
than one pound sterling, in payment of salaries, wages, and other
debts due and payable by the Government in the colony in terms of
any Appropriation Act, or in exchange for uncoined gold whether
assayed or not.
20 4. All notes issued or reissued under this Act shall for every Notes deemed
bank notes.
purpose and within the meaning of every law, civil or criminal, be
deemed to be bank notes.
No. 28--1.
tc bo
2
Signature and date
of notes.
Neto Zealam,d Note Currency.
5. Every note, before being issued or reissued for circulation,
shall bear the signature and countersignature of such persons respectively as the Colonial Treasurer shall from time to time appoint in
that behalf, and shall be stamped at the time of the issue with the
date of the day on which it is so issued. 5
Notes to bear 5 per
cen t. interest.
6. Every note from the day of its issue, stamped as aforesaid,
shall bear interest for every completed period of three months while in
circulation, at the rate of threepence for.every pound sterling of the
value thereof, to be paid on demand, in addition to the amount of the
note, when presented for payment ; but no interest shall be paid in 10
respect of any fractional part of three months.
Maximum value of
notes in circulation.
Issue, how
rogiilated,
7. The total value of notes in circulation at any one time shall
not exceed a total amount equivalent to the amount of one year's total
revenue of the colony estimated at f0117' million pounds sterling, and
such notes may be issued in payment of salaries, wages, moneys due 15
on contracts, and other debts, and also in exchange for uncoined gold.
8. No note to be issued or reissued for circulation shall be made
for the payment of less than the sum of one pound, and every such
note shall be expressed to be for payment of a sum in pounds sterling,
without any fractional part of a pound. 20
Legal tender.
Bearer entitled to
cash for notes on
demand.
9. A tender of any such note or notes shall be a legal tender to
the amount expressed in such note or notes, and shall be taken to be
valid as a tender to such amount for all sums above two pounds on all
occasions on which any tender of money may be legally made.
10. The bearer of any such note or notes shall be entitled 25
immediately on demand to be made at any of the places where such
notes shall be made payable, and during the hours of business, to
receive payment in cash for such notes with interest added thereto, if
any is due, at the rate herein provided, and the person authorized to
pay such notes at such places respectively is hereby required to pay 30
the same accordingly.
Places for payment
of notes.
11. The Governor may from time to time appoint places in the
colony at which, and persons by whom, notes shall be issued, reissued, and paid on demand, and for this purpose may estabish
agencies at such places as he thinks fit, or may arrange with any 35
banker doing business in or outside of the colony for the payment of
notes on presentation.
Appi·opriation for
redemption of notes.
Every place so appointed shall be notified in the Gazette.
12. The Colonial Treasurer is hereby required and authorized
without any further appropriation than this Act to issue and pay out 40
of the Consolidated Fund such sums as from time to time may be
required to be kept in hand in various places for the redemption of
notes which may be presented for payment thereat.
Returns to be
published in
Gazette.
Liability of the
colony.
Purchase of gold in
13. Quarterly, half-yearly, and yearly returns showing the amount
of notes in circulation, duly verified, shall be published in the
Gazette 46
in such form as the Governor may appoint.
14. The ultimate payment in cash of all notes to be issued or
reissued under this Act shall be charged and chargeable upon the
general revenue of the Colony of New Zealand.
15. The Governor may appoint agents in various parts of the 50
exchange for notes. colony for the purchase of uncoined gold in exchange for notes, and
may also appoint places at which notes shall be issued in exchange
for such gold.
New Zealand Note Cuyreney.
3
16. The Governor may also appoint any fit person or persons as he Assay and price to
shall think necessary for assaying all gold before purchase thereof, and
be paid for gold.
may from time to time by Proclamation fix the price which shall be
given for the various qualities of gold offered for sale according to the
5 quality thereof; subject, however, that the maximum price to be
given for gold of any quality shall not in any case exceed the price
given for standard gold at the Bank of England, and that from the
price to be given for any gold there shall be deducted a sufficient
amount to pay the estimated cost of assaying the same, and realizing
10 the value thereof.
17. All gold from time to time received in exchange for notes Application of gold
shall be refmed to such & standard as the Governor in Council shall
so purchased.
appoint, and be made up in parcels or ingots of convenient size and
value, of which so much shall be kept on hand as may be required
15 from time to time to be given in payment for notes on presentation
to any person who may wish to receive the same, and the remainder
may be sold in the colony, or remitted for sale to any place outside
of the colony as the Governor shall approve, and the proceeds thereof
shall form part of the Consolidated Fund.
20 18. The Governor may from time to time, by Order in Council, Governor may make
make, alter, and repeal regulations for the effective administration of
this Act, and may otherwise do all things necessary for carrying out
regulations.
the objects thereof.
19. The sections of " The Forgery Act, 1867," or of any Act or " The Forgery£Act,
25 criminal code passed in lieu thereof, as to forging bank notes and as 1867," to apply.
to making and engraving plates for bank notes, shall apply to notes
made and issued under this Act.
By Authority: GEORGE DIDSBURY, Government Printer, Wellington.-1886.