Conversion of References to Shillings and Pence in Certain Instruments

Decimal Currency Bill – in the House of Commons at 12:00 am on 27 March 1969.

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Photo of Mr Dick Taverne Mr Dick Taverne , Lincoln 12:00, 27 March 1969

I beg to move Amendment No. 1, in page 2, leave out lines 17 to 20 and insert: (g) any document not mentioned in the foregoing paragraphs which is intended to enable a person to obtain through a banker payment of any sum mentioned in the document. This Amendment provides statutory cover for the conversion of pounds and new pence on the basis of the whole new

penny table of all old coinage instruments of payment drawn, issued or made before decimal day which are passed through the bank clearing system and not specifically covered in paragraphs (a) to (f) of subsection (3). As the Bill stands, it provides that the Treasury can make an Order that certain instruments specified by this Clause shall also be covered.

I explained in Committee that we did not know all the instruments that might have to be covered and therefore wished to have some such general power. I was asked why we did not know, and could we not find out? I said that I would make inquiries. Inquiries have been made and one of the clearing banks has provided a list of 140 organisations which issue documents presented through the clearing system and drawn upon itself. The list is by no means comprehensive. Even a controlled analysis of items lasting three months would not provide a fully comprehensive list, since it would not take in instruments drawn infrequently and at irregular intervals.

This is a comprehensive Clause. It would obviously be undesirable to place the burden of finding all these instruments on the banks, who have enough to do. Further, it would obviously be undesirable to specify all 140-plus instruments in the Bill. Instead, this general umbrella has been provided, which I hope the House will find acceptable.

Amendment agreed to.