1931 September 21

Gold Standard (Amendment) Act, 1931: 'A Bill, To suspend the operation of sub-section (2) of section one of the Gold Standard Act, 1925, and for purposes connected therewith'. This extract contains the parliamentary legislation referred to in the Bank of England telegram [earlier document] and in Chancellor of the Exchequer Snowden's speech [previous document].


Be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

1. -

  1. Unless and until His Majesty by Proclamation otherwise directs, subsection (2) of section one of the Gold Standard Act, 1925, shall cease to have effect, notwithstanding that subsection (1) of the said section remains in force.
  2. The Bank of England are hereby discharged from all liabilities in respect of anything done by the Bank in contravention of the provision of the said subsection (2) at any time after the eighteenth day of September, nineteen hundred and thirty-one, and no proceedings whatsoever shall be instituted against the Bank or any other person in respect of anything so done as aforesaid.
  3. It shall be lawful for the Treasury to make, and from time to time vary, orders authorising the taking of such measures in relation to the exchanges and otherwise as they may consider expedient for meeting difficulties arising in connection with the suspension of the gold standard.

This subsection shall continue in force for a period of six months from the passing of this Act.

2. This Act may be cited as the Gold Standard (Amendment) Act, 1931.

* * *

Source: Great Britain, Parliamentary Papers, House of Commons, 1930-1931, 227, vol. 1, p. 763.