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