TREASURY DEPOSIT RECEIPTS BILL

[Mr Speaker in the Chair]

Order for Second Reading read.

7.57 p.m.

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, I have the Yang di-Pertuan Negara's recommendation that this Bill be proceeded with.

The Parliamentary Secretary to the Minister for Finance (Mr Low Por Tuck): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

In successful planning for economic development, a country has ultimately to depend upon her own resources for sustained and permanent growth. Singapore is no exception to this inflexible law. The Government is therefore constantly working out ways and means to tap our own resources, especially our financial resources, for the development of the State. Last year, the Government floated successfully two fairly long-term loans which the Government was happy to note were over-subscribed. I refer to the $15 million 5 per cent registered stock maturing by 1967 and the $25 million 5½ per cent registered stock maturing by 1979, issued in September, 1959. The Government also has plans to issue short-term securities in the form of Treasury Bills on tap as well as on tender in the near future. To complete the range of securities available, medium-term securities in the form of Treasury Deposit Receipts will be issued. These Treasury Deposit Receipts are, therefore, the subject of the Treasury Deposit Receipts Bill which I am now moving.

The aims of the Bill are: first, to enable private investors, commercial banks, insurance companies, investment trusts, statutory bodies and other similar financial institutions to invest their surplus funds in Treasury Deposit -

Mr Speaker: Order. Moment of interruption.