TREASURY BILLS

3.33 p.m.

The Parliamentary Secretary to the Minister for Finance (Mr Tang See Chim) (for the Minister for Finance): Mr Speaker, Sir, I beg to move,

That this Parliament, in accordance with section 2 of the Local Treasury Bills Ordinance (Chapter 69), resolves that the Minister for Finance be authorised to borrow by the issue of Treasury Bills in Singapore a sum not exceeding Singapore one thousand million dollars.

Sir, on the 24th of May, 1967, Parliament resolved, in accordance with section 2 of the Local Treasury Bills Ordinance (Chapter 69), that the Minister be authorised to borrow by the issue of Treasury Bills in the Republic from $150 million to sums not exceeding $500 million in amount.

The demand for Treasury Bills is increasing and the approval of this House is, therefore, requested to raise the limit to $1,000 million. There is a sufficiently large quantity of surplus funds which are available for investment for short periods. It is essential that banks, as well as other financial institutions, including Government statutory bodies, should be provided with a secure short-term investment outlet for such funds. The authority of Parliament is requested to enable the Government to issue Treasury Bills up to an amount not exceeding $1,000 million.

Sir, I beg to move.

Question put, and agreed to.

Resolved,

That this Parliament, in accordance with section 2 of the Local Treasury Bills Ordinance (Chapter 69), resolves that the Minister for Finance be authorised to borrow by the issue of Treasury Bills in Singapore a sum not exceeding Singapore one thousand million dollars.