1965
VICTORIA
EXPLANATORY STATEMENT
OF THE
SCHEDULES TO THE
DECIMAL CURRENCY BILL
Return to an Order of the House
Dated 27th October, 1965
Ordered by the Legislative Assembly to be printed, 27th October, 1965.
By
Authot~iy:
A. C. BROOKS, GOVERNMENT PRINTER, MELBOURNB.
C-No. 1.-10162/6S-PatcE ls. (lOc)
SCHEDULE I-PART A.
All the amounts mentioned in this Part are the exact equivalents of the references in the old
currency. The majority of the references are "calculating rates" and, if converted to other than exact
equivalents, wide discrepancies in amounts to be paid would result. The following are quoted as
examples:Act 6261-Ga~ Regulation Act 1958
Section 13 (4) requires that suppliers of gas contribute
annually to the Gas Regulation Fund an amount
not exceeding One penny for every 2,000 c.ft. of
gas sold. Although this is a maximum rate the
conversion of the penny to anything other than
its exact equivalent (iths of a cent) could affect
contributions from suppliers.
Act 6324-Money Lenders Act 1958
Section 37 sets the maximum rate of interest chargeable
by money lenders on cash orders at Ninepence
for each One pound.
Rounding off this interest
rate would make a sizeable difference in interest
payable on cash orders.
Act 6377-State Electricity Commission Section 82A provides that the State Electricity
Act 1958
Commission shall transfer to the Consolidated
Revenue an amount equal to Threepence for
each ton of coal produced from its brown coal
workings.
Unless the Threepence is converted
exactly the amount payable calculated in the
new currency would vary greatly with the
amount which would have been payable if
calculated in the old currency.
It should be noted that some of the amounts in the new currency are expressed as vulgar
fractions whilst others appear as decimal fractions. The fact that One penny equals jths of a cent
causes difficulties in that decimal expressions involve recurring fractions. As a result when recurring
fractions are involved the amount has been expressed as a vulgar fraction-decimal fractions have been
used only where the expression can be locked completely.
In summary, the Government feels that the inclusion of these exact equivalents in Part A will
facilitate understanding of State legislation.
SCHEDULE I-PART B.
This Part is entirely devoted to amounts which have been converted to other than exact
equivalents.
Explanations of the references concerned and the effect of the proposed amendments are
appended herewith.
SCHEDULE I-PART C.
Where substantial portions of an Act have been replaced or altered, Part C has been used for
convenience. The references concerned could have been included in either Part A or Part B (whichever
is appropriate for the individual Item) but, here again, for easy understanding it is preferable to include
them in a separate Part. The Items concerned areItem A-Portion of the Second Schedule to the Companies Act 1961.
As this Item refers to companies' share capital prior to 15th November, 1956, any expression of
the amount of such capital should remain in the old currency. However if this capital is increased
after C·Day, the amount of the increase will be expressed in the new currency. Therefore this
particular portion of the Companies Act 1961 will always contain references to money expressed in both
currencies and it is therefore preferable that the entire portion, in its amended form, appears in this Bill.
Item B-Second Schedule to the Entertainments Tax Act 1958.
The scale of entertainments tax expressed in the old currency is graduated in Threepenny rises in
both admission prices and tax payable. Obviously, Threepences are not compatible with a decimal
currency. The scale has therefore been reconstructed in the new currency and care has been taken to
ensure that neither admission prices nor tax will be raised as a direct result of the conversion to decimal
currency.
Item C-Form 63 of the Second Schedule to the Justices Act 1958.
This particular form serves as a sample as to the manner in which this form should be completed.
At present it contains examples expressed in the old currency and, to preserve the form's oljginal
purpose of serving as a guide and since the form is in considerable use, similar examples are expressed
in the new currency.
4
Item D-References to the Closer Settlement Act 1938 and the Land Act 1958.
The Third and Fourth Schedules to the Closer Settlement Act 1938 and the Fifth Schedule to the
Land Act 1958 all set out repayments of leases dissected between interest and principal. They are
based on £100 and were originally inserted as a guide for the Minister in designing repayment tables
to cater for individual leases. However with the exception of the Fourth Schedule to the Closer
Settlement Act 1938 these tables are no longer operative and it is therefore pointless to include a
version of these tables adapted to decimal currency. The position has been amply covered b)' the
amendments in this Item which have the effect of providing the relevant sections embodied in the Acts
wit~:! sufficient detail to specify the basis for such tables.
Item E-Fourth Schedule to the Marine Act 1958.
This Schedule sets out a comprehensive table of maximum pilotage rates, some of which include
references to eighths of pence in the old currency. The rates to be substituted in the new currency are
expressed to the fourth decimal place of a cent and, as pilotage rates are calculated on the tonnage of
ships, the rounding off to such a decimal place will have no effect on the actual rates charged.
Item F-Second Schedule to the Teaching Service Act 1958.
The Second Schedule provides a table of annual pensions payable on retirement to married women
teachers. The table in the old currency is based on a contribution of £1, but the table in the new
currency has been prepared by the Government Actuary on the basis of a contribution of $10 which is
considered a unit more compatible with a decimal currency than the exact conversion of the old unit
($2).
SCHEDULE 2.
As there are a few references in the Consolidated Acts which are inappropriate to convert to
decimal currency, special mention of these references is made in this Schedule. So that there will be no
confusion, the two Acts which contain such references are specified to guard against the possibility of
the formula provided in Clause 5 of the Bill being used.
SCHEDULE 3.
Item A-The figures expressed here are to denote the manner in which the new currency is to
be recorded. It should be noted that the main intention of providing these examples is to point to
the fact that amounts appearing in State legislation after C-Day will be recorded in figures wherever
possible.
Item B-This Item shows four examples of the manner in which percentages expressed in terms
of the old currency are to be expressed after C-Day. The reference to a percentage in money terms
has been deleted.
Item C-1. Many references to money in Acts are in the form of a proportion and so that these
references, when converted to the new currency, will be understood, a comprehensive list of proportions
expressed in the old currency and their equivalent proportions in the new currency, has been included
in the Bill.
2. Many references to valuations of property, &c., appear in the Acts and there is a danger that
an expression such as " amount in the pound " could be converted to " amount in the two dollars "
under the formula provided in Clause 5. It is therefore considered advisable to provide examples of
the types of expressions which are to remain as expressions based on the unit of currency rather than
the exact equivalent. Item D is included for this purpose.
SCHEDULE I-PART B.
WHERE REFERENCES TO AMOUNTS OF MONEY IN NEW CURRENCY ARE NOT THE EQUIVALENTS OF
THE REFERENCES TO AMOUNTS IN THE OLD CURRENCY.
No.
of
Act.
Title of Act.
Comments.
Current Reference.
Exact in Decimals.
New Reference.
-------------------l·-----------------------------------------j--------------j·-------------3705
Insolvency Act 1928
..
Charges per folio for copied documents ..
3d., 9d .• 3d.
2c, Se, 2e
4048
Melbourne and Geelang
Debentures
In·
scribed Stack Act 1932
Charge per folio for copied documents ..
2d.
2c
6221
Coal Mines Act 1958 ..
Penalty equivalent !<> amounts not paid by
coal mine owners into Accidents Relief
Fund.
Changing the basis of the current
expression to sing!" dollars will not materially affect the receipts into the fund
One pound in respect
of each and every
pound or fraction of
pound
Two dollars in respect
of each and every
two dollars or fraction of two dollars
One dollar in respect
of each and every
dollar or fraction of
a dollar
6239
Dried Fruits Act 1958 ..
Maximum contribution by producers of dried
fruits to Dried Fruits Fund. The operative
rate is declared by Governor-in-Council
and is Ss. 6d. per ton at present so that
increasing the ma:dmum to the equivalent
of 12s. per ton will not affect the position.
of a penny per pound equals lis. 8d.
per ton)
One-sixteenth of a
penny per pound
Five ninety-sixths of a
cent per pound
$1. 20 per ton
Maximum charge for conversion of inscribed
stock to debentures. The decimal equivalent
is included only to facilitate understanding
of the converted rate
Not exceeding one
shilling per cent
Not exceeding I 0 cents
in $200
(n
6263
Geelong Waterworks and
Sewerage Act 1958
At a rate not exceeding
five cents in One
hundred doUan
5
SCHEDULE 1-PART
No.
of
Act,
Title of Act.
Comments.
6275
Housing Act 1958
..
6282
Justices Act 1958
..
6284
lAnd Act 19S8
..
6289
6293
6302
lAnd Tax Act 1958
B-continued.
Current Reference.
2d.
Charge for additional folio for copied debenlures
Limit for nominal damages against Justices.
New reference should correspond to the
lowest coin in the decimal currency
Minimum fee for bee range area.
The fee
One half-penny
now charged is 2d. per acre so that raising
the statutory minimum will not affect the
position
Valuation of improvements required to be £83 6s. 8d., £41 13s. 4d.
carried out by holders of conditional purchase
leases
Relates to licence fees paid in half payments
and is only inserted for clarity
These refer to amounts which have to be paid
and have therefore been converted in
accordance with the pence /cents equivalents
in the Commonwealth Act.
Marine Act 1958
Minimum charge on ltems returned and
according to Department is never used
New Reference.
lie
One farthing
Every dollar is only inserted for purposes of
Every pound
clarity because valuations will be expressed
in dollars
Complementary to above-these relate to Two pounds, one pound
exemptions
Maximum rate of land tax levied on mutual One penny for every
life assurance societies, building societies
pound
and racing clubs. New reference is an exact
conversion
Licensing Act 1958
Exact in Decimals.
2c
'/,. of a cent
le
of a cent
le
' / 12
$166.66!, $83.33j
$166.66, $83.33
Every $2
Every dollar
$4, $2
Two dollars, one dollar
'I, of a cent for every
$2
' / 12
of a cent for every SI
Fraction of a pound
Fraction of $2
£131 !Ss. 9d.,
£223 Is. 3d.
$263 .87t, $446.12!
Fraction of a
$263. 88, $446.12
dollar
!d.
'I• of a cent
le
/,c, 2!<:, 16ic
le, 2c, 17c
1
630S
Markets Act 1958
Maximum tolls which may be levied for
specified items at markets,
As these
amounts could be payable individually they
have been converted in accordance with
the pence /cents equivalents in the Common·
wealth Act.
6310
Melbourne and Metro·
politan Board of Works
Act 1958
Charge for additional folio of copied debentures
2d.
lie
2c
6311
Melbourne and Metrf)«
politan Tramways Act
Charge for additional folio of copied debentures
2d.
lfc
2c
'/,of a cent
le
1
I d., 3d., Is. 8d.
1958
6317
Milk and Dairy SuperYislon Act 1958
Grading charge where certificate is needed for
export-Department advises that no Revenue
to State is involved
Id.
6324
Money Lenders Act 19S8
Charge per folio for copies of money lenders'
records kept by Clerks of Courts and
money lenders
9d.
6325
Motor Car Act 1958 ..
Deduction made by Motor Registration
Branch from third party insurance premiums.
New reference must therefore correspond
to new coinage
Mileage fees payable by insurance companies
to ambulance services
Registration fees payable by primary producers
Se
17!<:
Is. 9d.
Is. 8d.
16fc
3s. 9d., 7s. 3d.
37!<:,
200 cents in $2
copied
2d.
lfc
Penalty for straying sheep (because it is a
penalty the new reference is a departure
from the pence /cents equivalents in the
Commonwealth Act)
3d.
Partnership Act 1958 ..
Reference to a bankrupt paying his creditors
less than 20s. in the £.
New reference is
inserted mainly for clarity
6340
Portland Harbor Trust
Act 1958
Charge for additional
debentures
6341
Pound• Act 1958
..
637S
Stamps Act 19S8
..
folio
for
Concessional rate of duty on certain agency
receipts
These amounts refer to duty payable under
the 3rd Schedule of the Stamps Act which
is dealt with specifically below
Rate of stamp duty for firms operating on
bulk payment system.
New reference
provides the nearest exact equivalent
17c
721<:
Twenty shillings in the
pound
6330
!Se
38c, 72c
I00 cents in the dollar
2c
3c
3d. (Section SI A)
2!<:
3c
3d., £100 (Section S3B
2tc, $200
3c, $200
(a))
3d. for every £100 and
fractional part of
£100 (Section 53B
2i cents for every $200
and fractional part
of $200
5 cents for every $400
and fractional part of
$400
(b))
Stamp duty on receipts of more than £5 but
less than £100
Stamp duty on transfers of marketable securities under £10
Stamp duty on warehouseman's certificates
Stamp duty on bookmakers' betting tickets
(each ticket is impressed with the duty)
Stamp duty on sale of cattle. New reference
is designed to provide the nearest possible
and practicable equivalent
Stamp duty on sale of pigs.
New reference
is also designed to give the most practicable
equivalent
6377
State Electricity Com·
mission Act l9S8
Charge for additional
debentures
6379
State Savings Bank Act
Amounts less than Id. are disregarded when
crediting interest to depositor's accounts
£100 is used in this context as a basis of a
percentage
These refer to the actual rates of interest and,
as the basis (£100) has been halved, so must
these references be halved
708S
1958
Wheat Industry Stabili·
ration Act 1963
folio
for
copied
The conversion to 1·7 cents is necessary to
comply with the Commonwealth legislation
relating to the Australian Wheat Board.
This charge recoups the Board the cost of
shipment of wheat to Tasmania.
(a) 3d. (3rd Schedule)
Jc
(b) 9d. (3rd Schedule)
Se
'"/,c
lie, 1 /,c
(c) Id. (3rd Schedule)
(d) 2d.,
I d.
(3rd
Schedule)
(e) Id. in the £ (3rd
Schedule) maxi·
mum 2s. Id.
(/) 2d. in the £ (3rd
Schedule) maximum 3s. 4d.
1
/,c in the $2, maximum 20'/.c
I fc in the $2, maxi·
mum 33tc
2d.
le
2c, le
2
cents in the SS,
maximum 20 cents
2 cents in $2. SO, maxi·
mum 32c
2c
Id. (twice)
•t~c
le
every £100
every $200
every $100
Ss., £2, £1, lOs,
SOc, $4, $2, $1
2Sc, $2, $1, SOc
2d.
lie
I' /,.c
By Authority: A. C. BllOOltS, Government Printer, Melbourne.