Annual report on the social and economic progress of the people of Sierra Leone.

Date:
[1935]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on the social and economic progress of the people of Sierra Leone. Source: Wellcome Collection.

    33/52 (page 31)
    XI.—BANKING, CURRENCY, AND WEIGHTS AND MEASURES. Banking. Banking facilities are afforded by the Bank of British West Africa, Limited, and Barclays Bank (Dominion, Colonial, and Overseas). The former is established at Freetown (local head office) with a branch at Bonthe (Sherbro) and agencies at the more important trading centres. Barclays Bank is established at Free¬ town, and has no branches or agencies. Both banks afford their customers savings bank facilities. In addi¬ tion there is the Government (Post Office) Savings Bank, controlled from Freetown, with nineteen agencies throughout the Colony and Protectorate. The balance standing to the credit of depositors in the Post Office Savings Bank on 31st December, 1935, was £71,355. There are no agricultural or co-operative banks. The absence of realizable security and direct ownership properly registered pre¬ cludes the possibility of the introduction of the former. The co¬ operative movement has not yet been introduced. Currency. The coins current in Sierra Leone are :— United Kingdom gold, silver, and bronze coins ; West African silver coins, value 2s., Is., 6d., 3d.; West African alloy coins value of the same denominations; and West African nickel-bronze coins of the value of Id., Jd. The United Kingdom coins have been superseded by the West African coins. The West African silver coins authorized by the Sierra Leone and Gambia Coinage Order, 1913, and introduced in that year are being withdrawn from circulation. Other West African coins of mixed metals of the same denominations and of the same weights, and authorised by His Majesty’s Order in Council of February 1920, were introduced in July 1920, to replace the silver coins. Gold and silver coins are legal tender up to any amount and copper and nickel-bronze coins up to one shilling. West African currency notes of the values £5, 20s., 10s., 2s., and Is., were introduced in 1916 under the Currency Note Ordinance of that year. Currency notes of the value of 20s. and 10s. are now in circulation, the £5, 2s., and Is. having been withdrawn. A new issue of the West African currency notes of 20s. and 10s. denomina¬ tion was put into circulation on 1st July, 1928; the old issue notes are being withdrawn.