NEW BANK NOTES

Bay of Plenty Beacon, Volume 2, Issue 122, 12 February 1940, Page 2

NEW BANK NOTES

REPLACING TEMPORARY ISSUE SIZE ACCORDING TO VALUE The announcement that a new issue of Reserve bank notes will be

made in New Zealand this week will be welcomed by the public. Tile quality of the notes at present in circulation has lei I something to' be desired, and in addition the similarity of the and 10s notes lias frequently led to confusion and sometimes to serious loss. The public lias been asking for a new issue for some time and the change is leng overdue. The present notes will not disappear immediately but will be withdrawn from circulation gradually. The present issue of notes lias been regarded as purely temporary ever since it replaced the old trading banks' notes about six years ago, and despite many protests this confusing paper money has been retained, always temporarily. The new notes are said to be of distinctive designs and colours and are graded in size according to face value,, so that any chance of mistake should be minimised considerably. It i;s to be hoped also that the quality of the papcr'will be more in keeping with the important func t ion the notes have to serve and (he daily wear and tear to which they arc subjected.

New Signature on Notes. To tlie average man, perhaps, the handling of a l'e:\v notes a week is not a very troublesome business, but there are thousands of people who have to handle large numbers of the country's only currency every day. To these the quality, colour, design and size of the notes are important matters, and their tasks should be made much more congenial when the new issue is available. The signature of Mr Leslie Lefaux which has: hitherto appeared on all Reserve Bank notes will be absent from the new issue and will be replaced by that of Mr T. P, Hanna, chief cashier of the bank. This is probably because the term of the appointment of Mr Lef'iux as governor of the bank is soon to expire. However, an indication that it will be some time before all the present notes have been withdrawn from circulation is contained in the official request that the old notes should still be handled with care, to prolong their life in the interests of economy.