SILVER COIN

Press, Volume LXXI, Issue 21420, 12 March 1935, Page 4

SILVER COIN

BRITISH AND AUSTRALIAN ISSUES SOME STILL CIRCULATING 'IN DOMINION [From Our Parliamentary Reporter.] WELLINGTON, March 11. The Minister for Finance (the Rt. Hon. J. G. Coates) has arranged with the banks to accept for a further short period British and Australian coin still in circulation. In a proclamation published last November British silver coins were declared not to be legal tender in New Zealand after February 1. last. Tl-e Minister stated to-day that he has been informed that some British and Australian coin was still in circulation. He desired to inform the public that there was now no obligation on the banks to accept this coin, but so that persons holding British or Australian coin should not be penalised he had made arrangements with the banks to accept it for lodgment or in exchange for New Zealand coin for a further short period. He wished to ask shopkeepers and the public generally to assist in clearing up the exchange of old for new coin by promDtly lodging all British and Australian silver coin, or by exchanging it. The Minister added that no permits for the export of any class of silver coin would be issued, and that the prohibition at present in force would be rigidly maintained. The manager of a Christchurch bank said last evening that the amount of Australian and English silver coin now coming in to the banks was very small indeed, only a minor proportion of the silver in general circulation. The amount was diminishing all the time. The banks were not likely to refuse to accept the coinage, so the proclamation appeared to be more in the nature of a reassurance to the public, and a reminder that they should assist in clearing the coinage. Because it was not legal tender did not mean that it would be valueless. It only meant that it a creditor wanted to insist on the letter of the law he could refuse to accept anything but New Zealand coinase.