DECIMAL CHANGE
No Cost To Taxpayer
(N.Z. Press Association) WELLINGTON, Feb. 4.
Next year’s change-over to decimal currency is likely to be entirely cost-free for the taxpayer. This was announced tonight by the Parliamentary under-secretary to the Minister of Finance (Mr Muldoon), in commenting upon the new machine conversion methods adopted. He said new estimated costs were within the profit expected to be made from the coinage exchange. These profits would be applied to change-over costs so that the taxpayer would not have to bear any additional costs of New Zealand’s change to new currency. Mr Muldoon said profits accrued annually in the coinage account due to the sale of cupro-nickel coins at face value—although the costs were much less. The present profit balance was already more than £1,000,000 and this would continue to grow annually at about £250,000 to £300,000 a year as it normally did, according to Mr Muldoon. Reclamation of silver and cupro-nickel from withdrawn half-crowns is already worth about £300,000.
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Press, Volume CV, Issue 30977, 5 February 1966, Page 16
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164DECIMAL CHANGE Press, Volume CV, Issue 30977, 5 February 1966, Page 16
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