BANK-NOTES RATIONED
Economy Move In Britain
(Special Crspdt. N.Z.PA.) LONDON. June 7.
Britain, the world’s most extravagant user of clean banknotes in the world, is to have its supply of new notes rationed.
The Bank of England, already printing at its capacity of eight million notes a day, has asked banks not to issue new 10s and £1 notes during certain periods of the year.
It has refused to name the times in case it encourages hoarding. Instead only used, but clean, notes will be available at these periods. Economy is the reason. The bank finds that still-clean £1 notes are being sent back for destruction too early. Their average life is now about eight months against 20 months 10 years ago. A bank official explained: “It's very wastful. There is unnecessary production, transport, handling and security.”
Customers demand new notes four or five times as often as in West Germany or the United States.
The bank is also trying to moderate demand for new £1 notes by encouraging the use of relatively neglected £5 and £lO notes. The public will be urged to ask for these.
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Press, Volume CVI, Issue 31083, 11 June 1966, Page 21
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187BANK-NOTES RATIONED Press, Volume CVI, Issue 31083, 11 June 1966, Page 21
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