DECIMAL COINAGE

Evening Star, Issue 22442, 12 September 1936, Page 13

DECIMAL COINAGE

SUGGESTION FOR CENTENNIAL A reminder is given in an editorial article of the New Zealand ‘ Accountants’ Journal ’ that when the Dominion’s coinage system was considered by a special committee set up by the Government in 1933 representations were made that in regard to the changeover from British coinage to a system of tokens specially minted for New Zealand requirements the decimal system of coinage and accounting should be introduced. In its report the committee stated that under the circumstances then prevailing—economic depression and the rapid depletion of Imperial silver coins due to smuggling to gain the exchange margin and the fact that new coins were, urgently required before any ohange-over to the decimal system could possibly be made—there would be no other course than to recommend the retention of the existing denominations for the new coins. At the same time, the committee made the suggestion that the alteration in the New Zealand system might appropriately be considered in conjunction with any proposal to issue centennial coins here.

Although there is no special decimal association worki g up interest in New Zealand, the question of the introduction of a decimal coinage system had on various occasions been brought prominently before commercial interests. For many years there has been a strong agitation in the Old Country. At the last Empire Congress of Chambers of Commerce in London it was resolved—- “ That, whereas the use of decimal coinage promotes commercial efficiency and simplified international, exchange, and whereas the various national monetary units in all foreign countries and also in several parts of the British Empire are now divided on the decimal system, it is desirable that the decimalisation of the pound sterling he completed without delay.”. While supporting the principle of the proposed change, the ‘Accountants’ Journal ’ remarks that the adoption of the system would offer difficulties unless Great Britain and the other countries forming the Empire also adopted the method. While it is true that Canada uses the decimal system, there are special features operating in that dominion which do not apply to New Zealand. Canada is a very close neighbour to the United States, and the interchange of trade and the interchange people betweea the two pountries

have created a position, which has made the adoption of tho decimal system in Canada almost a necessity. Under present conditions New Zealand finds the conversion of invoices for American and foreign importations irksome enough, and if the decimal system were adopted ahead of the rest of the other Empire countries a good deal of difficulty would arise.