BANK NOTES AS LEGAL TENDER.
PROCLAMATION EXPIKES ON J ANGARA’ 19.
The proclamation declaring notes ol certain hanks to he legal tender expires on January 10 next, and it b probable that legislation will lie introduced during the present .session to renew the statutory provision.
The oflicial dale of the termination of the war was fixed by proclamation and gazetted as January JO, 1920. The last proclamation declaring notes to he legal lender was gazetted on December I. 1917, and covered the period of live years'which expired on December 91. 1922. The proclamation extending the period to January 10 1920, was therefore necessary to carry out the direction of Parliament, as enacted in 1917. VALIDATING EXTENSION. The lieeessitv lor action this session hits not been overlooked by the banks or the Treasny. The statutory validation of tut extension will be a small matter and cannot be contentious, since a return to the gold standard tit the present time is not considered practicable. AA’hen the period which is about t*> expire v- a ■ originally fixed it was hoped that no further extension would be necessary, bill, that the return of gold into circulation would have been effected. That, of course,' has not happened, and, in the oliieial view
cannot be expected for some time yet. No opinion so far lias been expressed, ns to the duration of the new period in which notes will he legal tender. LIMIT OF NOTE ISSUE.
The legislation of 1917 was the outcome of arrangements made with the associated hanks in New Zealand in that year, when a £12,000,000 war loan was placed on (he market. In consideration of the banks underwriting at least' .C 0,000,000 ot tbo loan the Government agreed to introduce legislation to increase further the limit of the issue of hank notes to the extent of the advances to clients for investment in tlie war loan and to enable the hank notes on the basis of the extended issue to he made legal tender for a period of live years alter the conclusion of the war.
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Hokitika Guardian, 9 October 1924, Page 4
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344BANK NOTES AS LEGAL TENDER. Hokitika Guardian, 9 October 1924, Page 4
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