A PROHIBITION

Hokitika Guardian, 9 April 1931, Page 5

A PROHIBITION

TRADE IN SILVER COIN. WELLINGTON. April 2. A “Gazette” is ued to-day contains an Order-in-Council prohibiting the import or export of silver coin except with the consent of the Aflnistor of Customs. ’l'lie Prime Minister states that if has come to the knowledge of the Government that, on one hand, Australian silver coin is being brought over to New Zealand and. on the other. New Zealand silver coin (which is Imperial coinage) is being sent to London for tlie purpose of avoiding the high rate of exchange at present ruling. The Prime Minister explained that silver coins, unlike the sovereign, arc ~i,l v foken coins. not intrinsically worth their lane value, and. as such, are only intended for internal circulation. Unless steps were taken to cheek Hie. growing practice ot shipping silver com overseas there would cither be a shortage of silver or the Dominion would In' flooded with Australian coins, which were u»t legal tender in this country. The Prime Minister added that thq Order-in-Council under the Customs Act was only a temporary measure, as it. was intended during tins session to obtain specific staO'toi \ author'd v to make regulations lor regulating- the import find export of silver coin.