N.Z. COINAGE

Hokitika Guardian, 26 September 1933, Page 5

N.Z. COINAGE

THE NEW DESIGNS I EARLY ARRIVAL EXPECTED. [Fer Press Association Copyriuht.) WELLINGTON, Sep. 25. Christmas shopping with New Zealand’s own silver and copper coinage promises to become an established fact. According to tlie latest information arrangements for the minting of the Doin’Alien’s new coinage arc proceeding satisfactorily, and the arrival of the first shipment is not far distant. There will be no change in the actual

denominations, hut designs in each case v ill, -of course be different, the distinctive value of the coinage being the restriction of its use to thq Dominion. Some designs have already been approved, and filial decisions respecting the balance will be .made shortly. ,

The capacity of the Loyal Mint is such that New Zealand’s requirements will be met in the shortest space of time. Authority i s given for the minting of the full complement,'estimated unofficially at between £1,500,000 and £2,000,000, and once production is put in hand on the entire group the coinage will reach the country as rapidly as successive trading vessels can land it here. Under legislation of last session the Government took authority to proceed with,, the undertaking and delayed until the current session the i passage of the full-frocked, Coinage Bill, which, it is gathered, will be more or less on formal lines. The measure will be introduced at an early date. Its main will re-enact the authority given last session and, as well, specify the size, weight, design, and other detailed particulars of the actual coinage. The arrangements which the Government made with the Master of the Royal Mint provides that there shall he no manufacturing-- charges and. allows the Dominion all of the profits arising out of the recoinage. The only recoinage costs will he' the freight, estimated at £30,000 and artists’ fees (£600) and minor incidental expenses. The coinage is for internal, circulation only arid possesses no value outside New Zealand. It replaces the present British ' silver coins. Its circulation is directed mainly at preventing the outward flow of silver, much trafficking in which'has taken place between exchange margins. Pending the minting of the new issue, it was necessary during July to import £50,090- worth of Australian florins and shillings. The operations of silver exchange 'traffickers had produced a shortage which was reaching a stage of acuteness. One shipment of £25,009 worth went to Wellington and the other to Auckland;

By the .passivge of legislation and the vigilance-of Customs land . police officials the illegal 'exixn'tation of silver from New Zealand, it is said, has been effectively checked. Co-operation from Australia, although somewhat belated, has also- assisted, the Commonweath authorities by Order-in-Council,. having placed an embargo oh the entry of New Zealand silver into Australia,