FEDERAL COINAGE

Otago Witness, Issue 2892, 11 August 1909, Page 27

FEDERAL COINAGE

. I MELBOURNE, August 6. : The Coinage Bill was taken in com- , mittee in the Federal Hoi:ee of Representatives, i , Sir John Foi-rest explained that the proportion of silver would be the same as in ; the United Kingdom and Canada. The coins would not be interchangeable with those of the United Kingdom, but pro- i bably would be accepted in New Zealand , and the Pacific Island.*. , Mr Fisher objected to the words " King , and Kmperor " on the coins. , .Sir John Forrest stated that he would endeavour to alter them to "King of All the Britons." , The debate was adjourned. , EFFECT ON NEW ZEALAND. ( IFrom Oub Own CoRRESPosDEjrr.) CHRISTCHURCH, August 9. j' The proposed change in the Common- I ( wealth coinage has a particular interest . < for New Zealand, and pome curiosity is ! felt as to what effect the changes, if ] adopted, will have in New Zealand. The ' Federal proposal includes the substitution 1 of nickel for bronze coins, and the possible withdrawal of the half-crown. The possibility of inconvenience being caused t in New Zealand by the changes contem- t plated was discussed fo-day " by a press « reporter with several bank managers. t The first gentleman approached said , that if the changes had affected the gold ( currency the result would have been , highly unsatisfactory. As, however, it ' was not proposed to make silver an international legal tender in settlements, it : was purely a matter of internal con- j vendence, and he did not see how New ' Zealand could be affected" adversely. The * small Australian coins were bound to < drift to New Zealand, the way of their <

entrance being in the pockets of visitors from the Commonwealth. These would no doubt be accepted by New Zealand tradesmen, who would rather take them, as they used to take tolcens, than let business go by There would hardly be any; probability of the banks refusing these coins, as at the most it would only mean the expense of shipping them to Australia and getting their equivalent in gold. At to the free and unlimited interchange o{ coins with Australia, that was a matte* for the Government, but he could no( imagine that being agreed to unless New Zealand participated in the profits of th« minting. The abolition of the half-crown would not be viewed favourably in New Zealand. The expsrienoe of bankers wa< that this coin was very considerably in demand, more so than the florin. The obvious objection to the substitution o{ nickel coin for the bronze coin was tha^ it would be too like the small silver coins.Another bank manager said that the interchange of coins would be a very good thing, and it practically existed' now. He was very glad to ses that nickel was going to be coined instead of bronze, but he thought that Legislative authority would have to be secured before nickel would be accepted as tender in. lieu of bronze. Tha prospect of New Zealand banks being abl« to draw on Australia for small changa pleased him. During recent years tin bankers had experienced the greatest dim. culty in getting supplies of small coins, That difficulty would be obviated if i( were open to them to cable to Australia for silver, and get their small change here a week later. However, he did no* think that New Zealand should officiallj accept the interchange of small coins with< out getting a share of the minting profits. The proposal to substitute nickel fof bronze coinage will be causing some con« slernation among the owners of penny in the clot machines. One bank manage? said an enormotis amount of money wen{ through these ■contrivano3s. The adop* tion of a light, medium-like nickel woul<f, make petty swindling much easier, a( round tin discs could be made to act on the mechanism without difficulty. The proprietors of the machines would al«o have to install much more delicate balances to suit th© light coin, and this would mean that the machinery would be mora likely to go out of order