SILVER COINS

Rotorua Morning Post, Volume 2, Issue 522, 4 May 1933, Page 5

SILVER COINS

(Press Assn.-

smuggling out of n.zassumes serious aspect hanks are concerned

— By Telegraph — Copyright).

Wellington, Wed. Wellington investigations into the shortage of silver confirm the statement thavt the banks are becoming seriously concerned. The regulations were made drastic, and confiscatory powers were given recently, in the hope of pre venting the smuggling out of silver co-ins, which pass at their face value i\i England. One ingenious method — now obsolete because it was discovered — was to post a large number of newspapers overseas, each containing a ntimber of half crowns Short of the drastic search of- the person and luggage of everyone leaving the country, there seems no way of stopping this i^orm of smuggling. There may be heAvy penalties for those unlucky enongh to be caught, but apparently the g'ame is considered worth the risk. "By the end of the current year," remarked a banker, " I estimate that somewhere about a quarter of a million in silver will prob.ubly have left New Zealand. That wi.U represent a total profit of some £60,000 divided amongst those who have been game ; enough to take the risk." Inquiries in Government quarters show that there is no imme'diate pi'Or spect of increasing New Zealand's supply of silver coins.