‘Confounded Nuisance’

Sun (Auckland), Volume IV, Issue 1070, 6 September 1930, Page 10

‘Confounded Nuisance’

WITHDRAWAL OF 10/- NOTES Varied Opinions in City VARIED opinions were expressed to a Sun reporter by the heads of City firms this morning when inquries were made as to the probable effect of tlie Associated Banks’ action in curtailing the issue of 10-shiiling notes. Most of them, however, regarded the move with disfavour. “A confounded nuisance,” “terribly inconvenient” and “not likely to last” were among the opinions gathered, but at least one retailer viewed the change in a. happier light. “It’ll do away with the pest who is always trying to convert his 10-shilling notes into silver,”, he said.

Small shopkeepers, it appears, are j the class most likely to suiter inconvenience. “Silver instead of small notes will bo a big nuisance to us,” said one. “The majority ol our payments are under £l, and, when it comes to banning, the 10-shilling notes are very useful. Bulky packages will he needed if the notes are withdrawn altogether. With the larger shops, the proportion of 10-shilling notes to those of greater denomination, chiefly the one-pound note, is fairly small. “However,” he concluded, “we get used very quickly to any form of currency. Remember the outcry there , was when notes came in on top of Che ; sovereign and half-sovereign. That 1 soon died down and nowadays you hear nothing about the unhealthiness’; of banknotes.” “WHERE WILL SILVER COME FROM?” “If the banks maintain this policy they should experience no little difliculty in obtaining sufficient silver coin to replace the notes,” said the secretary of John Court, Etd. “Every week for wages—that one item alone —we receive £l3O in 10-shilling notes. It will not be possible to replace this total with pound notes as smaller sums are needed.” He thought for a moment, and became statistical: “That means 1,040 half-crowns. What a confounded nuisance it will be.” CUSTOMERS’ COMPLAINTS The head of one of the principal grocery shops expressed concern at. among other things, the discomfort of carrying round a supply of halfcrowns. “Apart from the fact that customers will complain at having to accept silver or big notes in change, it will prove a great disadvantage and in convenience to the shopkeeper,” he said. ‘.‘No, I do not think it can have any effect on the price of goods. The banks may find they have bitten off more than they can chew.” It was pointed out by the manager of a city concern of diverse interests I that the quantity of 10-shilling notes I handled there represented not more I than one per cent, of the total money. I “If the notes are held up it will be | very inconvenient for some classes of | business,” he remarked. “It must be i remembered though that the 10-shil-ling note is a comparatively recent introduction, brought in during the war when the gold issue was restricted; the old half-sovereign was in vogue before then, of course. We did not notice the lack of the notes before and probably will get quite used to going without them again.” A philosophical view was held by a leading confectioner, who pointed out that the step would hardly have been taken if there had not been a real

necessity for it. “Although,” she added, “when a customer tenders a pound note for a shilling’s worth of goods, lie wod't like having to accept 19s’ change in silver. We will, however, be rid of the man who comes in for change without buying anything.”

INCREASING SILVER DEMAND “It is likely to bring about an increased demand for silver on the part of the banks,” said Mr. David Robertson, of the Farmers’ Trading Company. “If other countries adopted the move as ..well, it would probably have an effect on values. In New Zealand alone it can’t affect the price of commodities. After all, the note is only an equivalent for silver —and a very convenient one at that. With the 10-Shilling note we could comfortably carry £2 10s in our pockets, but we are not likely to carry 50s or”—

and he also became statistical —“20 half-crowns. The banks’ move may, of course, a fleet the clothing trade. In futurp suit-pockets will have to be strengthened considerably!” He thought a return to the half-sovereign might follow. And the tobacconist?

“We receive a large quantity of big notes to change,” said one of the trade. “With a lack of 10-shilling notes complaints are certain. The move seems a very foolish one and I cannot see how it will last.”