BANK NOTE ERRORS

Taranaki Central Press, Volume IV, Issue 451, 5 June 1937, Page 7

BANK NOTE ERRORS

THE £5O DENOMINATION Need For Changed Design’ Currency reformers and the adher_ ends of Major Douglas are not. alone in stating tIJ-t the system, of note issue in Vogue in Nsw Zealand is far from perfect. The great majority of complaints probably do not concern abstruse points of ’economic theory, but bear on the pUucity of denoffiinatione in which notes are issued and the ever-present risk of expensive—error arising .from it he similarity between the 10/- and £5O notes. When the Reserve Bank took over the note issue from ths trading banks in New Zealand, it decided 'to eliminate all denominations of notes, between £'s and £5O. There iare still some people who talk cheerfully of putting a. “tenner” on a horse ail the races, but the term is a, misnomer, and the least laborious way of carrying out this somewhail risky transaction is with la coup-le of “livers.” The absence of £lO notes is regretted by many people accustomed to deal in large sums, but the similarity in colour of the 10/- and £5O notes is a point of much greater moment. Several cases have occurred recently where people have lost £49/10/0 through no real fault of iheir own. The official vie.w is that a reasonably careful inspection should enable anyone to tell the difference between the 10/- and £5O notes, mu the frequency with which errors hav e been made provides an argument; tor the real necessity of changing the colour of the more valuable bank-’j Holt e. The matter has been referred more than once to the Governor of the Reserve Bank, Mr. Leslie LeFa.ux, but no change has been made. R is pointed out thait there cannot be any great number of £5O notes in circulation and that, as a result, no great expense would be involved in calling them in and replacing (them with notes of a new design.