THE SHRINKING SOVEREIGN.

Taranaki Daily News, 22 August 1916, Page 8

THE SHRINKING SOVEREIGN.

A SHILLING DROP IX THE TEAR. That our shrinking sovereign has diminished in value by nearly a shilling during the past twelve months, is shown in a table in the July abstract of statistics. The tabic shows, inter alia, the relative "worth" or purchasing power in foodstuffs of a sovereign in the June quarter of 1910, and the corresponding quarter of 1013, as compared with the average purchasing power of the sovereign in the years 1009-13. In groceries the "worth" of the sovereign in the June quarter of 1015 wa 5 only lfls 7:] d; while in the June quarter of the present year it has risen to 10s IOJd. In dairy produce, however, the "worth" of the sovereign fell An the twelve months from His Ud to las Old; and in meat it fell from 17s Id to 15s Old. The fall in the three food groups combined was thus from l(is Od to 15s 9}J, or practically one shilling. Putting it another way and comparing the four chief centres—in Auckland in the June quarter of 1015 the food that would have cost £1 in the average of Hie four centres in 1999-I.'! actually cost 23s fl.ld, while in the June, quarter of the present year it cost 25s Old. For Wellington the corresponding figures are 24s 5!Jd and 2Gs OJd; in Christclinrch i.2s 83d and 24s 5Jd; and in Duncdm 23s Sd and 24s Cd.