SHORT OF COIN.

Wairarapa Daily Times, Volume VIII, Issue 2445, 5 November 1886, Page 2

SHORT OF COIN.

Years ago, on the other sido, Bank exchange on cheques waß tried, as it is being done here at preseht. A selector had drawn a cheque for £2400 to pay a deposit: the cheque was duly ear-marked as" correct for seven days" by his bankor; he visited the Land Office, fifty miles away, to find that before the Land Board could accept the amount he must pay a considerable sum tor exchange. He obtained live days' grace, posted back to his Bank, presented thecheque, anddetnanded gold. For a few minutes there was a whispered conference between the teller and managed, also Bomo of the other officials, on the state of affairs, whereupon 0110 officer, who was a bosom friend of the selector's, was told off to offor him notes. No he was afraid of fire with notes. If the Bank gavo 0110 por cent for a month,_ suggested the official, would he accept itj? A momont's consideration, and the selector offered to take one shilling on each £5, and the Bank forthwith paid him £2424 in notes. He subsequently paid for his land, and settled on it. Upon a later day the official referred to, having become a selector, moved into his neighbourhood. During the courso of a friendly gossip, the affair of the cheque was named, when it transpired that tho banker paid an oxchange on his own notes simply because ho was short of gold. Whilst the parley was in progress, ho was hurrying away messengers to bring it in from other banks in case the selector had persevered with his demands. The manager and his clerks folt they could breath freer after payment of the £24 in having thus saved tho reputation of institution, as the stock of bullion only amounted to 500 sovs. The Directors made the manager a handsome acknowledgment, but agreed that exchango on cheques was so far only a failure.