SILVER COINING

Waikato Times, Volume XXXVII, Issue 3012, 3 November 1891, Page 2

SILVER COINING

Whkn* the Imperial Government concedi (1 first to Sydney imd then to Melbourne the right Lo coin ivereigns, the e inci s ion, in-lead of cs'ing tho Mother Coiinrry anything, wis a financial benefit to her. Tho l)i iti-li sovereign is intrinsically wnrih, all the world over, tho amount which it leine-'.eiis itself to be value for. The inevitable, cei -'fjuen .'e of this is pecuniary Ims; the metil of which t.tio sovereign is made is worth fl sterling; the (■■■St of coming it is so much dead loss. The Australi hi branches of the Koyal Mint; have tliu gold ready to hand for coining, but they als .1 lose, and lose heavily, 011 their coinimr operations. The Melbourne Mint costs Victoria annually about £'5,000 iu hard ctsli, .and will continue to do fo as long as present conditions remain unchanged. lint why should they remain so i.t pr.-sent? Sii ver coin ige is highly profitable ; th» ounce of coined Lritish silver represents 0-, while bar silver if worth only 3s 10 1 per oz in London. Australia ia now one of iho Kieitsilvei producing countries iu tho world, and yet she has to export her pure metal, and to import her silver coinage, losing heavily 011 the transaction. The Imperial .Mint piys expenses out of silver coining, while tho Australi.il) branches sulfer an undiluted loss from their soverei'.:n out-put. Wo use a good dual of silver coin in Australia. Victoria alone imports enough to secure the Jmpetial Mint an annn d profit of £11,000, and moreover her people have a good deal of trouble with defaced tnd worn coin, which must bo sotit to England before it can be realised upon. The remedy is simple, and the Premier intends to propone it and to soenre the support of New South Wales, which is equally interested in the mintage questiou, for his request to the Imperial Government that Australian Mints be allowed to coin silver as well as gold. There can bo no rational or equitable objection to the innovation, which would make the Melbourne Mint a profitable instead of a losing concern. changing an annual loss of £5,000 011 its operations i.ito a net profft of £'0,000, as well as greatly conveniencing the ineicantile community. Duo precautions should, of course, be taken against the over-issue of Australian silver, and to secure Iho Imperial Mint from any responsibility in connection with worn, light, or defaced coin ago from our mints. Though the Imperial Government would lope something by the innovation, the equity and reasonableness of the pioposils are sufficient assuranco that they will not, having previously concoded all the princ ple involved by granting permission to the colonies to coin their own gold, demur to the authorisation of silver coinage also.—Melb airne Leader.