OUR NEW COINAGE

Evening Post, Volume CXV, Issue 108, 10 May 1933, Page 8

OUR NEW COINAGE

Replying to "13.A." regarding the possibility of minting new coinage in New Zealand, "Mint it Here" writes: "It seems incredible that those citizens who venture to express their lack of laith in our people, have not the slightest conception of the capabilities of our present engineering industries in this country. In Xew Zealand we have hundreds of highlyskilled artisans, capable 'of . undertaking this type of work, who are wasting their time grubbing gorse roots under our 'employment relief scheme, owing to the inability to find suitable jobs. We have many thousands of pounds worth of the very latest machinery lying idle, owing to trade conditions and foreign competition, much of this machinery being suitable for use in connection with the minting of coins. We have also several silver-producing mines (exporting approximately 5,000,000 ounces of silver per year), which could be used in the minting of these coins. The establishment of this new industry, which is in reality merely a branch of our present engineering trade) will present no big difficulties, and once the decision is made by the Government, it will not be long before the mint is a reality^ creating a definite improvement in trade through the spending of the wages earned by those employed in the production of coins. To the writer's knowledge, there, are at least two firms in Wellington alone, with the necessary technical knowledge, who are prepared to tender for the minting.of the new coinage, and institute all the necessary safeguards and checks required by the Treasury. I understand that at present the New Zealand Government receives half the profits when the money is minted at the Royal Mint: If the minting is carried out in New Zealand it will receive all the profits amounting to approximately £1.500.000 as against .■ .-0750,000 from the-Royal Mint It is to be hoped that the Prime Minister TV-ill afford the local firms an opportunity of tendering* and not postpone this important decision until, it is so late that he will be able to say that 'in view of the urgency of tho matter we are forced to place our contract overseas, there being no facilities in the country to ensure the new coinage being available for use in time.' "