SILVER CURRENCY AND DECIMAL COINAGE.

Auckland Star, Volume XXXVII, Issue 96, 23 April 1906, Page 5

SILVER CURRENCY AND DECIMAL COINAGE.

(Received 7.22 a.m.)

LONDON; April 22,

Sir John Forrest, in ah interview, said the Treasury feared that the withdrawal of. more than", f 100,000 :in .silver cqihaga yearly would result- id. considerable, loss. Even at■- that rate it would take twenty years to iyithdraw the' two millions circulating in Australia; -. The continuance of two silver coinage circulations in that-period would be unsatisfactory. If the existing silver, currency were withdrawn, the maintenance of gold coinage, of -full standard weight ..now borne by the. Imperial mint would be-: come a burden.on' Australia, and it. would be necessary to decide upon how much of that coinage ;the obligation would rest. Besides, the establishment of different silver .currency <m.ight tend .to widen instead of tighten the-bonds of empire. Such currency would- require careful watching to avoid depreciation by reason of the excess of Bilver, or the public being inconvenienced through inadequate circulation. There was no likelihood of the United .Eingdohi establishing decimal currency in the near future. It had been agreed that the question of silver coinage and decimal currency should be submitted to the next Imperial Conference. Sir John. Forrest found financiers regarded-.'very favourably; the Commonwealth's status of credit. . '