NEW ZEALAND COINAGE.

Press, Volume LXIX, Issue 20905, 12 July 1933, Page 15

NEW ZEALAND COINAGE.

to THE EDITOR O* THB F8139Sir,—.With regard to the footnote to our letter published in Saturday's issue, way we ask you to publish our reply to the statement in the "Evening Post, which was as follows: — . "With regard to the footnote quoting information obtained from tne Treasury attached to our letter puDlished in your issue of July 7, we are Blad to And that the Treasury confirms °ur estimate that new. silver coins coyld be obtained at a price averag* , ing less than 63 8d in the £, which on the £2,000,000 would give the Government more than £1,400,000 profit This being the case, the public will ftsturally wain to know why the com-

mittee did not recommend the Government to obtain new silver coins and leave the operation of Gresham'e Law to dispose ot the existing silver coinage." The justification of our suggestion of an undisclosed contract with the Royal Mint is indicated not only by the recommendation of the committee, but also by the reply of the Treasury imputing to the committee the statement that "redemption of the whole of the existing Imperial and Australian coin at face value is not possible." It will be observed that the committee's report as published does not say that redemption at face value is impossible. but that it is "out of the question."—Yours, etc., H. L. GREEN, Director, Standard Engineering Co., Ltd. Wellington, July 10, 1933.