EFFECT OF DECIMAL £

Press, Volume CI, Issue 29776, 20 March 1962, Page 6

EFFECT OF DECIMAL £

“Symbol” May Be Lost (N.Z. Press Assn.-Copyright) LONDON. March 17. If Britain changed to decimal coinage, the disappearance of the pound at its present value might have a serious effect on international trade, according to the March issue of Barclays Bank D.C.O Overseas Review, quoted by the “Financial Times.” The review discussed the possible unit for a decimalised currency and said it would be prefereable to choose the penny as the base and have a new unit worth 100 pence or 8s 4d. The Barclays review said: “The really serious—if not insurmountable—objection to the IOOd unit would be the disappearance of the pound “To the British, this would be much more than a sentimental loss. What was once 11b (pound weight) of silver has come to be a symbol of pride, and its withdrawal might have serious material repercussions on an international scale. “Over two-fifths of the world’s trade is at present transacted in sterling and any '•change in British currency might cause a diminution in this share: this would bring losses not only to the City, but also to shipping and possibly to all exporting industries.

“It is almost impossible to foresee how great a risk is involved: it can be said with confidence, however, that it is negligible if the pound sign remains with an unchanged