Decimal Currency Plans

Press, Volume CII, Issue 30107, 16 April 1963, Page 12

Decimal Currency Plans

(AZ Press

WELLINGTON, April 15. Establishment of a committee representing all Government departments and the many business, financial and banking interests that would be affected is expected to be the first step the Government will take in switching to decimal currency by 1967. The committee would be charged with deciding details of the switch.

The sums specified in pounds, shillings and pence m al) sorts of documents such as mortgages, leases and agreements would have to be covered by special legislation in order to maintain their force

Statistics issued in present currency would need conversion to be of ready value after the change A host of vending machines would re-

quire replacement in part or in whole If coin sizes are to be changed too. local bodies would need to change their parking meters, and quite apart from the cost to the ratepayers there would be the question of using foreign exchange in securing new models

The Government already has a clear picture of how the change was made .n South Africa, where two years ago the ten shilling note became the rand as the major unit of currency A seniot investigating officer of the Treasury Mr S Greenberg, was sent to South Africa to study and report on the operation.

In New Zealand, the dispensing of drugs and preparation of doctors* prescriptions have been switched to a decimal system with no reported disruption and certainly no slackening m the ovb’ir annetite foi drugs The Minister of Finance 'Mi Lake) has said it will not be known until after the oubhcation of* the Halsbury report whether Britain will switch to decimal currency or not In December. 1961. the then Chancellor <Mr Selwyn Lloyd), said the Government

had decided to do so in principle, but would reserve its final decision until after the committee had reported. The British Government did not include within the terms of reference any instruction on the question of switching tc a metric system oi weights and measures, as might have been expected in the current enthusiasm foi British membership of the European Common Market at that time

In the next four years a distinctive name will have to be found for the upper unit of New Zealand currency The authorities will also have to decide whether to leave the lower unit as a penny or find some new name for it

The former AttorneyGeneral, Mr H G. R Mason, who has long advocated a switch to decimal currency, has suggested that the main unit of currency should be called a ‘zeal ” Some of his admirers have ■suggested that it should be called a “rex." one of Mr Mason’s three Christian names, as a tribute to the vigour with which he has advocated the change Other suggestions put forward from time to time have been “tui” and “fern.”