Currency Unit Suggestions

Press, Volume CII, Issue 30156, 13 June 1963, Page 12

Currency Unit Suggestions

(From Oui Own Reporter) WELLINGTON, June 12

New Zealand is preserving an open mind as to the name to be chosen for the unit of decimal currency to be introduced in 1967. Sheafs of letters are being delivered at the office of the Associate Minister of Finance (Mr Seath). •’There seems to be a lot of interest in the subject.” said Mr Seath tonight. "In the last three days more than 100 letters have arrived containing various suggestions. We are grateful for these suggestions, and each letter will be acknowledged." Mr Seath is chairman of the Cabinet committee which will study the new system and make recommendations

on the date and manner of its introduction. The committee, which has not yet met. will probably make the choice as to the name of the currency' unit.

Many writers advocate the retention of the pound as a name for the basic unit, with shillings and pence as names for coins. A great deal of support has been given the word dollar —and a number of writers advocate the royal, which is the choice of Australia.

One of the most interesting letters comes from a foreigner living in London, who has enclosed drawings of Engilish banknotes, with the suggestion that the name "centuple” could be imposed on them.

Another letter suggests “roto" (the Maori word for lake) as a tribute to the

administration of the Minister of Finance. A writer who forwards a lengthy list of suggestions mentions “huka” (the Maori word for foam), “to remind us of inflation.”

The head of the Romney sheep should appear on the face of one of the hew coms when New Zealand changed to decimal coinage. Mr K. N Allen, retiring president of the Romney Marsh Sheep Breeders' Association, said in his address to the annual meeting in Timaru today.

Australians were conscious of the £316 million the Merino represented in export earnings to their country and the Merino featured on one of their coins.

“The Merino is real gold to Australia and so is the Romney to New Zealand,” Mr Allen said.