‘Wait For U.K. To Name Decimal Unit’

Press, Volume CIII, Issue 30481, 1 July 1964, Page 1

‘Wait For U.K. To Name Decimal Unit’

(New Zealand Press Aitociatlen)

DUNEDIN, June 30.

New Zealand should postpone the final choice of its major unit of decimal currency until Britain showed its hand, said Professor W. L. Taylor, visiting professor in economics at the University of Otago.

Professor Taylor, a graduate of the University of Otago, has been professor of economics at the University College of Rhodesia and Nyasaland since 1957. He was a member of the federation’s Decimal Coinage Commission. “There are cogent reasons why New Zealand should go into decimal currency,” he said today. “My .quibble is with the choice of a major unit.” The pound should not be lightly discarded in favour of the ten-shilling dollar system. Why should New Zealand adopt a ten-shilling system when it could retain the advantages associated with the present name “pound?”

“And if you have to go to the ten-shilling system why choose ‘dollar?’ This is very unimaginative. You want something: quite distinctive for New Zealand for trading purposes.” While New Zealand was committed to a change to decimal currency by 1967 it could afford to postpone the final choice on its major unit until Britain made its decision. This was likely to be imme-

diately after the election, and the evidence pointed to Britain decimalising on the pound. The reason why New Zealand should await Britain's decision was that Britain would continue to be New Zealand’s main source of external capital, Mr Taylor said.

He thought both Australia and New Zealand had been swayed in their choice of the ten-shilling system by the example of South Africa where the decision to break the association with the pound was political. Professor Taylor has been in Dunedin since February. He will leave on Monday to join a United States mission to the protectorates of Swaziland, Bechuanaland and Basutoland.

The mission will advise on the reconstruction of the educational system of the three countries.

Improvement—There has been a “progressive improvement” in the condition of Mr Shastri, the Indian Prime Minister, who was taken ill on Friday.—New Delhi, June 30.