DECIMALS 'PAINLESS, FUN'

Press, Volume CV, Issue 31027, 5 April 1966, Page 3

DECIMALS 'PAINLESS, FUN '

(N.Z. Press Association) PALMERSTON NORTH, April 4. “Decimals can be fun. During the change-over to decimal currency there will be lots of gimmicks around, lots of advertising stunts, and I don’t anticipate any strife or grief,” the Under-Secretary of Finance (Mr Muldoon) told the Rotary Club at Palmerston North today. It would be a co-operative effort, with various sections of the public working togeth-

er, and it would be painless to the public, Mr Muldoon said. When it was completed New Zealand would have a more effective currency system, he said. ‘‘As Britain was changing to decimal currency in 1971 it was imperative that New Zealand should change first. “Britain would be our only source sterling office machinery. It would not continue marketing sterling office equipment just for New Zealand and we would find it impossible to get our requirements.” Mr Muldoon said. The obvious time for the change-over was after Australia. It apoeared to have been the right decision, he said.

The newspaper polls on the coin designs provided the first opportunity the public in any country had had to choose coin designs. The Government now had a clear idea of the choice of coins, he said. It was hoped the Reserve Bank would soon release its designs to the public. Mr Muldoon said he was quite confident that its designs would be acceptable. The profits from the coinage account would offset the cost to the Government of the change-over. Quite a lot of silver would be reclaimed from coins still containing silver and much copper—about 1100 Ums—would be reclaimed from bronze coinage About half the half-crown nieces were out of circulation because of hoarding.

Commerce and industry would get the benefits of the change-over when there was a smoother flow of currency, he said. For the individual the period of difficulty with the new system would be relatively short. People in the retail shops, accountants and transport workers would be the ones to have trouble, he said. In the next 12 months there would be lectures and seminars throughout the country for retailers and the public, but especially for the retailers. Mr Muldoon believed the effect on prices would be negligible. Bread, milk and other staples would have to be looked at from a central point, but again he thought the effect would be negligible.