Use Of Dollars Will Be Return To Past

Press, Volume CVI, Issue 31224, 23 November 1966, Page 2

Use Of Dollars Will Be Return To Past

When New Zealand adopts dollars in July next year, it will be more than a concession to a world-wide trend—it will be a return to the past.

In the very early days of New Zealand, the official currency was the Spanish dollar, Mr O. R. Haddock, an official speaker in Christchurch for the Decimal Currency Board, told a course for housewives organised by the Workers’ Educational Association yesterday.

Spain used the dollar long before America was discovered, and early in New Zealand history, ships of the Royal Navy transacted business in the Spanish dollar, then universal currency.

In his address, “Decimal Currency and How it Works,” Mr Haddock traced the history of coinage from the sixth century to the present day.

New Zealand’s -present system, which dated to the eighth century, had "growed like Topsy.” It was very cumbersome and only worked because of common usage, said Mr Haddock.

Termed sterling, the system worked in units of two, 12, 20 and 24. Decimal currency, based on a unit of 10, was much simpler. Each school class would gain an average of 75 teaching hours each year, and decimal currency also would save

considerable effort in shops and offices.

Expediency was the reason for the change. If New Zealand did not change next year it would certainly have to change in 1971. Already 99 per cent of the world had adopted a decimal system, although the basic unit varied. Plans for the change were well advanced. Success depended on each individual. About 63,000 business machines had to be converted, but the board had acquired 20,000 obsolete machines from Australia which could be lent while conversion of the old machines was effected.

Fortunately, too, there had been an influx of mechanics from Australia, who had come to help with the mechanics of the change, attracted by the possibility of overtime and plenty of work. Machines using the metric system would not be compulsory for 18 months, said Mr Haddock. Therefore housewives were warned that some retailers would use the old currency and they would have to watch their change. Assured by one member of the audience that housewives would not patronise retailers who used the old currency, Mr Haddock said that was exactly what he hoped to hear. Decimal currency had been discussed by the New Zealand Government as early as 1934. At that time the change would have cost £500,000. Today, it would cost £4,500,000. All retail firms would use a pricing system from March next year so customers would have four months in which to learn to think in dollars and cents, he said.