FEDERAL NOTE ISSUE.

Dominion, Volume 3, Issue 865, 11 July 1910, Page 7

FEDERAL NOTE ISSUE.

FOUR MILLIONS FOR A START. hy Telegraph— Press Association—OoDrrlcSi Melbourne, July 9. In tho Federal House of Representatives, the Prime Minister, the Hon. A. Fisher, stated that tho first iEsuo of Commonwealth notes would represent four million pounds. Mr. Fisher also stated that tho question of a decimal system of coinage would receive consideration during this Parliament.

MR. FISHER'S PLAN

Power will be taken under tho Federal Prime Minister's forthcoming Bill (states tho "Age") to issue 10s. notes as well as .£1 notes, but at tho outset of the scheme there will bo no notes in circulation of a lower denomination than one pound. Tho Government does not intend to wait until it ha« all its plant ready for a complete new issue- of Australian notes. When the proposed law is pasted it will coino swiftly into operation. The Government will take over the private banks' unsigned paper; will put a stamp across it and tho necessary signatures, and will then issue it us Australian notes. Gradually tho State paper of Queensland and the private batiks' paper will bo replaced by new, small and con-veniently-shaped Commonwealth notes. The Prime Minister's method of banishing other paper currency is tho imposition of a prohibitive tax. The note circulation of the private banks in Australia la=t .year amounted to .£3,510,621), and in addition Queensland had a State noto issue of .£1,551,000, making a total of five millions.