NEW BANK NOTES

Dominion, Volume 27, Issue 251, 20 July 1934, Page 10

NEW BANK NOTES

Reserve Bank Issue to Appear on August 1 SOME STRIKING DESIGNS From August 1 the public will be handling crisp, new notes of the Reserve Bank of New Zealand. Bundles of £1 and 10/- denominations have already been distributed by the Reserve Bank to the offices of the trading banks in the main centres. The trading banks will be responsible for placing a supply with all branches, ready for issue on August 1. The issue has the unofficial approval of bankers, who are judges of the practical value. Both the £1 and 10/notes are of the same size, about that of the ordinary note now in circulation, and both have a colouring which makes imitation difficult. The paper is strong and the notes should be easy to handle. The 10/- note is the more striking, the prevailing shade being a warm henna, which merges to pastel shades in the centre, with a diffusion of jade green. The £1 note is done in deep mauve, again with the pastel effect in the centre. The colouring is effective and at the same time tends to discourage forgery. The design, which is the same in both notes, is simple rather than excessively ornamental. On the lefthand side of the face is a kiwi and on the right a portrait of Tawhiao, the Waikato “king,” a picturesque figure in New Zealand history. “The Reserve Bank of New Zealand” is printed in plain capitals across the top and there is only one signature to the note, that of Mr. L. Lefeaux, the first governor. The centre design on the reverse is a representation of Mitre Peak, flanked by large size printings of the denomination of the note. The £1 and 10/- notes are the only ones yet received by the banks, but it is expected that £5 notes will be available before August 1. It is undeistood the present issue is a temporary one and presumably the permanent issue will bear the signature of the chief cashier. The issue means a considerable amount of checking and clerical work to the banks and the officials hardly relish the prospect of going through the same process again. When the new notes are issued, the familiar notes of the trading banks will he withdrawn from circulation as they are presented. On the completion of the change-over, the work of cancelling worn notes will lie with the Reserve Bank. This is likely to lead to a cleaner note issue as the distributing and issuing processes will be divorced.