DIRTY BANK NOTES.

Evening Post, Volume LXXV, Issue 123, 25 May 1908, Page 2

DIRTY BANK NOTES.

WHAT THE BANKS SAY OF THEM. 1 The secretary, of the Wellington Chamber of Commerce recently wrote to the genera' managers of the banks doing business in Wellington forwarding a complaint of the chamber against the practice of the baaiks in keeping in -circulation notes which, by reason of old , ago, hard wear, and unpleasant associations had become unfit for public use. The managers of the banks have replied 1 , and the banking idea will be best shown by extracts froia their communications, as under:— w v "For the two years ended 1905-6," says one, "we burned no less than 87,000 and 84,000 notes respectively, and we have on hand at present a further 64,000 awaiting destruction." Another writes : "All notes returned to us, either by the public direct or other banks, are eerutinised befor-9 re-issue, and any deemed unfit for circulation are withdrawn. " The writer points out that the banks have boon twitted m ith the practice followed by the Bank of England, but -he remarks that the Bank of England is not in* th« same position as the New Zealaand banks, which have to pay a tax of 2 per cent, on their note circulation, repiesenting in the aggregate an amount for the Dominion of £32,000 per annum. "No other bank," the writer adds, "does the same as the Bank of England (that is, destroy a note as soon as it is presented). In Queensland, where all notes are issued by the Treasury, and there, ia no bank issue, the condition of the notes in circulation would compare quite uni favourably with those of the banki now in circulation in New Zealand." Another says that "in order to remove as far as wo can any possibility of there being any ground for complaint, fresh instructions are being issued to our officers." "We are doing what we can to keep the circulation clean," writes another manager, "and aa evidence of this' I would here mention that during last month 22,000 £51 notes were cancelled." Another ono writes ; "Instructions were given some time ago to see that the ifsue of notes was kept clean, and to the- best of my belief these have been carried out. I shall, however, again enjoin- managers to be particularly careful to withdraw from circulation all dirty notes as they are presented*" Still another remarks : "I would suggest that the Chambers of Commerce who cojiplain should be asked to produce fcpecimcns for inspection by the separate heads of the ba;iks in Wellington."