THE MONEY QUESTION

Evening Post, Volume CX, Issue 34, 8 August 1925, Page 8

THE MONEY QUESTION

DOLLARS AND DIFFICULTIES.

Difficulty was experienced by many American sailors in Australia and may be in New Zealand, on being paid in British when changing American notes. At places where purchases have been made shopkeepers are generally willing to accept American notes. Several of the men complained that in Australia they have received as low as 3s 6d, and sometimes Ices', for a dollar. The normal value of a dollar is 4s 2d, but this will be subject to a small charge for exchange. The banks in Kew Zealand will exchange United States gold coin and currency notes for the men from the fleet at the following rates:—

For the benefit of the American sailor it,may be stated that four single shillings and one penny or two-shilling pieces and one penny are the equivalent of one dollar in New. Zealand. One penny is the equivalent of 2 cents, a threepenny piece of 6 cents; a sixpenny piece of 12 cents; and one shilling of 24 cents. Half-a-crown is worth 60 cents. One sovereign is worth five dollar* and twelve cents.

Unscrupulous persona in Australia took advantage of the ignorance of the American sailors in the exchange of money to defraud them in the exchange of coinage. The similarity of the £1 notes to the 10s notes was used to cheat the visiting sailors of half the amount of money they should rightfully have received when changing sovereigns, in exchange for which 10s notes were given iv several cases.

The sailors would be well advised when changing British sovereigns to carefully examine the notes they receive. For a sovereign (20s) they should leceive two ten-shilling notes, and they should first read the denomination of the notes. If they desire silver, they should see that they receive for each sovereign eight half-crowns (2s 6d each), 10 florins (2s), or 20 shillings. Sovereigns were not popular with the men of the fle-;t when in Australia. When the vessels were approaching Australian waters arrangements were made for them to convert their American notes and coinage into Australian money, and those who so desired were paid on the arrival of the slups in sovereigns and silver currency, .tf'rorn the fact that, according to an American officer, the lowest paid of the men—the apprentice seamen who receive about 24 dollars (nearly £5) a month—had established credits on the ships amovnting to between 150 and 200 dollars, it will be seen that the amount paid in gold*to the seamen was very large. The California arrived in Sydney with a ton and a half of gold, representing 750,000 dollars., which is equal to about £150,000. This money was changed into sovereigns in time for the American sailors to receive their pay in Australian coin ■ before going ashore, when 4000 were released from duty. The gold was weighed on board by bank officers, who took 150,000 sovereigns with them.

£ .«. d. !0 dollars (double-eagle) 4 1 11 .0 dollars (eagle) ' 2 10 5 dollars (half-eagle) 10 6 2£ dollars (quarter-eagle) ... 010 3 1 dollar 0 4 1