SILVER COIN TRAFFIC

Evening Star, Issue 20853, 24 July 1931, Page 6

SILVER COIN TRAFFIC

GOVERNMENT DETERMINED TO STOP IT NO TAMPERING WITH CURRENCY [Fkom Our Parliamentary Reporter,] ' WELLINGTON, July 24. “The Government is determined to put a stop to oversea traffic in silver coin, and a serious view must be taken of breaches,” said Mr Forbep to-day, when commenting upon the newly gazetted regulation governing the importation and exportation of silver. Mr Forbes said the silver com was a token of coinage intended only for internal circulation, but it was found that the Imperial coinage was being sent to England, and the dominion was being flooded with Australian silver, wliicTi was not legal tender in_ New Zealand, for the purpose of avoiding payment of exchange. That was one of the ways by which Australians were oh-, turning exchange on London through New Zealand, with consequent unwarranted pressure on the , London-New Zealand exchange. In any case, the Government could not allow the currency of the dominion to,be tampered with in this way, which was contrary to public interest, and prejudiced credit abroad. The amount wheih travellers were allowed to take away was intended to provide for their requirements on the voyage, and it was only logical that a person arriving in New Zealand at the conclusion of a voyage should, in tho ordinary course, have very little silver in his possession. • Hence the limitation of £2 on tho importation of silver coinj The Finance Act, 1931, provided that silver coin imported or exported in breach of the regulations would bo forfeited to tho Crown, and summary conviction for a fine of £SO.