SILVER DEPLETION

Evening Star, Issue 21354, 7 March 1933, Page 3

SILVER DEPLETION

HEAVY PREMIUM IN AUSTRALIA COSTS £1,00.0,000 ANNUALLY TO REPATRIATE [Pm Uxitid Press Association.] WELLINGTON. Alareh 6. “ The existing supply of British silver in New Zealand will soon lie depleted unless the Treasury regulations governing the importation of our coinage are amended and strictly enforced, ’•< declared Air O. C. Alazengarb, a Wellington solicitor, who returned by tha Alonowai to-day from a visit to Australia. . “ Before the rate of exchange was raised to a parity with that of Australia,”’Air Mazengarb said, “various currency exchanges in Sydney did considerable business in the purchase of gold and bank notes,' as our paper money could be exchanged at par in. Australia. These agencies are now directing their attention to our silver coinage, which is British, and offer a premium of up to 3s lOd for every pound of silver. In consequence tha only change available on a vessel sailing" from the dominion is Australian currency. Australians returning to tho Commonwealth and the crews of vessels exercise their full, rights under the regulations by taking £2 of New Zealand coinage, and some exceed this allowance, tempted hyV the prospect of pro- ’ (liable- business.” -j * . Silver coinage to dhe value of some hundreds of pounds. Mr Alazengarb said, leaves the dominion by every mail steamer, involving the country in an expenditure of probably £1,000,000 a year to repatriate-it. ~ -' V ;