TEN SHILLING NOTES

Gisborne Times, Volume LXXI, Issue 11326, 2 October 1930, Page 5

TEN SHILLING NOTES

CANNOT BE ISSUED BY P.O

SAVINGS BANK

SPECIAL SILVER COIN SUGGESTED

fl'ro-is Association.) WELLINGTON, Oct, L

Tu I lie House of Representatives tin's afternoon Mr Howard (L.) asked the Acting-Prime Minister whether, if the Associated Bunks decided to withdraw or curtail the issue of ten shilling notes. Cabinet would consider the question of issuing ten shilling notes through the Post Office Savings Bank.

Mr Ransom replied Unit the Post Office Savings Batik was not a commercial' hank, and tu use it for nolo issuing purposes would he quite *ifieompatiblo with its principles.- Ho added that tlio whole question of' note issue was being examined in the course of the review of tlie banking system now being undertaken. Mr Wilkinson (1.) asked whether in view of tho proposed curtailment of tho circulation of ten shilling notes tlio Government would consider arranging with tho Imperial Mint authorities for tho special issue of a "silver coin suitable for Dominion requirements. Ho pointed out that this should ho a very profitable transaction. considering that an ounce of silver worth to-day 1/G would, when combined with an alloy to the present’ coinage standard, produce coins to the iaeo value of ten shillings. .

Air Ransom replied that the. Government did not propose to take any line of action that would have the effect of defeating its own. taxation measures. However, the point raised, insofar as profits on silver coinage were concerned, would ho looked into in connection „with the general review of tho hanking and currency question at present being made.