AUSTRALIAN COINS NO LONGER N.Z. LEGAL TENDER

Grey River Argus, 25 August 1948, Page 5

AUSTRALIAN COINS NO LONGER N.Z. LEGAL TENDER

F.A. WELLINGTON, Aug. 24. Fending the fixing of an exchange race a amount of Australian coinage in circulation in tne nonunion, luc tiading oanxs are not accepting it for exchange or lodgment. inis was stated by the Chief Cashier of the Reserve Bank, Mr T. P. Hanna, to-mgnt. Ausuauan currency was nut itigai tender m New Zealand, though its use had been permitteu, uv ’ine trading banks, according to’ a statement by the chairman of the Asoociateu jsanKs, iVfr A. I. is. Jones, tonight, have in the meantime, authorised their branches to accept up to £2 m Australian silver coinage, apart ironi me suni aiiowea in nutes xrum nona ride travellers for exchange at me nev< rate. The Wellington City Tramways Department has instructed its conductors not to accept Australian coins, similar action has been taken r by many retail snops and taxidrivers. Tile rraniways Traific Manager, Mr L. B. rtooinson, said the Department’s bank had informed him that Australian coms were worth only their depreciated value, the florin oeing now worth Is 7d. Someone had to carry the loss, said Mr Robinson, and there was no reason why the Tramway’s Department should do so, especially since a large sum might be involved, 7no conductors therefore were instructed not to accept Australian money until the position was clarified. The first conductors’s box opened this morning contained more than 10s in Australian coins, which hitherto always had been accepted as legal tender.