NEW COINAGE ISSUE

Hawke's Bay Tribune, Volume XXIII, Issue 74, 9 March 1933, Page 10

NEW COINAGE ISSUE

WILL NOT DEBASE CURRENCY. Ml NI ST ER’S ASSV R A N CF.. (From Our Special Parliamentary Reporter.) Wellington, March 8. There is no intention on the part of the Government to debase New Zealand currency as a result of the proposal that New Zealand should have its own issue of silver and copper coinage. A statement to this effect was made by the Minister of Finance (the Rt. Hon. J. G. Coates) in the House of Representatives to-night when replying to the third reading discussion on the Finance Bill. Mr Coates said that for years past the New Zealand ’Government had looked to the master of the Royal Mint for guidance in questions affecting the issue of coins in New Zealand. So far as the negotiations which had already taken place were concerned, the position was entirely satisfactory. Mr Coates again referred to the difficulty of enforcing regulations preventing the export of silver from New Zealand and said that shortly he would ask the House to consider further proposals dealing with this subject. He assured the House that there was no intention to debase Now Zealand currency as a result of the negotiations which were at present proceeding, and lie expressed regret, in view of the delicate nature of the negotiations which were at present proceeding with the master of the Royal Mint, that it was not possible to give members any more information than he had already given.