THE COINAGE BILL

Hawke's Bay Tribune, Volume XXIII, Issue 276, 4 November 1933, Page 8

THE COINAGE BILL

INTRODUCED IN HOUSE. PROPOSED SPECIAL ISSUE. By Telegraph—Press Association WELLINGTON. Nov. 3. Seeking to replace the Imperial legislation by local legislation in anticipation of tho issue of special New Zealand coinage, the Coinage Bill was introduced in the House of Representatives to-day and read the first, time. In the Finance Bill last year a clause was enacted giving preliminary power to the Government to arrange for the minting of New Zealand’s own silver coinage. The Coinage Bill is a machinery measure designed to give effect to tliis purpose. It sets out specifications regarding the size, weight and fineness of the new coins. The specifications will in each case be the same as those of the present English coins, but there will bo distinctive designs. The bill empowers tho Minister of Fninance to issue silver coins ui tne following denominations: Crown, halfcrown, florin, shilling, sixpence and threepence. He may also issue bronze or cupro nickel coins of such denominations as may from time to time be determined by proclamation. The cost of all coins made and of their issue is to be paid out of the Public Account. Tho usual provisions are hiade regarding the legal tender of the different coins. The new coins will be legal tender at once. The present coins will remain legal tender until a 'date to be fixed by proclamation. The Governor-General is empowered by proclamation to determine the dimensions and designs of any new coins, to determine the weight below which a coin is not to be current, and to call in any coin of any date or denomination. Mr. C. A. Wilkinson (Indept. — Egmont) asked whether there was liny provision under the bill with respect, to the retirement of English silver, and what was to be done with the profits thus derived; also, what was the position with respect to Australian silver? The Rt. Hon. ,T. G. Contes said that the bill merely contained machinery legislation setting out the weight, size and fineness of New Zealand coins to be used as legal tender. He would during tho second reading give an outline of how it was proposed to retire coins other than those of New Zealand manufacture.