SCARCITY OF HALF CROWNS

Hokitika Guardian, 17 July 1931, Page 8

SCARCITY OF HALF CROWNS

AUCKLAND BANK IMPOSES LIMITATIONS. AUCKLAND, July 14. Half-crowns are scarce in Auckland The cause is believed to be that many people, leaving New Zealand are taking as much silver as possible, and that, us half-crowns are exclusively of British mintage, they comprise the bulk (■f-the silver leaving the country. At least one Auckland bank found it necessary to impose a limit on the number of half-crowns it- issued to firms for paying the weekly wages.bill. Since the 10 per cent cut in wages became general, there is a greater demand for silver, because many whose salary used to be computed in even pounds now find silver coins in their pay envelopes. “We are trying to meet the wishes of our clients as far as possible hut we would also like them to meet us, even at some little inconvenience to themselves,” said the accountant of the bank which has imposed restrictions on the issue of half-crowns. “The position is that we are trying to build up adequate supplies of half-crowns to assist our clients when the Christmas rush sets in..'lf we di.d not thke such a precaution during the slack part of the year we would not be able to cope with the situation later. Our* branches also, make a heavy demand on our supplies of hall-crowns toward the end of the year.”

MAY BE CONFISCATED. j.iio regulations provide that if silver coin is imported into or‘exported ironi New Zealand, without the consent of the Minister of Finance, the money may he conliscated. A case was reported recently as a result of which 1:430 was seized from a passenger leaving Wellington by the Uliinaroa for fcydney. “That is only one instance of what is happening,” said the bank official. “There is a strong suspicion that others attempting something of the kind have not been detected. But, even if tiios'e leaving the country kept within the limits, the amount of silver they take makes a considerable inroad on the supply of/ half-crowns. Passengers for England, ’in particular, do not want Australian-"coins, owing to the exchange position,’arid, to make doubly sure, they are apparently taking only half-crowns, a coin which is not minted in Australia.” , No concerted action is being taken by the hanks to conserve the supply of half-crowns, but it is anticipated that most , banks will have to practise a «nrt of hoarding policy in. order to meet the brisker demand from clients later in the year.