SMALL CHANGE

Hauraki Plains Gazette, Volume 51, Issue 3151, 3 August 1942, Page 4

SMALL CHANGE

NOW IN SHORT SUPPLY INCREASE IN DEMAND HABIT OF SAVING SMALL COINS With the uncertainty of ship, ping, aggravated by the rise in prices, a shortage of small change is being experienced in Paeroa. Although the position is not acute, banks have found it necessary to exercise care in issuing small change and to conserve it as much as possible.

The manager of a Paeroa bank stated recently that the main reason for the position was the uncertainty of the Reserve Bank being able to obtain supplies from the British mint, owing to the shipping position. This was accentuated by the rise in prices, in such commodities as beer and other spirits. Hotels needed a large supply of pennies and threepences to serve as change. That was only one example of the bigger demand for small change.

Worse With Coppers

Coppers were more in short supply than threepences, said another bank official. He thought the use of copper for war purposes had something to do with it. His bank had not introduced any definite rationing scheme, but did not supply unlimited quantities of coppers to customers . He pointed out that -the price of tobacco and cigarettes, chocolates and many other lines had. increased the demand.'

Asked whether it would be possible that metal tokens might be used to ease the position if it became worse, a bank manager said that would be a matter for the Government to decide. Fiji had run out of silver and had been issuing notes of one shilling, two shillings and five shilling denominations and some had been tendered in Paeroa. They had also borrowed notes from New Zealand and stamped them “Fiji.” Out of Circulation Apart from the reasons already quoted, it was pointed out that coppers and. threepences found their way into moneyboxes and were often out of circulation for a long period. Many people had a habit of hoarding threepences in particular. Sometimes they saved them with a definite object, that of buying some article when they had saved enough, but others collected them on the principle that “Take care of the threepences and the pounds will take care of themselves.”

An instance was quoted of a person with a large bottle of threepences who, when asked why she' did not take it to the bank ,said she was waiting till it was full. ‘Then she would count them out and see how much the bottle held. This element of mystery in connection with such hoarding added interest and incentive. It was suggested that the public could help a great deal if it supplied the banks with any coppers and threepences which they had on hand.