Manwatu Evening Standard. Circulation, 3,500 Copies Daily. THURSDAY, APRIL 7, 1910. NEW ZEALAND'S COINAGE.

Manawatu Standard, Volume 9184, Issue 9184, 7 April 1910, Page 4

Manwatu Evening Standard. Circulation, 3,500 Copies Daily. THURSDAY, APRIL 7, 1910. NEW ZEALAND'S COINAGE.

j The policy of absolute independence adopted by the Government of the Dominion in its relations with Australia does not always operate to the advantage of New Zealand, and it appears that this will be strikingly ilj lustrated in connection with the pro- ' gressive decision of the Commonj wealth authorities to coin their own silver. When arrangements were beI ing made to do this it was urged that New Zealand should come to some I agreement whereby the Dominion's interests would be conserved. It was known that the profits from the silver coinage would be large, and that it would be difficult to prevent its circulation in New Zealand. But in pursuance of the idea that this country must remain in a position of complete isolation from its nearest neighbour no action was taken to secure some of the benefits that will accrue from the facilities that are to be provided. Now the Australian arrangements have reached a stage when the new coinage is about to pass into the currency. At first the coins arc to be imported from England, but as soon as possible they will be minted in Australia. There will shortly arrive in the Commonwealth £200,000 worth of shillings, florins, and sixpences, the first instalment of which (£75,000) came by the Omrah this week. The profit on the coinage belongs theoretically to the King, but actually to the Government, and on the Commonwealth coinage the Commonwealth Government makes about 4jd in every Is. New Zealand has to pay Is for every shilling of the British coinage, and the profit goes to the British Government. It is therefore stated that the banks of New Zealand will refuse to accept the Australian money, since this country gets none of the surplus on their manufacture, and the Government is tinderstood to support this attitude. New Zealand, of course, has every right to expect that part of the revenue from the coinage should be paid into the funds of the country in which the money circulates, but there is no exruse for the failure to come to terms with the Australian authorities. Two courses are open to the Dominion. It :an either arrange t-o set up its own

mint and commence to turn out its own coins, or it can demand a share of the enormous profits that the Commonwealth will make. The first is likely to be an expensive solution of the difficulty, since the requirements of a millioii people arc not large enough to warrant a separate mint, but negotiations should immediately be entered into with the Australian Government for the payment of a percentage of the profits in return for the legalisation of Australian money in New Zealand.