SHORTAGE OF SILVER
-SMUGGLING DETECTED. A SERIOUS POSITION. f Special tn "Northern Advocate. WELLINGTON, This Day. Wellington investigations into the shortage of silver confirm the .statement that l the banks are becoming seriously concerned. The regulations were made drastic, and confiscatory powers wore given recently in the hope of preventing the smuggling of silver coins, which pass at their face value in England, One ingenious method —now obsolete because it was discovered—was to post a large number of newspapers overseas, each containing a number of half-crowns. iShort of the drastic search of the person and luggage of everyone leaving the country, there seems to be no way of stopping this form of smuggling. There may be heavy penalties for those unlucky enough to be caught, but apparently the game is considered worth the risk.
“By the end of the current year,’’ remarked one banker, “I estimate that somewhere about £250,000 in .silver will probably have left New Zealand. That will represent a total profit of some £OO,OOO divided amongst those who have been game enough to take the risk."
Inquiries in Government quarters show that there is no immediate prospect of increasing New Zealand’s supply of silver coins.
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Bibliographic details
Northern Advocate, 3 May 1933, Page 6
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198SHORTAGE OF SILVER Northern Advocate, 3 May 1933, Page 6
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