Importance Of Small Change

Northern Advocate, 17 November 1941, Page 7

Importance Of Small Change

(N.Z.E.F. Official News Service). CAIRO. Oct. 24. New Zealand soldiers when on leave are at present experiencing considerable difficulty making purchases on account of a serious shortage of small change. Recently, notes were introduced to the value of 10 and five piastres, worth about •two shillings and one shilling respectively. This relieved the demands on silver coinage to a great extent, although the possession of large bundles of such note money gave cne an uncomfortably false sense of financial stability. Now, the main trouble is finding coins of the smaller denominations, such as half-piastres, one piastre and two piastres. These coins should of necessity be plentiful, as they serve the yame purpose as our pennies, threepenny and sixpenny pieces in New Zealand, and so come in l'or considerable circulation. The shortage of small change in Cairo has reached such a state that the Government has had to take steps to counteract it. These include increasing the penalty for speculating in change to a term of six months’ imprisonment. At the same timd a fine of 10 times the amount involved can be ordered by the military courts. It is considered that while the shortage of small change is in part due to “ignorant people who would rather have coin than currency notes,” speculators have had a lot to do with it. Trucks cf Ccin Seized It is reported in the Egyptian Press that recently a truck loaded with coin was stopped on the Alexandria road. A car with a smaller load was seized the same day. In both cases the police were able to trace the speculators who were arrested and are to be prosecuted. Again on the same day the Cairo police arrested 10 persons who, it is alleged, were charging a fee of 10 piastres to change a pound note. This represents a 10 per cent commission. The news that the Cairo Governate was bringing out supplies of nickel and bronze coins was received with enthusiasm. A huge crowd packed Bab-el-Khalk Square and cheered when two taxis appeared bearing the money. Small change was given for about £SOOO and nobody received more than 10/- worth. It was stated that the Governate would continue to do the same for the next few days. At the New Zealand Forces Club in Cairo the coinage position was for a time almost acute. Foodstuff's sold at the club, including teas, sandwiches and cakes, are of a small nominal value and this presented considerable difficulty. Practically everybody presented notes in payment of their purchases, and the problem as to what to do for change had the management very worried. As a temporary solution soldiers were offered matches or some such articles in lieu of small change, but this does not suit everyone's requirements, especially on a soldier’s pay, which generally has to be husbanded carefully. Unfortunately, it was rather difficult also for the members of the W.W.S.A. who are now employed at the club. Strange in the first place to the Egyptian currency, they had the added worry of “no change.” Actually the young woman who has taken over the job of cashier had the bulk of the worry, but she seemed to manage to solve the" difficulties remarkably well.