THE NEW COINAGE.

New Zealand Herald, Volume XLVII, Issue 14345, 15 April 1910, Page 6

THE NEW COINAGE.

ITS VALUE IN NEW ZEALAND.

WILL IT BE LEGAL TENDER?

r BY TELEGRAPH. —OWN" CORRESPONDENT.]

Wellington, Thursday.

There is considerable uncertainty in the minds of the public, and, in the opinion of the Attorney-General (Dr. Findlay), in the minds of bankers also, upon the position of New Zealand towards the new Commonwealth silver coinage. Dr. Findlay was interviewed by a representative of the Post in order that more light might bo obtained on the subject.

"It is highly probable," Dr. Findlay observed, "that the new coinage of the Commonwealth will not be legal tender in Now Zealand, because no coinage is legally current, ncr is legal tender in New Zealand, unless it is issued in pursuance of a Royal proclamation by the Mint in London, or by a colonial branch of that Mint established in the colonies.

"I am not yet in a position," continued Dr. Findlay, "to say whether the new Federal coinage remains in the same position as before the Australian Coinage Act was passed. That will depend . upon whether the Australian Mints still remain branches of the Imperial Mint, or whether they are now separate institutions, existing solely under Australian legislation. If the Mints have their former status the gold coinage in Australia will be legal tender here, but if net, i.e., if they exist entirely under Australian legislation, then the gold minted in Australia would not be legal tender here, for its issue in New Zealand would be an offence against section sof the Imperial Coinage Act. It will be seen, therefore, that as Australian silver coinage, although struck at the London Mint, is, I • take it, not issued by that Mint, but is issued in Australia under the Australian Coinage Act, that silver coinage is not legal tender in New Zealand ; nor has the gold coinage legal currency in this country, unless the status of the Australian Mints remains the same as it was before the Australian Coinage Act was passed."

Before Australian coinage can be adopted here as legal tender one of two courses must, in Dr. Findlay's opinion, be taken. "Provision must," he said, "be made for it by the New Zealand Legislature, but such legislation would require Imperial sanction, as a New Zealand Act recognising Australian coinage as legal currency would be invalid as inconsistent with sections 4 and 5 of the Imperial Coinage Act. Or we can admit Australian coinage by Royal proclamation, under section 11 of the Imperial Coinage Act, but this course is only possible if the Australian Mints, from which the coinage is issued, still remain branches of the English Mint." As the matter largely turns upon a legal point Dr. Findlay is in communication with the Hon. P. M. Glynn, the Attorney-General for the Commonwealth, with a view to obtaining full information with regard to the whole position.