SCARCITY OF GOLD COINS.

New Zealand Herald, Volume LVIII, Issue 17964, 14 December 1921, Page 10

SCARCITY OF GOLD COINS.

FEW RECEIVED BY/ BANKS* NO IMMEDIATE CRAKQi LIKELY. The amount of gold in form of sovereigns and half-sovereigns bei»;g re« ceiyed by ■ banks in Auckland is almost negligible, according to inquiries made at various banking institutions yesterday. It Was Stated by ah official that the Bank of New..Jsealana rarely collected a'gold coin •over'.the-'Counter, ; ; nut: ?fr was made'clear that onc» such- t*nd«,: came .into, the posse'ssiion of the banks it was not pnt into circulation'again. Of course it is within the; knowledge ; of almost everyone that the gold coins in circulation number only a very few, the-20'or 10-shi|lihg piece now' being regarded as something of a curio. Paper money, is still the Recognised legal .tender, and bankers expressed the opinion, yesterday that this state, of affaira'is.likely 1 to continue for some time <to r come, * as j there is not sufficient gold-te go round. It, may be that there ire private tardea ol these, coins,: aggregating >' considerable sumj but it is at once apparent that the persons rnifctng such have little regard for the value of interest, otherwise they would 1 not allow- .iheje<nes,t;eggß to remain idle. jisj/*-' It is stated tliafc one'wch person surprised.' depositor)} at.ihe JP.ost Office.savings bank, on Saturday by: prsuoing J a fwp sum in, sovereigns '.;and 'half-sovereigns, which: ho "explained,, he,'iiajd'carried about with* him of tlie war, but that tbfc ;wufety insurable from the possession"-of' 'id pch''liquid.-wealth had proved too much v ol ; a'Strain,* Not so a bystander,.": who, ,; |n,• learning l^ hat.>' .the . depositor* wa?. ■ expecting,. tyybb • .credited with only ,20" shillings to promptly produced a -toll of'.netefrand made a rapid exchange.x: fle. ; was' probably, acting under-thrfgeneral assumption ith'at ;snverei<ma..'Cah 'be•disposed.'of at a rate much above their fa<r yaliile, careless of. the,, fact that such bartering is illegal and- subject^to:severe penalties.. Failing the conversion of these cbins at a: premium locally, the only way .to profit out of such ». deal would be to take them overseas, but here the law again discouraged the. trafficker. . .Persons proceeding overseas are permitted to take with' them only ; £10 in coin—£s. jn gold, and £5 in silver—but on application. to the Treasury, on epecial circumstances 'befrig-proved; permits for the -possessfon "of cold in sums ud to £15 and evert £2S are'jfrant«d to travellers. . TherChinaman and the Hindu would appear.to ; have a,mania for hoarding the gold .ooih.-aa witness the quantities of these; handsome discs found on Chinese' periodically .rounded .up at raids-on gamblingiens and the occasional detection of men m, both races attempting to leave New Zealand with more than the quantity of gold; alio wed by the regulations. In the latter use the mbney.is confiscated, a'nd ' furUie'r action 'determined by the Treasury, officials. , In Fiji the' Hindu ieweller or dealer in wld, is always open te; offer as math as 275. for ;SOverei?i)3, and despite the visrilarice, of.the police many tourists make this profitable ikh: It is stated -that Hindus returning, itcii.tndia are able to:,'get over 20s sovereigns' they ; are able to smuggle away,'