NEW NOTES FOR OLD

New Zealand Herald, Volume LXXI, Issue 21879, 15 August 1934, Page 10

NEW NOTES FOR OLD

EXCHANGE BY THE BANKS PALMERSTON NORTH ACTIVITY [by telegraph—OWN* correspon-dext] PALMEHSTON NORTH, Tuesday Thousands of banknotes of every denomination, which hare fulfilled the demands of monetary service, are at. present being collected by the banks in Palmerston North, which are being made the centre for exchanging; the new issue of Reserve Bank notes for the old trading bank notes circulating in surrounding districts. It is estimated that within the past, two weeks, during which they have been steadily calling up former note issues, the banks have collected old notes to the value of between £150,000 and £200,000, and distributed new issues in their place. The Bank of New Zealand alone has collected £60,000 in old notes during this period. Six clerks have been busily engaged at &e local branch of the Bank of New Zealand dealing with the disposal of old notes. Notes of ancient design and appearance have been coming in steadily. There has been a great collection of old-fashioned issues, especially the old green-backed £1 notes. It was reported that this week one Palmerston North bank received a bundle of old black and white largesized £5 notes issued 30 years ago, also others with prominent red iacing. They represented the value of £ooo and were stated to have been kept away so long that the owner had difficulty in finding them again.