GOLD CIRCULATION

New Zealand Times, Volume LII, Issue 12195, 21 July 1925, Page 4

GOLD CIRCULATION

VISIT OF AMERICAN FLEET SOVEREIGNS TO BE MINTED METAL BROUGHT FROM U.S.A. (By Telegraph-—Special to “Times.”) AUCKLAND, July 20. Not the least interesting feature of the visit of the American Fleet to Australia and New Zealand will be the fart that sovereigns will appear in circulation during its stay in these waters. While in Australian and . New Zealand ports tho sailors will receive their pay in gold, so that for a time at any rate the precious metal should not be nearly so rare as it is at present, After the departure of the fleet it is anticipated sovereigns will soon disappear again, as it is not likely they will he reissued when once paid into the banks. The object of paying the seamen in gold is to avoid exchange difficulties. The effect of bringing its own supply of gold for the purpose, and it will he coined into sovereigns at the mint at Sydney. The paymaster of the fleet, Captain W. A. Merritt, stated that gold tp the value of two million dollars is being brought out, and that approximately I,2oo,ooo''dollars of it are for Sjydney and 800,000 for Melbourne. , . It is not stated what proportion of gold may be expected to reach New Zealand. The Sydney hoard is in the 'strongrooms of the California, while that for Melbourne is aboard the Omaha. With this gold there will, of course, be Uo exchange costs but merely mintage* which is said to he amount to 3d an ounce. It is understood the banks w’ll not pay out any sovereigns for the fleet, but will rather gather in those released by the sailors. •On the day when the fleet arrives in Sydney 10,000, are to have shore leave, and provided the mint has everything in readiness each man should carry about five sovereigns in. his pocket. Thus the flood of nearly 50,000 sovereigns, should be set free in Sydney next Thursday.'