AUSTRALIAN COINAGE.

Otago Witness, Issue 2927, 20 April 1910, Page 17

AUSTRALIAN COINAGE.

POSITION IN NEW ZEALAND.

(Pes United Press" Association.) ' WELLINGTON, April 13.

• T'here is considerable uncertainty ia the minds of the public, and in th« opinion of the Attorney-general (the Hon. Dr Fir.dlay), v in the minds of bankers and newspapei's also, upon the position of New Zealand towards the new Commonwealth silver. To-day Dr Findlay was waited upon by a representative of the Post in order that more light might be obtained on the subject. "It is highly probable," Dr Findlay observed, "that the new coinage of the Commonwealth would not-be legal tender in New Zealand. This arises from the followinglegal position. Coinage in New Zealand is governed by the Imperial Coinage Act of 1870, which is in force here by virtue of Royal Proclamation, issued. tinder section 19 of the act the denomination ot coins must be determined by the Kihg-in-Council, and no other coins except the coins of such denomination can b» made or issued as coin or taken for money. Under section 4of this act gold issued by the Mint is made legal tende> up to.any amount, silver up to 40s, and bronze up to Is. Power is given mder the act to the King-in-Council to establish branches of the Mint in British possessions, and it is by virtue of this power that; the Mints in Sydney, Melbourne, and Perth have been established. The coins issued at a branch mint so established in any British possession are mads legal tender, and so tney are legal tender in New Zealand. The Australian Coinage Act, which was , passed under the authority of the Imperial statue, gives express power to the Federal Legislature to legislate with respect to coinage, currency, and legal tender. New Zealand has no such legislative power. Now, it is clear that no c age is legally current or 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 in the way I have indicated. 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 Australain Mints still remain braiiches. 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 not—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 5 of the Imperial. Coinage Act. It will be seen, therefore, that as the 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 be taken. Provision mast be made for it by the New Zealand Legislature, but such legislation would require Imperial sanction, as a New Zealand act recog-nising Australian coinage as legal currency would be invalid" as inconsistent with sections 4 and 5 ol the Imperial Coinage Act. or we can admit thu Australian coinage by Royal Proclamation under section 11 of the Inv perial Coinage Act. But this course is only possible if the Australian Minta 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. Attorneygeneral for the Commonwealth, with a view to obtaining full information with regard to the whole position.