TEN SHILLING NOTES

Southland Times, Issue 21178, 3 September 1930, Page 5

TEN SHILLING NOTES

ISSUE RESTRICTED BY BANKS. RESULT OF INCREASED NOTE DUTY? (Per United Press Association.) Wellington, September 2. It is understood that the banks are restricting the issue of ten shilling notes and are paying out silver instead. While the general public are as yet probably unaware of the change it- has become evident to a number of business houses during the last few days. The action of the banks will become increasingly evident, however, as the number of ten shilling notes in the hands of the public diminishes and the latter have to accept and carry silver instead of the handy ten shilling note. No official statement from the banks il available, but it is understood that their action in restricting the issue of ten shilling notes is due to the recent increase of bank note duty from 3 per cent, to 44 per cent, which, it is claimed, will mean a substantial loss on the present average note issue of the banks.