SILVER COINAGE

Taranaki Daily News, 26 May 1933, Page 9

SILVER COINAGE

MINTING IN DOMINION QUOTATIONS INVITED. MEN AND PLANT AVAILABLE. Permanent work for 25 to 30 men would be provided if the new silver coinage of New Zealand were minted in the Dominion, and the industry would be capable of absorbing the whole of the silver production of the country. Tnis averages more than half a million ounces a year. It is possible some of the present currency would be ■withdrawn and used in the manufacture of the new coins. A Wellington firm has been invited to quote for work of minting the new coins. . , . ~ The quantity of silver required for the new coinage is not yet known, but it is expected that it would absorb the country’s total silver output. The production of silver in New Zealand last year amounted to 520,657 ounces, valued at £40,737. In 1931, it was 551,441 ounces, valued at £34,436. Even these figures indicate the fluctuations to which the silver market is liable, and the value today is probably a good deal more. In 1930 New Zealand exported 495,612 ounces of silver to India, 66,827 ounces to Australia, and a very small quantity to Britain, for which prices were very low. , Mr. R. Burn, of Wellington, _ who is familiar with methods of minting, said the New Zealand output of silver based on the last two years would make about a quarter of a million sterling in actual coins a year, so that there appears to be a very substantial margin in favour of the minting being done here, even though it necessitated installation •of further machinery. MORE- EMPLOYMENT. Another aspect that may carry some weight in influencing the Government’s decision, said Mr. Bum, is the fact that if the contract is placed in New Zealand it will enable the maker to employ from 25 to 30 skilled workmen all the year round. He would extend his plant and procure other machines which would enable him to manufacture several other articles at present not manufactured here. The development of these lines would enable him to employ another dozen or more skilled workmen all the year round. In fact, the creation of this industry would have the effect of providing means for producing materials for use in other industries. An important fact pointed out by Mr. Bum was that while the undertaking would contribute to increased production, it would not add to the problem of consumption, for the market for the products, apart from the minting of coins, was assured. The making of the motor numberplates was quoted as an example of what can be done in creating work in New Zealand. That contract alone keeps 30 men employed all the year round. As soon as the question of minting silver coin in New Zealand was mooted, a Wellington engineering firm received a surprising number of applications from men in all parts of the Dominion ,who have had experience in the making of coins in mints in various parts of the world. The firm already employs experts in this class of work. “It indicates,” said the principal, “that if a special class of work is required in New Zealand, skilled men able to do it can .soon be found.” LACK OF KNOWLEDGE. ... Mr. Burn said that he was surprised to read in the Dominion a report of an interview with a firm of Dunedin engravers wherein some doubt is expressed as to New Zealand’s ability to manufacture her own coinage. “I am astounded at the total lack of knowledge shown of the developments in metal manufacturing in New Zealand in recent years,” said Mr. Burn. The statement may be correct as far as Dunedin is concerned, but the engravers interviewed apparently are unaware'that some three-quarters of a million coins have actually . been produced here in New Zealand for the City Milk Department, and that the plant used for this purpose is available. “Such authorities as the Department of Scientific and Industrial Research and the Development of Industries Board,” continued Mr. Burn, “are perfectly satisfied that the minting of silver coinage can be efficiently and economically carried out in New Zealand, and the matter is now being considered by a special Silver Coinage Committee set up by the Government.

“As a matter of /act, I have to-day received from the Treasury a request to Submit a quotation for the minting of the New Zealand silver coinage,” Mr. Burn concluded. “During my recent visit to England I had the opportunity of observing English factories and methods, and I am satisfied - that the New Zealand manufacturers’ trouble to-day is not the inability to make quality goods, but merely , the persistence of the old inferiority complex, and this is fully exemplified in the Dunedin interview.”