NEW COINAGE

Timaru Herald, Volume CXXXVII, Issue 19641, 8 November 1933, Page 2

NEW COINAGE

LARGE PROFIT TO THE STATE FIRST SHIPMENT NEAR AT HAND By Telegraph—Press Association WELLINGTON, November 7. In moving the second reading of the Coinage Bill in the House of Representatives to-night, the Hon. J. G. Coates said that It was on the lines of the Imperial Coinage Act. The Bill covered a technical point not included in the Finance Act of last year, and its passage at the present time was rendered necessary by the forthcoming arrival of New Zealand half-crowns. The Minister mentioned that the committee considering the designs of the remaining New Zealand coins, had practically completed Its work. There were only two more designs to be approved, and he expected to be able to make an announcement on the subject shortly. Referring to arguments as to whether or not it would be more profitable to mint the coins in New Zealand, the Minister said that the experts who had investigated this question had been thoroughly competent to express an opinion, and they had decided that it was not possible for local manufacturers to come anywhere near competing with the Royal Mint. There was £250,000 worth of half-crowns in the shipment which had now nearly reached New Zealand, and the profit to the Government on this contract would be £IBO,OOO. Mr J. A. Lee (Lab., Grey Lynn) said that the Bill provided for the minting of gold coin, and he asked whether it was the intention to put this provision into practice. He expressed the opinion that if the coins had been minted In New Zealand the profit would have been larger. He considered that five shilling notes were necessary in New Zealand. There would be more profit in printing five shilling and halfcrown notes than in minting coins for these denominations. Mr O. A. Wilkinson (Ind., Egmont) congratulated the Government on having at last adopted a New Zealand coinage. He said that there was no reason why the coins should not have been manufactured in the Dominion. He understood that a Wellington firm had offered to mint £1,000,000 worth of silver coins at a cost of £287,000. That would have meant an enormous profit to the State. Mr Wilkinson added that he had received 25 cent, notes in Canada and in his opinion there was no reason why New Zealand should not issue notes from the value of one shilling upwards. The Government could back such notes and there would be a large profit from their issue. The Bill was read a second time.

The House rose at 10.20 p.m. till 230 p.m. to-morrow.