CARGO OF SILVER.

Star (Christchurch), Volume LXVI, Issue 20233, 17 February 1934, Page 9

CARGO OF SILVER.

Another Shipment Sent to Royal Mint. FOURTH TO LEAVE N.Z. Were Drake alive to-day, his eyes would glisten at the sight of the silver fleet now at sea between New Zealand and Britain. Distributed among four ships is £189,000 in silver coin, all of which is being sent to the Royal Mint by the New Zealand banks acting on behalf of the Government. The fourth vessel, the Orari, sailed from Lyttelton this morning, with 29 boxes, containing £15.000 in British and Australian coin in her strong room. On Tuesdav, the Zealandic took away £106,000 from Lyttelton, while the Mataroa, from Wellington, took £43,000 and the Cornwall, from Auckland, took £25.000. Although there was a strong armed guard on the wharf this morning when the silver was stowed away, there was little danger of a hold-up. Each case weighed li cwt and had £SOO worth of silver in it—rather a heavy load for a hold-up man. Sent to Royal Mint. If the English silver were to be placed by the Government on its own account in English banks, it would be worth £125 or thereabouts for every £IOO worth of the New Zealand coinage given in exchange: but the coin is going to the Royal Mint and with it also is a large quantity of Australian silver which has been recalled from circulation in New Zealand. These were brought in to make up the shortage due to the illicit exportation of British coin from the Dominion. Australian coins contain more silver than the post-war issue of British currency and in comparison, as metal, they are worth more. It is understood that all the Australian coins will be melted down and possiblv the English coins too, but they could be reissued in England if the Mint so desired. Those issued before the war contained more silver than those sent out after that event. In the aggregate, when the whole of the British silver has been sent Home, the substitution of New Zealand coinage for British and Australian will result in a substantial profit to the Government of New Zealand, and this has been estimated as about £200,000. However, the matter is governed by an agreement entered into between the New Zealand Government and the Royal Mint, and the actual amount will not be known until the transaction is completed.