PROBLEMS OF CURRENCY

Wanganui Chronicle, Volume 87, Issue 2, 4 January 1943, Page 4

PROBLEMS OF CURRENCY

NEW ZEALANDERS OVERSEAS (Official War 'Correspondent.) A South Pacific Base, Dec. 12. New Zealanders here often find themselves trying to think in terms of three different Kinds of currency at once. Several have tied themselves into hopeless knots over the equivalent values of the New Zealand pound, the American dollar and the French franc. Since they are on overseas rates, the troops are paid on a sterling basis, which means that each pouna they receive is worth nearly 25s in NewZealand mon«y. But they receive their pay in dollars—four of them to the pound. Some of them have had opportunity to make purchases in civilian shops, and they often get a A -'uul of F rench franc notes in c.iange. Forty francs are worm a dollar. So the New Zealand soldier, still thinking by habit in terms oi pounds, shillings and pence, but passing dollars over the counter ana getting his change in yet another currency, usually gives up scratching his heau over three-dimensional mental aritnmeac, ana taxes tae shopxeeper's word for it. Opportunity was given the men while they were still aboard ship to convert into dollars what New Zealand money they possessed, up to a maximum of £2, and at the rate ot tour dollars to the pound. When they landed they tound a ready market for any silver coms and even oaaKaoi.es wmch still remained in their pockets. The reason lay in the average American soldiers’ never-ending quest lor souvenirs. Americans paid our men full prices for New Zealand coins, to show “The home folks.” Dollars which the New Zealanders save out of tneir pay—and it is easy to save here —may be remitted home through the pay office. Since each dollar is payable in New Zealand at the rate of 6s Id. this arrangement is distinctly to their advantage.