The Waikato Times With which is Incorporated The Waikato Argus. SATURDAY, NOVEMBER 29, 1924. BRITISH CURRENCY.

Waikato Times, Volume 98, Issue 16152, 29 November 1924, Page 4

The Waikato Times With which is Incorporated The Waikato Argus. SATURDAY, NOVEMBER 29, 1924. BRITISH CURRENCY.

There has long been an agitation in some quarters in Britain in favour of the adoption of the deoixnal system of oolnage. The advantages this system possesses as against the present cumbersome oolnage are so obvious that it is strango Britain has not long ago adopted it, especially as most oivilised nations have done so. Britain, however, is conservative, and has not made any definite move with the exception of ooining the florin, with the idea of giving the, deojmol system a trial. The movement, however,, Is not dead, for an association in the Old Country persists in its efforts to get the system brought into extended' operation, and it has reoently held a congress in London, producing several apparently, useful suggestions. The congress consisted of representatives from the overseas Dominions, ss well as from the United Kingdom, and the report of its deliberations shows that those supporting the introduction of a decimal coinage and -the metric system are now advancing suggestions of a more slowly evolutionary character than those adv&noed by advocates of these changes in the past It is realised that they can only be introduced step by step, and in the matter of coinage a first step, is proposed in the form of an adjustment of the penny the pound and shilling being retained at their present values. Under the plan outlined the value of the penny would he altered so as to make it represent one-tenth, instead of one-twelfth, of the shilling. One of the points submitted in support of this is that the increase in the value of the penny would encourage a restoration of the once popular "pennyworths,” and that in tha absence of a coin to represent a value intermediate

between one penny and three-half-pence the consumer is required to pay more than is necessary to cover the extra cost resulting from the rise to prices, while the producer is affected by reduced demand. Approached from the angle of an adjustment of the value of the token coinage and a retention of the pound sterling as the British monetary unit, tha campaign of the Decimal Association would probably receive a greater measure of support than that accorded to previous efforts to decimalise the pound sterling. The conference passed a resolution urging the Government to appoint a committee to examine and report upon the proposal to divide the shilling into ten, Instead of twelve, pence. Discussing this proposal a correspondent of the Times says: “To the overseas members of this oongress suoh a change in the value of the penny little matters, but In this old country pennyworths are of vast Importance in the buying ,of food and clothing, and to take twopence out of the shilling seems uncalled for. The better plan would be to add one penny to the florin. Thii would give us the much wanted decimal system, the florin then consisting of 100 farthings instead of 96. The pound would represent 1000 farthings, the shilling 50 farthings, the sixpence 25 farthings, and the penny five farthings. The gain of two farthings in the shilling would make the change popular, for a fivefarthing penny would expect, and would no doubt get, a larger measure of food or goods than the present penny does.” Will anything oome of either suggestion? It Is very doubtful, and even should any such change he brought about, it will merely have a narrow domestio effect when what ie really wanted Is to join up broadly with the other decimal systems of the world. There is something no doubt in the idea of dinging to the pouna sterling, or something of near like value, as the standard unit of British currency with which to express the larger amounts, rather than adopt the dollar, fpr which the Briton, used to the twenty-shilling sovereign, has something of a oontempt, despite its all-mightiness. But this idea would still be retained and yet permit of our having subdivisions more easily converted than at present Into equivalents in the decimal coinages of other nations. From anything of this sort, however, we seem to be as far away as ever, notwithstanding the immense increase that has of recent years taken place In International trade and in international social Intercourse promoted by ever-growing facilities for travel. With the example of Canada within the Empire it seems strange, indeed, that elsewhere we should he so reluctant to consider a ohange that would make both oommeroial and sodal intercourse with other peoples a good deal easier for the Briton, and incidentally in all likelihood save him a quite appreciable aggregate that he now loses in making and getting small change when abroad.