Tonga May Go To Par
p. 23 · Read in the full issue
Par With Stg.
From a Special Correspondent AT the last session of the Tongan Parliament, the Hon. V. L.
Tu’akihekolo, People’s Represent ative for Ha’apai, moved that the Tongan currency be revalued on a par with Sterling, that Tonga negotiate with NZ for the use of her currency, instead of using the Tongan notes as at present, and, if necessary, the Kingdom withdraw from the Bretton Wood’s agreement.
The Minister of Finance, Mr. G.
Goodacre, strongly opposed the motion and expressed the opinion that it would be wiser to follow Aus tralia, as at present. However, Prince Tungi supported the member from Ha’apai’s motion and it was carried with only the Minister of Finance dissenting.
The matter now rests with Her Majesty-in-Council and of course re quires the co-operation of the New Zealand Government.
It has always been something of a mystery why Tongan currency is tied to Australian. Tonga imports a considerable amount of goods from Australia but Australia buys virtu ally nothing from her. It surely would be of advantage to Tonga if her £ were worth 25 per cent, more than the Australian £.
Tonga is the only territory in that part of the world that sticks stub bornly to the Australian £. Western Samoan currency is on a par with Sterling; so is Cook Islands and Niue. Fiji currency is worth 12i per cent, more than Tongan.