Flush Out Millions"
p. 13 · Read in the full issue
Decimal Coinage "May
Australia's proposed decimal coinage system, tentatively planned to begin in 1966, might flush out million of pounds in hoarded coins in Papua-New Guinea, the Deputy Governor of the Reserve Bank of Australia, Mr. J. G. Phillips, said in Port Moresby in May.
Mr. Phillips, who made an extensive tour of the Territory to study economic development, told reporters that over the years P-NG had been “a sink” for silver coins.
Hoarding of money by the native people was still “a very serious problem”, he said.
No accurate estimate was available, but anything up to £10,000,000 was possible.
Mr. Phillips said one of the bank’s major tasks was to educate the native people in the use of money.
Footnote: The Suva Chamber of Commerce decided on May 22 to ask the Fiji Government to adopt decimal coinage at the same time as Australia and New Zealand.