A.— 4.

368

10th Day.] Uniformity in Currency and Coinage Laws. [16 June, 1911. Sir JOSEPH WARD : I am quite prepared to make a statement with regard to coinage, but I do not propose to discuss the metric system. The PRESIDENT : Might not Sir Joseph Ward state his views on Resolution No. 12 ? It comes to the same thing. Mr. PEARCE : Yes. Mr. HARCOURT : I think he is aware of Mi. Fisher's views. The PRESIDENT : We might hear you, Sir Joseph. Sir JOSEPH WARD : I want to talk about the advantages and disadvantages of the present system of coinage, and to point out that if a uniform system of coinage could be adopted for the whole Empire the benefits would be enormous. At present, from the researches I have made, there is quite a chaotic condition existing in regard to coinage. No modern Empire has such a variety of non-related coins in its various possessions, and notwithstanding the magnitude of the trade of the Empire, with its vast Colonial possessions, we have a system of coinage existing throughout many of them which is quite out of keeping with what the position ought to be. The Latin races some years ago decided to have a uniform system of coinage which has proved to be of enormous benefit to them, and I do not see why we should not, if necessary, have—as is the case in Canada, where the sovereign is recognised and the dollar is recognised —throughout our countries, both the sovereign and the silver coinage attached to the sovereign and the dollar system recognised. There may be difficulties in the way of bringing that about, but at present we have all sorts and conditions of coinage existing throughout the Empire which, in the matter of quick transit existing now, and the visitation of people for personal or even trade purposes to the different parts of the Empire, makes it exceedingly inconvenient. It might be with great advantage referred to a Commission with a view to seeing whether we could not have a uniform system established. The use of the different coins, as I have already said, causes great inconvenience in commercial transactions throughout the various portions of the British Empire, especially when the coinage is wholly silver, as in India, and the exchange is with London, or some other portion of the Empire where the sovereign is used. I am not suggesting anything in the shape of bi-metallism, because theoretically it may be all right; but to put it into practice is an impossibility, in my opinion, unless we were to bring about practically repudiation by the parts of the world which have borrowed on a gold basis from the Old Country, because an alteration of that kind would practically mean a repudiation by many of the oversea countries, and which, I am sure, they are all deadly opposed to anything of that kind. It seems to me we could with advantage follow the course that was adopted by the Monetary Convention of 1865. There, countries believed it was impossible for them to come under what they finally agreed to do, but it was found to be perfectly easy of accomplishment. In the matter of coinage, take the position of New Zealand relative to Australia ; we are just about three days' steam from Australia. Under the Australian system of coinage now, the British half-crown is not recognised, though it is recognised in New Zealand. They have stopped the issue of half-crowns in Australia by legislation. The sovereign is recognised. Mr. LLOYD GEORGE : The half-crown is still in circulation: Sir JOSEPH WARD : It is still in circulation, but it is not legal tender. Mr. LLOYD GEORGE: Is that so ? Mr. PEARCE : That is not so. You can still cash it, I know.