§ 63. Mr. ANEURIN WILLIAMSasked the Under-Secretary of State for the Colonies if he will state what are the intrinsic values of the coins of a non-silver alloy which it is proposed to issue in West Africa; and whether it is considered that the methods of maintaining parity, which have been effectual with silver coins intrinsically of considerable value, will be equally effectual with coins which are of very little intrinsic value and are nevertheless legal tender for an unlimited amount?
§ Lieut.-Colonel AMERYI cannot state the precise intrinsic value of the new alloy coins, but it will be quite small. Silver coins tend to go out of circulation, but it is hoped that the new alloy coins will not do so, and will at the same time be more acceptable that paper notes. There has been no difficulty in maintaining parity between West African notes and sterling hitherto, and there is no reason to anticipate difficulty in the future.
§ Mr. WILLIAMSWill the hon. Gentleman bear in mind that there is all the difference between maintaining parity of exchange for silver coins of great intrinsic value and these non-silver coins, which will be of no intrinsic value?
§ Lieut.-Colonel AMERYI thought I made it clear to my hon. Friend that there will be no difficulty in maintaining parity of exchange between sterling here and paper notes which have no intrinsic value whatever, and these alloy coins are of a more practical nature and are more durable, more acceptable, and more useful, and will also, I trust, maintain parity of exchange.
§ Mr. STEWARTWill the Colonial Office guarantee to give one pound note for every twenty of these shillings?
§ Lieut.-Colonel AMERYIf twenty of these alloy coins or paper notes are paid in at the West African end, the payer can receive £1 sterling.
§ Mr. WILLIAMSAt this end, not in Africa?