1.
New Zealand dollar
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The New Zealand dollar is the currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. Within New Zealand, it is almost always abbreviated with the dollar sign, in the context of currency trading, it is often informally called the Kiwi, since New Zealand is commonly associated with the indigenous bird and the $1 coin depicts a kiwi. Introduced in 1967, the dollar is subdivided into 100 cents, altogether there are ten denominations—five coins and five banknotes—with the smallest being the 10-cent coin. Formerly there were lower denominations, but those were discontinued due to inflation, the New Zealand dollar is consistently one of the 10 most-traded currencies in the world, being approximately 2. 0% of global foreign exchange market daily turnover in 2013. Prior to the introduction of the New Zealand dollar in 1967, the New Zealand pound was the currency of New Zealand, which had been distinct from the pound sterling since 1933. The pound used the £sd system, in which the pound was divided into 20 shillings and one shilling was divided into 12 pence, switching to decimal currency had been proposed in New Zealand since the 1930s, although only in the 1950s did any plans come to fruition. In 1957, a committee was set up by the Government to investigate decimal currency, the idea fell on fertile ground, and in 1963, the Government decided to decimalise New Zealand currency. The Decimal Currency Act was passed in 1964, setting the date of transition to 10 July 1967, words such as fern, kiwi and zeal were proposed to avoid confusion with the word dollar, which many people at the time associated with the United States dollar. In the end, the dollar was chosen anyway. On Monday 10 July 1967, the New Zealand dollar was introduced to replace the pound at a rate of two dollars to one pound, some 27 million new banknotes were printed and 165 million new coins were minted for the changeover. The New Zealand dollar was pegged to the US dollar at US$1.43 = NZ$1. This rate changed on 21 November of the year to US$1.12 = NZ$1 after the devaluation of the British pound. In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US$1.216 with a 4. 5% fluctuation range, keeping the same gold value. From 9 July 1973 to 4 March 1985 the dollars value was determined from a basket of currencies. The NZ$ was floated on 4 March 1985 at the rate of US$0.4444. Since then the value has been determined by the financial markets. The dollars post-float minimum average daily value was US$0.3922 on 22 November 2000, much of this medium-term variation in the exchange rate has been attributed to differences in interest rates. The New Zealand dollars value is often affected by currency trading
2.
Polymer
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A polymer is a large molecule, or macromolecule, composed of many repeated subunits. Because of their range of properties, both synthetic and natural polymers play an essential and ubiquitous role in everyday life. Polymers range from familiar synthetic plastics such as polystyrene to natural biopolymers such as DNA and proteins that are fundamental to biological structure, Polymers, both natural and synthetic, are created via polymerization of many small molecules, known as monomers. The units composing polymers derive, actually or conceptually, from molecules of low molecular mass. The term was coined in 1833 by Jöns Jacob Berzelius, though with a distinct from the modern IUPAC definition. The modern concept of polymers as covalently bonded macromolecular structures was proposed in 1920 by Hermann Staudinger, Polymers are studied in the fields of biophysics and macromolecular science, and polymer science. Polyisoprene of latex rubber is an example of a polymer. In biological contexts, essentially all biological macromolecules—i. e, proteins, nucleic acids, and polysaccharides—are purely polymeric, or are composed in large part of polymeric components—e. g. Isoprenylated/lipid-modified glycoproteins, where small molecules and oligosaccharide modifications occur on the polyamide backbone of the protein. The simplest theoretical models for polymers are ideal chains, Polymers are of two types, Natural polymeric materials such as shellac, amber, wool, silk and natural rubber have been used for centuries. A variety of natural polymers exist, such as cellulose. Most commonly, the continuously linked backbone of a used for the preparation of plastics consists mainly of carbon atoms. A simple example is polyethylene, whose repeating unit is based on ethylene monomer, however, other structures do exist, for example, elements such as silicon form familiar materials such as silicones, examples being Silly Putty and waterproof plumbing sealant. Oxygen is also present in polymer backbones, such as those of polyethylene glycol, polysaccharides. Polymerization is the process of combining many small molecules known as monomers into a covalently bonded chain or network, during the polymerization process, some chemical groups may be lost from each monomer. This is the case, for example, in the polymerization of PET polyester, the distinct piece of each monomer that is incorporated into the polymer is known as a repeat unit or monomer residue. Laboratory synthetic methods are divided into two categories, step-growth polymerization and chain-growth polymerization. However, some methods such as plasma polymerization do not fit neatly into either category
3.
Elizabeth II
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Elizabeth II has been Queen of the United Kingdom, Canada, Australia, and New Zealand since 6 February 1952. Elizabeth was born in London as the eldest child of the Duke and Duchess of York, later King George VI and Queen Elizabeth and her father acceded to the throne on the abdication of his brother Edward VIII in 1936, from which time she was the heir presumptive. She began to undertake duties during the Second World War. Elizabeths many historic visits and meetings include a visit to the Republic of Ireland. She has seen major changes, such as devolution in the United Kingdom, Canadian patriation. She has reigned through various wars and conflicts involving many of her realms and she is the worlds oldest reigning monarch as well as Britains longest-lived. In October 2016, she became the longest currently reigning monarch, in 2017 she became the first British monarch to commemorate a Sapphire Jubilee. Elizabeth has occasionally faced republican sentiments and press criticism of the family, however, support for the monarchy remains high. Elizabeth was born at 02,40 on 21 April 1926, during the reign of her paternal grandfather and her father, Prince Albert, Duke of York, was the second son of the King. Her mother, Elizabeth, Duchess of York, was the youngest daughter of Scottish aristocrat Claude Bowes-Lyon, 14th Earl of Strathmore and she was delivered by Caesarean section at her maternal grandfathers London house,17 Bruton Street, Mayfair. Elizabeths only sibling, Princess Margaret, was born in 1930, the two princesses were educated at home under the supervision of their mother and their governess, Marion Crawford, who was casually known as Crawfie. Lessons concentrated on history, language, literature and music, Crawford published a biography of Elizabeth and Margarets childhood years entitled The Little Princesses in 1950, much to the dismay of the royal family. The book describes Elizabeths love of horses and dogs, her orderliness, others echoed such observations, Winston Churchill described Elizabeth when she was two as a character. She has an air of authority and reflectiveness astonishing in an infant and her cousin Margaret Rhodes described her as a jolly little girl, but fundamentally sensible and well-behaved. During her grandfathers reign, Elizabeth was third in the line of succession to the throne, behind her uncle Edward, Prince of Wales, and her father, the Duke of York. Although her birth generated public interest, she was not expected to become queen, many people believed that he would marry and have children of his own. When her grandfather died in 1936 and her uncle succeeded as Edward VIII, she became second-in-line to the throne, later that year, Edward abdicated, after his proposed marriage to divorced socialite Wallis Simpson provoked a constitutional crisis. Consequently, Elizabeths father became king, and she became heir presumptive, if her parents had had a later son, she would have lost her position as first-in-line, as her brother would have been heir apparent and above her in the line of succession
4.
New Zealand falcon
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The New Zealand falcon or kārearea is New Zealands only falcon and the only remaining diurnal bird of prey endemic to New Zealand. Other common names for the bird are bush hawk and sparrow hawk and it is frequently mistaken for the larger and more common swamp harrier. A small population breeds on the Auckland Islands, the species is known from the Chatham Islands from fossil remains. Although protected since 1970, it is considered to be a threatened species, although neutral genetic markers show a recent history of these two forms, the substantial size difference is likely to be driven by ecological adaptation. Conservation management had already avoided mixing of the North Island and South Island populations and it differs from the much larger swamp harrier, common throughout New Zealand, in that it catches other birds on the wing, and seldom eats carrion. An aggressive bird that displays great violence when defending its territory, with a wingspan around 45 cm and weight rarely exceeding 450 g, the New Zealand falcon is slightly over half the size of the swamp harrier, which it usually attacks on sight. The male is about two-thirds the weight of the female, initially, four falcons were relocated to the vineyards from the surrounding hills. After the release of a further 15 birds breeding began to occur - the first time it is thought to have happened since land clearance 150 years ago. A major ongoing threat to the birds is electrocution on electricity distribution transformers with a fifth of the killed in this manner. The New Zealand falcon features on the reverse of the New Zealand $20 note and has twice been used on New Zealand stamps and it was also featured on a collectable $5 coin in 2006. The Royal New Zealand Air Forces aerobatic team is called the Black Falcons, Birds of New Zealand Crichton, Sandy, On a wing and a prayer, Forest & Bird, pp. 21–25 Seaton, Richard, The ecological requirements of the New Zealand falcon in plantation forestry. Unpublished PhD thesis, Massey University, Palmerston North Thomas, Andrew C. W, the Behaviour and Development of New Zealand Falcons Nesting in a Plantation Forest. Unpublished MSc thesis, Massey University, Palmerston North Wingspan Birds of Prey Trust - The national centre for the conservation, education and advocacy of birds of prey in New Zealand
5.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
6.
James Cook
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Captain James Cook FRS RN was a British explorer, navigator, cartographer, and captain in the Royal Navy. Cook joined the British merchant navy as a teenager and joined the Royal Navy in 1755 and he saw action in the Seven Years War, and subsequently surveyed and mapped much of the entrance to the Saint Lawrence River during the siege of Quebec. This helped bring Cook to the attention of the Admiralty and Royal Society, in three voyages Cook sailed thousands of miles across largely uncharted areas of the globe. He mapped lands from New Zealand to Hawaii in the Pacific Ocean in greater detail, as he progressed on his voyages of discovery he surveyed and named features, and recorded islands and coastlines on European maps for the first time. He displayed a combination of seamanship, superior surveying and cartographic skills, physical courage, Cook was attacked and killed while attempting to kidnap the native chief of Hawaii during his third exploratory voyage in the Pacific in 1779. He left a legacy of scientific and geographical knowledge which was to influence his successors well into the 20th century, and numerous memorials worldwide have been dedicated to him. James Cook was born on 7 November 1728 in the village of Marton in Yorkshire and baptised on 14 November in the church of St Cuthbert. He was the second of eight children of James Cook, a Scottish farm labourer from Ednam in Roxburghshire, in 1736, his family moved to Airey Holme farm at Great Ayton, where his fathers employer, Thomas Skottowe, paid for him to attend the local school. In 1741, after five years schooling, he work for his father. For leisure, he would climb a hill, Roseberry Topping, enjoying the opportunity for solitude. Cooks Cottage, his parents last home, which he is likely to have visited, is now in Melbourne, having moved from England and reassembled, brick by brick. In 1745, when he was 16, Cook moved 20 miles to the village of Staithes. Historians have speculated that this is where Cook first felt the lure of the sea while gazing out of the shop window. After 18 months, not proving suitable for work, Cook travelled to the nearby port town of Whitby to be introduced to friends of Sandersons, John. The Walkers, who were Quakers, were prominent local ship-owners in the coal trade and their house is now the Captain Cook Memorial Museum. Cook was taken on as a merchant navy apprentice in their fleet of vessels. His first assignment was aboard the collier Freelove, and he spent several years on this and various other coasters, sailing between the Tyne and London. As part of his apprenticeship, Cook applied himself to the study of algebra, geometry, trigonometry, navigation and his three-year apprenticeship completed, Cook began working on trading ships in the Baltic Sea
7.
New Zealand pigeon
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The New Zealand pigeon or kererū is a bird endemic to New Zealand. Māori call it kererū in most of the country but kūkupa and kūkū in some parts of the North Island, commonly called wood pigeon, they are distinct from the wood pigeon of the Northern Hemisphere, which is a member of a different genus. The New Zealand pigeon belongs to the family Columbidae, and the subfamily Treroninae, the members of this subfamily feed largely on fruits, mainly drupes. New Zealand pigeons are members of the pigeon genus Hemiphaga, which is endemic to the New Zealand archipelago, however recently a Hemiphaga bone was found on Raoul Island. The Chatham pigeon or Chatham Island pigeon is traditionally considered a subspecies of the kererū, the New Zealand pigeon is a large, 550–850 grams, arboreal fruit-pigeon found in forests from Northland to Stewart Island/Rakiura, ranging in habitats from coastal to montane. The general morphology is that of a pigeon, in that it has a relatively small head. New Zealand pigeons build flimsy, shallow, twiggy nests and feed crop milk to hatchlings, the mainland New Zealand pigeon grows to some 51 centimetres in length and 650 grams in weight, compared to 55 centimetres and 800 grams for the Chatham Island variant. The head, throat and wings are generally a shiny green-purple colour, the breast is typically white and the bill red with an orange-ish tip. The feet and eyes are red, juveniles have a similar colouration but are generally paler with dull colours for the beak, eyes and feet and a shorter tail. The New Zealand pigeons make occasional soft coo sounds, and their wings make a distinctive whooshing sound as they fly. The birds flight is very distinctive. Birds will often ascend slowly before making impressively steep parabolic dives, it is thought that this behaviour is associated with nesting. As generally accepted, there are three subspecies of New Zealand pigeon, of these, only two survive, H. n. novaseelandiae of mainland New Zealand and H. n. chathamensis of the Chatham Islands. The other subspecies, Norfolk pigeon of Norfolk Island, is now extinct, the subspecies differ in their plumage colour and physical morphology. Few authorities outside New Zealand have followed this, with most still considering it a subspecies, the New Zealand pigeons are commonly regarded as frugivorous, primarily eating fruits from native trees. They play an important ecological role, as they are the only capable of eating the largest native fruits and drupes, such as those of the taraire. While fruit comprises the part of their diets, the New Zealand pigeon also browses on leaves and buds. One of their leaves to eat is from an introduced plant
8.
Prumnopitys ferruginea
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Prumnopitys ferruginea, commonly called miro, is an evergreen coniferous tree which is endemic to New Zealand. Before the genus Prumnopitys was distinguished, it was treated in the related genus Podocarpus as Podocarpus ferrugineus and it grows up to 25 m high, with a trunk up to 1.3 m diameter. The leaves are linear to sickle-shaped, 15–25 mm long and 2–3 mm broad, the plants are dioecious with pollen cones being solitary while those of female plants hang from a curved, scaly stalk. The seeds are dispersed by the Kererū, which eats the very conspicuous berries and passes the seeds in its droppings and it is found growing on both lowland terrain and on hill slopes throughout the two main islands as well as on Stewart Island/Rakiura. The scientific name derives from the rusty colour of dried herbarium specimens of the leaves. Miro is distinguished from the related, and very similar looking mataī in four aspects of its anatomy, its cones, bark, seeds, miro trees have longer, broader leaves with green undersides while those of mataī leaves are white. In addition, the leaves of miro generally narrow to a point, whereas those of mataī are rounded, miro trees have cones of some hue of red in colour while those of mataī are blue-black. Miro also have relatively longer cones which are oval and red in colour, like mataī, the bark of more mature miro trees flakes off to leave a distinctive hammer mark pattern, but unlike mataī, the pattern is not as pronounced nor as colourful. IUCN Red List of Threatened Species, international Union for Conservation of Nature
9.
Mount Tapuaenuku
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Tapuae-o-Uenuku, formerly Mount Tapuaenuku, is the highest peak in the northeast of New Zealands South Island. The name translates from Māori as footprint of the rainbow, though is usually regarded as being named after Chief Tapuaenuku. At 2,885 metres it is the highest mountain in New Zealand outside the ranges of the Southern Alps. It dominates the Inland Kaikoura Range, rising high above the valleys of the Clarence and Awatere Rivers. The first European to sight the mountain was James Cook, who called it Mount Odin, the first Europeans to attempt to climb the mountain were Edward John Eyre, Lieutenant-Governor of New Munster, and William John Warburton Hamilton, in 1849. They came within a distance of the summit but were forced to turn back
10.
New Zealand Parliament Buildings
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The New Zealand Parliament Buildings house the New Zealand Parliament and are on a 45,000 square metre site at the northern end of Lambton Quay, Wellington. They consist of Parliament House, the wing, the Parliamentary Library. Whilst most of the buildings are outstanding for different reasons. The main building of the complex is Parliament House, containing the debating chamber, Speakers office, visitors centre, an earlier wooden Parliament House was destroyed by fire in 1907 along with all other parliament buildings except the library, which was constructed of masonry. In addition, the library had an iron fire-door that saved its collections, a competition to find a replacement design was announced by Prime Minister Joseph Ward in February 1911 and 33 designs were entered. The winning design, by Government Architect John Campbell, was selected by Colonel Vernon, as another of Campbells entries won fourth place, the actual design is a combination of both entries. The design was divided into two stages, the first half, a Neoclassical building, contained both chambers and the second half Bellamys and a new Gothic Revival library to replace the existing one. Despite cost concerns, Prime Minister William Massey let construction of the first stage begin in 1914, the outbreak of World War I created labour and material shortages that made construction difficult. Although the building was unfinished, MPs moved into it in 1918 to avoid having to use the old, in 1922, the first stage was completed. The building was officially opened in 1995 by Queen Elizabeth II, Queen of New Zealand, after its comprehensive strengthening. The intention of the Liberal Government was for the design to be implemented in stages, the land intended for the second stage of Parliament House is occupied by the Executive Wing. This building conceived by British architect Sir Basil Spence in 1964, largely designed by the Ministry of Works, was opened by Elizabeth II. The government moved into the building in 1979, due to its distinctive shape, it is referred to colloquially as The Beehive. The building is ten stories and 72 metres high, the top floor is occupied by the Cabinet room, with the Prime Ministers offices on the floor immediately below. Other floors contain the office of ministers and various function rooms occupy the first three floors. In the late 1990s there was consideration of moving the Beehive behind Parliament House, the plan was quickly scuttled due to a lack of public support and subsequent withdrawal of party support. Completed in 1899, the Parliamentary Library is the oldest of the buildings and it stands to the north of Parliament House. The library was designed in Gothic revival style and was fire resistant, the third story of the design was not built to save money
11.
Watermark
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A watermark is an identifying image or pattern in paper that appears as various shades of lightness/darkness when viewed by transmitted light, caused by thickness or density variations in the paper. Watermarks have been used on stamps, currency, and other government documents to discourage counterfeiting. There are two ways of producing watermarks in paper, the dandy roll process, and the more complex cylinder mould process. Watermarks vary greatly in their visibility, while some are obvious on casual inspection, various aids have been developed, such as watermark fluid that wets the paper without damaging it. A watermark is very useful in the examination of paper because it can be used for dating, identifying sizes, mill trademarks and locations, the word is also used for digital practices that share similarities with physical watermarks. In one case, overprint on computer-printed output may be used to output from an unlicensed trial version of a program. In another instance, identifying codes can be encoded as a watermark for a music, video, picture. Watermarks were first introduced in Fabriano, Italy, in 1282, traditionally, a watermark was made by impressing a water-coated metal stamp or dandy roll onto the paper during manufacturing. The invention of the roll in 1826 by John Marshall revolutionised the watermark process. The dandy roll is a light roller covered by similar to window screen that is embossed with a pattern. Because the chain wires are located on the outside of the wires, they have a greater influence on the impression in the pulp. This embossing is transferred to the fibres, compressing and reducing their thickness in that area. Because the patterned portion of the page is thinner, it transmits light through. If these lines are distinct and parallel, and/or there is a watermark, if the lines appear as a mesh or are indiscernible, and/or there is no watermark, then it is called wove paper. This method is called line drawing watermarks, another type of watermark is called the cylinder mould watermark. A shaded watermark, first used in 1848, incorporates tonal depth, instead of using a wire covering for the dandy roll, the shaded watermark is created by areas of relief on the rolls own surface. Once dry, the paper may then be rolled again to produce a watermark of even thickness, in philately, the watermark is a key feature of a stamp, and often constitutes the difference between a common and a rare stamp. Collectors who encounter two otherwise identical stamps with different watermarks consider each stamp to be a separate identifiable issue, the classic stamp watermark is a small crown or other national symbol, appearing either once on each stamp or a continuous pattern
12.
Ultraviolet
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Ultraviolet is an electromagnetic radiation with a wavelength from 10 nm to 400 nm, shorter than that of visible light but longer than X-rays. UV radiation constitutes about 10% of the light output of the Sun. It is also produced by electric arcs and specialized lights, such as lamps, tanning lamps. Consequently, the effects of UV are greater than simple heating effects. Suntan, freckling and sunburn are familiar effects of over-exposure, along with risk of skin cancer. Living things on dry land would be damaged by ultraviolet radiation from the Sun if most of it were not filtered out by the Earths atmosphere. More-energetic, shorter-wavelength extreme UV below 121 nm ionizes air so strongly that it is absorbed before it reaches the ground, Ultraviolet is also responsible for the formation of bone-strengthening vitamin D in most land vertebrates, including humans. The UV spectrum thus has both beneficial and harmful to human health. Ultraviolet rays are invisible to most humans, the lens in a human eye ordinarily filters out UVB frequencies or higher, and humans lack color receptor adaptations for ultraviolet rays. Under some conditions, children and young adults can see ultraviolet down to wavelengths of about 310 nm, near-UV radiation is visible to some insects, mammals, and birds. Small birds have a fourth color receptor for ultraviolet rays, this gives birds true UV vision, reindeer use near-UV radiation to see polar bears, who are poorly visible in regular light because they blend in with the snow. UV also allows mammals to see urine trails, which is helpful for animals to find food in the wild. The males and females of some species look identical to the human eye. Ultraviolet means beyond violet, violet being the color of the highest frequencies of visible light, Ultraviolet has a higher frequency than violet light. He called them oxidizing rays to emphasize chemical reactivity and to them from heat rays. The terms chemical and heat rays were eventually dropped in favour of ultraviolet and infrared radiation, in 1878 the effect of short-wavelength light on sterilizing bacteria was discovered. By 1903 it was known the most effective wavelengths were around 250 nm, in 1960, the effect of ultraviolet radiation on DNA was established. The discovery of the ultraviolet radiation below 200 nm, named vacuum ultraviolet because it is absorbed by air, was made in 1893 by the German physicist Victor Schumann
13.
Marijuana
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Cannabis, also known as marijuana among several other names, is a preparation of the Cannabis plant intended for use as a psychoactive drug or medicine. The main psychoactive part of cannabis is tetrahydrocannabinol, one of 483 known compounds in the plant, Cannabis can be used by smoking, vaporization, within food, or as an extract. Cannabis is often used for its mental and physical effects, such as a high or stoned feeling, a change in perception, euphoria. Short term side effects may include a decrease in short-term memory, dry mouth, impaired motor skills, red eyes, long term side effects may include addiction, decreased mental ability in those who started as teenagers, and behavioral problems in children whose mothers used cannabis during pregnancy. Onset of effects is within minutes when smoked and about 30 to 60 minutes when cooked and they last for between two and six hours. Cannabis is mostly used recreationally or as a medicinal drug and it may also be used for religious or spiritual purposes. In 2013, between 128 and 232 million people used cannabis, in 2015, 43% of Americans had used cannabis, which increased to 51% in 2016. About 12% have used it in the past year, and 7. 3% have used it in the past month and this makes it the most commonly used illegal drug both in the world and the United States. The earliest recorded uses date from the 3rd millennium BC, since the early 20th century, cannabis has been subject to legal restrictions. The possession, use, and sale of cannabis is illegal in most countries of the world, Medical cannabis refers to the physician-recommended use of cannabis, which is taking place in Canada, Belgium, Australia, the Netherlands, Spain, and 23 U. S. states. Cannabis use started to become popular in the US in the 1970s, support for legalization has increased in the United States and several US states have legalized recreational or medical use. Medical cannabis, or medical marijuana can refer to the use of cannabis and its cannabinoids to treat disease or improve symptoms, however, the use of cannabis as a medicine has not been rigorously scientifically tested, often due to production restrictions and other federal regulations. There is limited evidence suggesting cannabis can be used to reduce nausea and vomiting during chemotherapy, to improve appetite in people with HIV/AIDS and its use for other medical applications is insufficient for conclusions about safety or efficacy. Short-term use increases the risk of minor and major adverse effects. Common side effects include dizziness, feeling tired, vomiting, long-term effects of cannabis are not clear. Concerns include memory and cognition problems, risk of addiction, schizophrenia in people. Cannabis has psychoactive and physiological effects when consumed, at higher doses, effects can include altered body image, auditory and/or visual illusions, pseudohallucinations and ataxia from selective impairment of polysynaptic reflexes. In some cases, cannabis can lead to states such as depersonalization and derealization
14.
Aluminium
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Aluminium or aluminum is a chemical element in the boron group with symbol Al and atomic number 13. It is a silvery-white, soft, nonmagnetic, ductile metal, Aluminium metal is so chemically reactive that native specimens are rare and limited to extreme reducing environments. Instead, it is combined in over 270 different minerals. The chief ore of aluminium is bauxite, Aluminium is remarkable for the metals low density and its ability to resist corrosion through the phenomenon of passivation. Aluminium and its alloys are vital to the industry and important in transportation and structures, such as building facades. The oxides and sulfates are the most useful compounds of aluminium, despite its prevalence in the environment, no known form of life uses aluminium salts metabolically, but aluminium is well tolerated by plants and animals. Because of these salts abundance, the potential for a role for them is of continuing interest. Aluminium is a soft, durable, lightweight, ductile. It is nonmagnetic and does not easily ignite, a fresh film of aluminium serves as a good reflector of visible light and an excellent reflector of medium and far infrared radiation. The yield strength of aluminium is 7–11 MPa, while aluminium alloys have yield strengths ranging from 200 MPa to 600 MPa. Aluminium has about one-third the density and stiffness of steel and it is easily machined, cast, drawn and extruded. Aluminium atoms are arranged in a cubic structure. Aluminium has an energy of approximately 200 mJ/m2. Aluminium is a thermal and electrical conductor, having 59% the conductivity of copper. Aluminium is capable of superconductivity, with a critical temperature of 1.2 kelvin. Aluminium is the most common material for the fabrication of superconducting qubits, the strongest aluminium alloys are less corrosion resistant due to galvanic reactions with alloyed copper. This corrosion resistance is reduced by aqueous salts, particularly in the presence of dissimilar metals. In highly acidic solutions, aluminium reacts with water to form hydrogen, primarily because it is corroded by dissolved chlorides, such as common sodium chloride, household plumbing is never made from aluminium
15.
Coins of the New Zealand dollar
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This article concerns the coins of the New Zealand dollar. Prior to 10 July 1967, the New Zealand pound, using the £sd system, was the currency of New Zealand, Coins of the pound tend to follow the size, weight, and composition of their British counterparts. The main coins in usage were the halfpenny, penny, threepence, sixpence, shilling, florin, and halfcrown. Decimalisation of the New Zealand currency occurred on 10 July 1967, on the same day, new decimal coins were introduced to replace the existing pound coins. The first coins of the New Zealand dollar were 1c, 2c, 5c, 10c, 20c, the 1c, 2c, and 50c coins were new sizes, with the 1c and 2c minted in bronze, and 50c in cupronickel. The new 5c, 10c, and 20c were the size, weight, and value as the former sixpence, shilling. Indeed, until 1970, the 10 cents coin bore the additional legend One Shilling, the obverse designs of all the coins featured Arnold Machins portrait of Elizabeth II, with the legend ELIZABETH II NEW ZEALAND. The initial designs for the sides of the coins introduced in 1967 were rejected by the Royal Mint. Several more designs were produced, followed by a public debate. James Berrys designs were accepted for most of the coins, although he was asked to rework his design for the 5c coin. In 1986, the portrait of Elizabeth II on New Zealand coins was changed to Raphael Makloufs new portrait of the Queen, towards the end of the 1980s, the 1c and 2c were becoming of little value, and it was decided to withdraw these coins from circulation. The last coins of denominations were minted for circulation in 1987. The coins were withdrawn from circulation, before finally being demonetised on 1 May 1990. After the withdrawal of these coins, cash transactions were normally rounded to the nearest 5 cents, some larger retailers, in the interests of public relations, elected to round the total price down. Alternatively, many retailers rounded all their prices to the nearest 5 cents to avoid the issue entirely—so a New Zealand shopper often encountered products for sale at prices like $4.95. On 11 February 1991, $1 and $2 coins were introduced to replace the $1 and these coins were minted in aluminium bronze, and were the first New Zealand coins to be minted to metric specifications. At the same time, because the new $1 coin depicted a kiwi, the new 20c coins depicted a Māori carving of Pukaki, a chief of the Ngati Whakaue iwi. Coins with kiwi design, however, outnumbered coins with the new design until they were replaced with the new 20c coins, all depicting the later design, in 1999, Ian Rank-Broadleys portrait of the Queen was introduced and the legend rearranged to read NEW ZEALAND ELIZABETH II
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New Zealand twenty-cent coin
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The New Zealand twenty-cent coin is the second lowest denomination coin of the New Zealand dollar. The 20 cent coin was introduced when the New Zealand dollar was introduced on 10 July 1967 and its original reverse of a kiwi was changed in 1990 when the image was moved onto the one dollar coin. In 2006 its size was reduced and its edge altered to a Spanish flower as part of a revision of New Zealands coins, which also saw its alloy become nickel-plated steel. On 10 July 1967, New Zealands former pre-decimal pound currency, therefore,20 cents was worth a tenth of a pound. The 20 cent coin replaced the coin which had been worth two shillings, or a tenth of a pound. Like the florin, the new 20 cent coin was made of cupronickel,28.58 mm in diameter,11.31 grams in weight, the 20 cent coin retained the presence of a kiwi on the reverse of the florin, albeit in a different design. The original obverses of 20 cent coins depicted Arnold Machins portrait of Queen Elizabeth II, in 1986 the portrait was changed to the one by Raphael Maklouf, which had been introduced to the coins of the pound sterling in the previous year. Mintings of this coin from 1990 are rare, in 1990, the new $1 and $2 coins were released to replace the $1 and $2 notes. As the $1 depicted a kiwi also, the 20 cents reverse had to be redesigned, the new reverse side featured the well-known Māori carving depicting Pukaki, a chief of the Ngāti Whakaue iwi of Te Arawa. In 1999, the portrait of the Queen was changed to a version by Ian Rank-Broadley which had introduced to the coins of the pound sterling in the previous year. No 20 cent coins were minted between 1991 and 2001, the existing 20 cent coins remained in circulation and greatly outnumbered the new design until 2006. On 31 July 2006, the new 20 cent coin was released alongside the new 10 cent and 50 cent coins as part of the Reserve Banks Change for the silver coin replacement. The new 20 cent coin had the reverse as the 1990 to 2006 minted coins and the same obverse as the 1999-onward coins. The new 20 cent coins are made of steel, covered in a layer of nickel, copper, the new coins are 21.75 mm in diameter and 4 grams in weight. They have Spanish flower milling around the edge, splitting it into seven sections, for their introduction in 2006,116 million were minted, with a total value of NZ$23.2 million. The only other year of issue was 2008, where 80 million coins, the old 20 cent coins were demonetized on 1 November 2006. According to Reserve Bank of New Zealand, values are in New Zealand dollars. No large 20 cent coins were minted in 1968,1970, due to the large amount made for the introduction of the small 20 cent, none were minted in 2007 or from 2009 onwards
17.
New Zealand one-dollar coin
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The New Zealand one-dollar coin is a coin of the New Zealand dollar. The current circulating coin was introduced on 11 February 1991 to replace the existing $1 note, there had previously been occasional issues of commemorative silver dollars, but they are rarely seen in circulation. The depiction of a kiwi on the reverse helps give the New Zealand dollar the colloquial name Kiwi, the current coin replaced the New Zealand one dollar note in use since New Zealands currency was decimalised on 10 July 1967. The reason for replacing the note was due to making the note more expensive to produce. The $1 coins, and $2 coins, were first minted in 1990, the $1 notes were withdrawn later that year. The new $1 coin was made of bronze, and was 23.0 mm in diameter,2.74 mm thick. The edge of the coin consisted of eight sections, alternating between milling and plain sections. The reverse of the coin was designed by Robert Maurice Conly, both the kiwi and the silver ferns sat above the legend reading the denomination ONE DOLLAR. The obverse consisted of Raphael Makloufs portrait of Queen Elizabeth II, in 1999, the obverse of all new $1 coins was changed with the addition of Ian Rank-Broadleys portrait of Queen Elizabeth II, and the legend was rearranged to read NEW ZEALAND ELIZABETH II. In 2006 the Reserve Bank of New Zealand replaced the 10c, 20c and 50c coins in circulation with smaller, lighter ones, the $1 remained the same as it was relatively new, they circulated well, and the extra expense of adapting machines that only took $1 coins. Another reason for the change in size was that the 10c and $1 coin were very similar in size and these coins can be used in coin fraud in the UK as they sometimes pass for £1 coins in vending machines. They can often be spent in shops too, especially the later head coins
18.
Banknotes of the New Zealand dollar
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This article concerns the banknotes of the New Zealand dollar Banknotes of the New Zealand dollar have all been issued by the Reserve Bank which also had two pre-dollar issues. Consequently, the first dollar issue is the third Issue of banknotes by the Reserve Bank, prior to 10 July 1967, the New Zealand pound, using the £sd system, was the main currency of New Zealand. Since 1934, banknotes of the New Zealand pound were issued by the Reserve Bank of New Zealand, and came in denominations of 10s, £1, £5, £10, the first issue notes are rare collectibles today. Decimalisation of the New Zealand currency occurred on 10 July 1967, on the same day, new decimal banknotes were introduced to replace the existing pound banknotes, in denominations of $1, $2, $5, $10, $20, and $100. These first decimal banknotes all featured a portrait of Queen Elizabeth II, the reverse featured a native New Zealand bird and a native New Zealand plant. The colour scheme on all but the $5 note remained the same on equivalent pound and dollar notes to ease the transition. The second issue of New Zealand dollar banknotes occurred around 1978 -1980, but officially done at 1981, the new notes had a different design from the first decimal currency issue. The portrait of Queen Elizabeth II was updated, and she now faced forward and it was based upon a photograph by Peter Grugeon, with the Queen wearing Grand Duchess Vladimirs tiara and Queen Victorias golden jubilee necklace. The $50 note was introduced in 1988 to fill the gap between the $20 and the $100 notes. $1 and $2 notes were discontinued in 1991 and replaced by gold-coloured coins, requests for a donation e. g. for admission often now say gold coin please. A commemorative $200 note was introduced in 1990 to commemorate 150 Years of the Treaty of Waitangi, in 1991, the existing $1 and $2 notes were withdrawn in spite of complaints and all the other banknotes were redesigned. The Queen replaced Captain Cook as the image for the watermark, a notable feature of the new series was the inclusion of the portrait of Sir Edmund Hillary on the obverse of the $5 note. Hillary was one of the few living non-heads of state to feature on a banknote in the world. Apparently, when we went to decimal currency in 1967, somebody in the Treasury or the Reserve Bank had signed away the copyright of the New Zealand banknotes to a company in Whangarei, so the only way out of a hopeless bargaining position was to redesign the banknotes. The Whangarei firm was a subsidiary of a British company, and after going out to tender the same Whangarei company won, in 1999, New Zealand changed from paper banknotes to polymer banknotes. The change increased the life of the fourfold, and also allowed new. The overall design of the notes remained unchanged albeit for slight modifications for the new security features, around 1999 -2000, a commemorative $10 note was issued for the new millennium. In July 2011, the Reserve Bank of New Zealand announced a new issue of banknotes will be released for circulation from 2015
19.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
20.
New Zealand pound
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The pound was the currency of New Zealand from 1840 until 1967, when it was replaced by the New Zealand dollar. Like the British pound, it was subdivided into 20 shillings each of 12 pence, as a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected. The Australian banks, which controlled the New Zealand exchanges with London, by 1933, the New Zealand pound had fallen to a value of only 16 shillings sterling. In 1948 however, it was again restored to its original sterling value. In 1967, New Zealand decimalised its currency, replacing the pound with the dollar at a rate of $2 = £1. In November of that year, the pound sterling devalued, for a more general view of history in the wider region, see History of pound sterling in Oceania. Initially, British and Australian coins circulated in New Zealand, in 1940, bronze ½d and 1d coins were introduced. All these denominations were the size and weight as their equivalents in the Australian. When the UK introduced the nickel-brass twelve sided threepenny bit, New Zealand continued to use the silver coin until decimalisation in 1967. They were demonetised on 31 October 2006, when the 5c coin, commemorative crowns were minted in 1935,1949, and 1953 for the Treaty of Waitangi, a royal visit, and the coronation of Queen Elizabeth II, respectively. Until 1934, private trading banks issued notes, the first bank notes were issued in New Zealand in 1840 by the New Zealand Banking Company at Russell followed a few months later by the Union Bank of Australia in Wellington. Public distrust of these soon led to their redemption with Union Bank notes. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue, by 1924, public demand for convenience in usage led to the six remaining issuing banks agreeing a Uniform standard size and colour for each denomination. When the Reserve Bank of New Zealand was established on 1 August 1934 by the Reserve Bank of New Zealand Act 1933 and this government agency introduced notes for 10s, £1, £5 and £50. In 1940, £10 notes were added, only two series of £1 notes were printed. The first featured the portrait of Matutaera Te Pukepuke Te Paue Te Karato Te-a-Pōtatau Tāwhiao, Coins and uncancelled notes issued by the six private trading banks operating in 1934 as well as the Reserve Bank of New Zealand are still redeemable at the RBNZ offices in Wellington. The RBNZ has an obligation to redeem private bank notes, under the 1933 Reserve Bank Act the privately held gold was confiscated and paid for in RBNZ banknotes. In all cases, the value to collectors is now far higher than its face value, due to its rarity
21.
Reserve Bank of New Zealand
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The Reserve Bank of New Zealand is the central bank of New Zealand. It was established in 1934 and is constituted under the Reserve Bank of New Zealand Act 1989, the Governor of the Reserve Bank is responsible for New Zealands currency and operating monetary policy. The Banks current Governor is Graeme Wheeler, employees of the bank operate under the framework of a managerial hierarchy. The Reserve Bank of New Zealand does not offer services to the public nor does it offer deposit insurance. Unlike the United States Federal Reserve, the Reserve Bank does not have elements of private ownership, according to its website and it is 100% owned by the New Zealand Government, with any extra revenue that the Reserve Bank makes going back into the Crown accounts. The Central Bank is not a government department, but is a body corporate whose finances are included in the Crown accounts, the Reserve Banks primary function, as defined by the Reserve Bank of New Zealand Act 1989 is to provide stability in the general level of prices. The Reserve Bank is responsible for independent management of monetary policy to maintain price stability, the degree of price stability is determined through a Policy Target Agreement with the Minister of Finance. Policy Target Agreements are public documents and hence a government cannot secretly change the targets to gain a short term surge in economic growth, the mechanism of this is the Official Cash Rate which affects short-term interest rates. The Bank will provide cash overnight at 0. 50% above the rate to Banks against good security with no limit. Furthermore, the bank will accept deposits from financial institutions with interest usually at the cash rate. The Reserve Bank borrows and offers loans with no limit on volumes in order to ensure that the interest rate in the remains at the Official Cash rate level. Through controlling this, the Reserve Bank can then influence short term demand in the New Zealand Economy, adjustments to the official cash rate are made eight times a year. It can make unscheduled adjustments but does not usually do so, like all modern monetary systems, the monetary system in New Zealand is based on fiat and fractional-reserve banking. In a fractional-reserve banking system, the largest portion of money created is not created by the Reserve Bank itself, the Bank by virtue of the Reserve Bank Act has the sole right of issuing New Zealand legal tender notes and coins. The Reserve Bank controls the issuing of currency to banks and also used and damaged money from circulation. In March 2005 the bank decided to remove the 5 cent coin from circulation, the Reserve Bank accepts all New Zealand currency for payment at face value. This applies to all demonetised or withdrawn currency, however such currency need not be accepted by money changers as it is no legal tender. All decimal notes are legal tender except $1 and $2 notes as these have been withdrawn, damaged notes are still worth something so long as they are recognisable
22.
Australian dollar
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Within Australia, it is almost always abbreviated with the dollar sign, with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents, in 2011, the Australian dollar was the fifth most traded currency in the world, accounting for 7. 6% of the worlds daily share. It trades in the foreign exchange markets behind the US dollar, the euro, the yen. The currency is referred to by foreign-exchange traders as the Aussie dollar. With pounds, shillings and pence to be replaced by decimal currency on 14 February 1966, in 1963, the Prime Minister, Sir Robert Menzies, a monarchist, wished to name the currency the royal. Other proposed names included more exotic suggestions such as the austral, the oz, the boomer, the roo, the kanga, the emu, the digger, the quid, the dinkum and the ming. Menzies influence resulted in the selection of the royal, and trial designs were prepared and printed by the Reserve Bank of Australia, the Treasurer, Harold Holt, announced the decision in Parliament on 5 June 1963. The royal would be subdivided into 100 cents, but the existing names shilling, florin, the name royal for the currency proved very unpopular, with Holt and his wife even receiving death threats. On 24 July Holt told the Cabinet the decision had been a terrible mistake, on 18 September Holt advised Parliament that the name was to be the dollar, of 100 cents. The Australian pound, introduced in 1910 and officially distinct in value from the pound sterling since devaluation in 1931, was replaced by the dollar on 14 February 1966. The rate of conversion for the new currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 =8 shillings, in 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12, on 27 September 2012, the Reserve Bank of Australia stated that they had ordered work on a project to upgrade the current banknotes. The upgraded banknotes will incorporate a number of new features so that they remain secure into the future, the first new banknotes were issued from the 1st of September 2016, with the remaining denominations to be issued in the coming years. In 1966, coins were introduced in denominations of 1,2,5,10,20 and 50 cents. The initial 50-cent coins contained high silver content and were withdrawn after a year after the value of the silver content was found to exceed the face value of the coins. One-dollar coins were introduced in 1984, followed by two-dollar coins in 1988, the one- and two-cent coins were discontinued in 1991 and withdrawn from circulation. In commemoration of the 40th anniversary of decimal currency, the 2006 mint proof and uncirculated sets included one-, in early 2013, Australias first triangular coin was introduced, to mark the 25th anniversary of the opening of Parliament House
23.
Cash rounding
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Cash rounding or Swedish rounding occurs when the minimum unit of account is smaller than the lowest denomination of currency. The amount payable for a transaction is rounded to the nearest multiple of the minimum currency unit. Cash rounding typically occurs when low-denomination coins are removed from circulation owing to inflation, cash rounding may be a compulsory legal requirement if such coins are no longer legal tender, or a voluntary practice where they remain in circulation but are scarce or impractical. The current level of cash rounding in Sweden is to the closest whole krona, the Reserve Bank of New Zealand used the name Swedish rounding in 1990 when withdrawing their 1- and 2-cent coins. In Canada, cash rounding due to the 2013 elimination of the penny is also called penny rounding, whereas cash rounding is an ongoing process, this alternative is a one-time conversion. It was done, for example, when the British farthing was withdrawn in 1960, rounding is applied to the total of a bill, not to the line items on the bill. Typically, the total is rounded to the nearest multiple of the smallest denomination, where the unrounded total is an equal distance from two multiples, practice varies, merchants may be required or encouraged to round down rather than up, giving the benefit to the buyer. An equal distance is possible when the interval is an even number. This is currently used in New Zealand, which eliminated its 5 cent coin in 2006 and this is also the case in Hong Kong, which eliminated its 5 cent coin in 1989 and 1 cent note in 1995. In practice only utility bills, petrol stations and banks still keep the cent, all other businesses use only ten cent intervals. The majority of retailers follow government advice and round it down, in Sweden between 1985 and 1992, prices were rounded up for sales ending in 5 öre. In the Peoples Republic of China, coins smaller than ¥0.10 are now rare though still valid, in Israel,5 agorot coins were removed from circulation on 1 January 2008, after 1 agora coins had already been removed in 1991. Transaction amounts can still be specified to the nearest agora, cash purchase totals are rounded to the nearest 10 agorot. A5 agorot total is rounded up to 10 agorot, the system used in Sweden from 1992 to 2010, in Norway from 1993 to 2012, and in Denmark since 1 October 2008 is the following, Sales ending in 1–24 öre round down to 0 öre. Sales ending in 25–49 öre round up to 50 öre, Sales ending in 51–74 öre round down to 50 öre. Sales ending in 75–99 öre round up to the next whole krona, in practice, the proportion of transactions rounded upwards is greater, due to psychological pricing of items ending in 90–99 öre. Rounding is only done on the sum of a purchase. In some shops, all prices are rounded to the whole krone
24.
Economy of New Zealand
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The economy of New Zealand is the 53rd-largest national economy in the world measured by nominal gross domestic product and 69th-largest in the world measured by purchasing power parity. It is one of the most globalised economies and depends greatly on trade, mainly with Australia, the European Union. The Closer Economic Relations agreement with Australia means that New Zealands economy is closely aligned with the Australian economy, New Zealands diverse market economy has a sizable service sector, accounting for 63% of all GDP activity in 2013. Large scale manufacturing industries include aluminum production, food processing, metal fabrication, wood, mining, manufacturing, electricity, gas, water, and waste services accounted for 16. 5% of GDP in 2013. The primary sector continues to dominate New Zealands exports, despite accounting for 6. 5% of GDP in 2013, the major capital market is the New Zealand Exchange, known as the NZX. As of November 2014, NZX had a total of 258 listed securities with a market capitalisation of $94.1 billion. The currency is the New Zealand dollar, informally known as the Kiwi dollar, the New Zealand dollar is the 10th most traded currency in the world. However, the positive outlook includes some challenges. New Zealand income levels, which used to be above those of other countries in Western Europe prior to the crisis of the 1970s, have dropped in relative terms. As a result, the number of New Zealanders living in poverty has grown, New Zealand has also had persistent current account deficits since the early 70s, peaking at -7. 8% of GDP in 2006 but falling to -2. 6% of GDP in FY2014. Despite this, public debt stands at 38. 4% of GDP, however, between 1984 and 2006, net foreign debt increased 11-fold, to NZ$182 billion. By March 2014 net foreign debt had dropped back to NZ$141.6 billion, despite New Zealands persistent current account deficits, the balance on external goods and services has generally been positive. In FY2014, export receipts exceeded imports by NZ$3.9 billion, there has been an investment income imbalance or net outflow for debt-servicing of external loans. In FY2014, New Zealands investment income from the rest of the world was NZ$7 billion, versus outgoings of NZ$16.3 billion, a deficit of NZ$9.3 billion. The proportion of the current account deficit that is attributable to the investment income imbalance grew from one third in 1997 to roughly 70% in 2008, taxation in New Zealand is collected at a national level by the Inland Revenue Department on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods, local property taxes are managed and collected by local authorities. Some goods and services carry a tax, referred to as an excise or a duty such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service, there is no social security tax or land tax in New Zealand
25.
Industrial Conciliation and Arbitration Act 1894
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The Industrial Conciliation and Arbitration Act 1894 was a piece of industrial relations legislation passed by the Parliament of New Zealand in 1894. Enacted by the Liberal Government of New Zealand, it was the worlds first compulsory system of state arbitration and it gave legal recognition to unions and enabled them to take disputes to a Conciliation Board, consisting of members elected by employers and workers. It is based on a scheme devised by a South Australian politician, registration of unions under the Act was voluntary, and unions could choose to remain outside the Act and negotiate directly with employers. If a union registered it was bound to comply with the rulings of the Arbitration Court and could not, for example, as a result, in the early 20th century, some militant and/or strong unions chose not to register. However most unions and their members benefitted from the Act, as few had the power to negotiate terms better than those laid down by the Court. The Act forbade the registration of unions where one already existed in the same industry, the First Labour Governments 1936 amendment had two major provisions, the 40-hour week and compulsory unionism. Awards could not require more than 40 hours work a week, not counting overtime, and this was to be arranged, exemptions could be made if a 40-hour week was impractical, but this rarely occurred. The amendment also made it illegal to employ a worker who was not a member of a bound by the relevant award or agreement for that industry. The 1961 amendment, passed by the Second National Government abolished compulsory unionism, however membership continued to be compulsory when unions and employers agreed that it should be, or if 50% of relevant workers voted for compulsory unionism in their industry. Even in cases where compulsory unionism did not remain in force, hence the amendment had little practical impact
26.
Black Budget (New Zealand)
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In New Zealand, the term Black Budget refers to the government budget of 26 June 1958 in which Finance Minister Arnold Nordmeyer increased taxes on beer, tobacco, cars and petrol. The second Labour government took office in 1957, the 32nd Parliament, within a year, the government was confronted with a balance of payments crisis caused by the collapse of the price of butter in Britain. Nordmeyers colleagues were reluctant to cut government spending or break expensive election promises, so Nordmeyer was left with little option, the budget increased social security benefits but was very unpopular, not least with Labours traditional working-class supporters. The term black budget is believed to have coined by union leader Fintan Patrick Walsh, but was taken up by the National Party opposition. In caucus the measures were criticised by Michael Moohan, Frank Kitts and Bill Fox and, despite his cabinet position, Moohan continued to agitate against the beer price rise in private. Philip Connolly said of Nash, who had said there was no alternative. Freer saw some saving grace in the tightening of import controls, the governments popularity never recovered from the budget, which is generally believed to have cost it the 1960 election. Nordmeyer was forever tainted by the budget, which gave him a reputation as a puritanical wowser who was opposed to simple working class pleasures such as beer. Despite this, he became the leader of the Labour Party in 1963, in 2010, DB Breweries ran an advertising campaign attributing the creation of one of its brands, DB Export Gold to the increased taxes on beer introduced by the black budget. Arnold Nordmeyer in the Dictionary of New Zealand Biography The Oxford Illustrated History of New Zealand, edited by Keith Sinclair
27.
Think Big
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Think Big was an interventionist state economic strategy of the Third National Government of New Zealand, promoted by the Prime Minister Robert Muldoon and his National government in the early 1980s. The Think Big schemes saw the government borrow heavily overseas, running up a large external deficit, petrochemical- and energy-related projects figured prominently, designed to utilize New Zealands abundant natural gas to produce ammonia, urea fertilizer, methanol and petrol. The National Cabinet Minister Allan Highet coined the Think Big label in a speech to a National Party conference in 1977, economist Brian Easton also used the term think big in describing economic strategies. In 1978 New Zealand faced a crisis in oil-supply. OPEC continued to raise the price of oil, then in 1979 the Iranian Revolution paralysed that countrys oil-industry and 5.7 million barrels of oil per day were withdrawn from world supply. In 1978 Bill Birch became the Minister of Energy and he looked to the substantial reserves of natural gas under Taranaki and off its coast as an opportunity to bring life to the ailing economy. In 1979 the oil crisis worsened, during the first half of 1979 OPEC raised oil prices from US$12 a barrel to US$19 a barrel. The New Zealand government banned weekend sales of petrol, on 30 July 1979 the government introduced carless days, where private motorists had to choose one day of the week, on which they could not drive their motor vehicle. Heavy fines were imposed for motorists who were driving on their nominated carless day. The increases in oil prices substantially worsened the already precarious terms of trade. The cost of oil loomed as the component of the New Zealand balance of payments deficit. Muldoons administration intended the Think Big projects to reduce New Zealands reliance on imports, especially oil, motunui converted natural gas from the off-shore Maui field to methanol, which it then converted to petrol on-site. Declining oil prices rendered this process uneconomic and New Zealand abandoned the manufacture of synthetic petrol, the construction of the Clyde Dam on the Clutha River formed part of a scheme to generate electricity for the national grid. A proposed smelter at Aramoana on Otago Harbour was never built—largely owing to resistance on the grounds of the damage that would have been a consequence. Think Big had a impact on New Zealands exports. The industrial projects such as Tiwai Point continue to generate profits for their owners, approval of Think Big, at least during and soon after the time of its implementation, tended to rely on party affiliations. Think Big projects became synonymous with further inflation and industrial trouble, richard Prebble said to the Labour Cabinet during the Maori loan affair, Better to talk about the $7 billion that was borrowed than about the $600 million that wasn’t
28.
Rogernomics
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Douglas came from a background of Labour Party politics. His adoption of more usually associated with the political right. Douglas became a Labour member of parliament at the 1969 general election and he showed his interest in economic policy in his maiden speech, in which he argued against foreign investment in the domestic economy. His case for protection of the domestic economy and government involvement in investment was characteristic of the Labour Party of the time. From 1972 to 1975, Douglas was a minister in the Third Labour Government. This government followed a broadly Keynesian approach to economic management, as a minister, Douglas was innovative in the context of the public sector. As Broadcasting Minister he devised a structure in which two publicly owned television channels competed against each other. The superannuation scheme he helped design became law in 1974, but was disestablished by Robert Muldoon almost as soon as the National Party won the 1975 election, Douglas maintained his interest in economic issues in opposition. In 1980, he described New Zealand as a living on borrowed money. The economic policy of governments had left the domestic economy sheltered. Inflation, which was more than ten per cent a year throughout the 1970s, was high by the standards of the major trading partners. There was a persistent fiscal deficit, a large part of the economy was controlled by regulation, some arbitrary or inconsistent. The political consensus of the years produced stability at the cost of innovation. Beneficiaries of the economy flourished in both public and private sectors. Douglas argued that only radical action would improve the economic outlook, in 1980, he published an Alternative Budget that attacked what Douglas called the Muldoon governments tinkering with the economy. He wrote that twenty years of pandering to entrenched interests had dampened productive investment, the Labour leadership saw his proposals and their unauthorised publication as unfavourable comment on Labour policy. The Labour leader Bill Rowling publicly rebuked Douglas, Douglas then published his thinking in the form of a book. Alongside far-reaching proposals for reform of taxation and government spending, it advocated a twenty per cent devaluation of the dollar to increase the competitiveness of exports, although radical, it took an eclectic approach and did not hint at the abandonment of Labour’s Keynesian policy framework
29.
Finance company collapses, 2006-12 (New Zealand)
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Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand, including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors, the most high profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the finance sector in New Zealand. By late 2013 the size of the sector was half its previous size. In the years following the beginning of the collapses, sweeping legislative and regulatory changes were made, aimed at improving oversight, New Zealands economy became increasingly dominated by finance capitalism in the decades before the Great Recession. This rapid rise meant the finance industry was growing at a faster rate than the banking sector, furthermore, failed companies have a longer audit lag and some trustees appear to have a greater percentage of failed firms than others. Directors conduct in the leading up to the collapses was often incompetent. In some cases, such as Bridgecorp, the greed of directors was deemed to be the main cause of the fraud. He was using company resources to fund his personal interests and was determined to get his way whether it was ethical or not, Bridgecorp ultimately became an outworking of Petricevic’s lack of ethical values. Of Rockforte’s $4.8 million in outstanding loans, $2 million were undisclosed related party lending, undisclosed related party transactions of more than $1 million were made to firms owned by Trevor Ludlow of National Finance 2000. Bridgecorp did not disclose related party lending to Barcroft which represented more than more than 30 per cent of Bridgecorp’s total loan book. In the area of governance, a problem was that some of the trustees of debt security companies provided inadequate oversight of the companies they were supposed to be supervising. At least 25 failed finance firms used one of two trustee companies - Perpetual Trust and Covenant Trust, raising concerns the trusts were slow to detect adverse financial issues. The financial crisis of 2007-08 had a flow on effect in the New Zealand economy causing a downturn in the property market and precipitating a credit crunch. These macro-economic factors and subsequent run on the funds sparked the collapse of most of the companies, Credit began to tighten in the market. This brought down the first 3 finance companies – National, Provincial, reserve Bank Governor Alan Bollard would reflect that, At the end of 2006 and in early 2007, we started to hear about property finance companies in trouble. Most were very small, and as individual failures they did not greatly concern us, but in the second half of 2007, bigger finance companies started to fall like flies. As each one entered into liquidation, receivership or moratorium, media speculation turned to the next and we saw angry scenes of elderly debenture holders haranguing hapless managers at meetings
30.
New Zealand twenty-dollar note
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The New Zealand twenty-dollar note is the current middle denomination banknote of the New Zealand dollar. The $20 note was introduced on 10 July 1967, replacing the New Zealand ten-pound note, the first $20 notes featured Her Majesty Queen Elizabeth II on the obverse, with a window watermark panel showing a portrait of Captain James Cook. The obverse featured a kererū and a miro and this issues design was very similar to the first issue, with the most obvious difference being the updated portrait of Queen Elizabeth II. There is also some new color changes, in 1990, all of New Zealands notes were redesigned. This note is different from the series because it was issued in cotton not polymer. In 1999, the used to make twenty dollar notes was changed to polymer. The basic design of the note remained unchanged, although new anti-counterfeiting measures such as transparent sections of the note were added, the 20 has the New Zealand Parliament Buildings on it, which is to the left of Elizabeth II, the portrait was taken in 1986. On the back is the kārearea, the scene in the background is Mount Tapuaenuku, the highest peak on the South Islands Inland Kaikoura range, standing at 2,885 Meters in height. The note has a window of a fern on the left. There is a fern printed on the sides, when held up to the light the fern will be complete and match up perfectly. Above the oval window, there is a watermark of Elizabeth II when its held up to the light, when put under UV Light a yellow patch will appear with the denomination on it. A tinnie is a term coined for marijuana buds wrapped in aluminium foil which are illegally sold in New Zealand. The most popular price and form of used in exchange for tinnies is a 20 dollar note, although this can vary depending on quantity, weight, area. Tinnies are often frowned upon even by regular marijuana consumers, the term and sale of which are only common in rougher areas of the towns
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Taxation in New Zealand
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Taxes in New Zealand are collected at a national level by the Inland Revenue Department on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods, there are currently no land taxes, but local property taxes are managed and collected by local authorities. Some goods and services carry a tax, referred to as an excise or a duty. These are collected by a range of government agencies such as the New Zealand Customs Service, there is no social security tax. New Zealand went through a program of tax reform in the 1980s. The top marginal rate of tax was reduced from 66% to 33%. Goods and services tax was introduced, initially at a rate of 10%, Land taxes were abolished in 1992. Tax reform continues in New Zealand, in 2005–06, 43% of the New Zealand Governments core revenue came from individuals income taxes. Salary and wages business and self-employed income income from rental income overseas income Income tax varies dependent on income levels in any specific tax year. Rates are for the tax year 1 April 2015 to 31 March 2016, the earners levy rate for the period 1 April 2015 to 31 March 2016 is 1. 45%. In New Zealand, the income is taxed by the amount that falls within each tax bracket. For example, persons who earn $70,000 will pay only 30% on the amount that falls between $48,001 and $70,000 rather than paying on the full $70,000. Consequently, the income tax for that specific income will accumulate to $14. The amount of tax actually payable can be reduced by claiming tax credits, e. g. for donations, childcare and housekeeper, independent earners, payroll donations, income under $9,880, and children. Tax credits on income under $9,880 and for children were removed effective from 1 April 2013, in most cases employers deduct the relevant amount of income tax from salary and wages prior to these being paid to the individual. This system, known as pay-as-you-earn, or PAYE, was introduced in 1958, in addition, banks and other financial institutions deduct the relevant amount of income tax on interest and dividends as these are earned. This is known as resident withholding tax, individuals who are tax resident in more than one country may be liable to pay tax more than once on the same income. New Zealand has double taxation agreements with countries that set out which country will tax specific types of income
