"A New Zealand Giro System”

Abstract

Although the word "Giro" was introduced into the English language probably 50 years ago, it is only within the last 10 years or so that it has appeared in New Zealand. It is derived from the Greek"gyros" meaning circle or ring, and is currently used to describe the monetary system where transfer forms take the place of banknotes, cheques and coins. In European countries the system operates under various names, for example: Netherlands – Postcheque – en Girodienst Swedan – Postgiro Germany – Postcheckkonto or Postcheck Norway – Postgiro Konto France – Posteau cheque Attempts have been made to provide appropriate translations of these terms such as Post Office Credit Transfer, Postal Cheque, Postal Clearing, etc. but they all denote what today is referred to as the Giro System. It was under the title of Postal Clearing Service that it was considered in New Zealand from 1956 to 1960. Strictly speaking the Giro service would be more correctly described as the "Post Giro" or the particular form operated by the Post Office. Throughout this study Giro will be used with this connotation. Giro should not however be confused with the term "Bank Giro" introduced on the continent to denote a type of Trading Bank service used for settlement transactions in conjunction with the current account system.