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GOLD PRODUCTION

BONUS IN AUSTRALIA. POSITION IN NEW ZEALAND, I'he report that the Federal Government of Australia has decided to pay a bonus of 20s per ounce of gold produced in Australia in excess of last year's production haß aroused considerable interest, and it was the opinion of several men concerned with gold mining in the South Island, when interviewed by a representative of The Press on Saturday, that any move by the New Zealand Government to pay a bonus on gold would result in considerable stimulus being given to gold mining in New Zealand. ''One of the principal difficulties that those connected withgold-mining ventures to-day have to face is that of production cost," asserted one expert. "The price of gold has remained at the same level, or approximately the same level, for a long period while the cost of producing it has gone up to a tremeidous extent during the last ten years. There is a great deal of prospecting being carried out at present, however, and it is more than probable that if legitimate gold ventures wero to receive some stimulant in the way-of a lonus from the Government, that the industry would benefit. It is patent to anyone that gold is wonted, and apart frcm the fact that, assistance to .the-in-dustry would mean more men. employed by it, there is also the fact that more production would mean improved. ■ credit and more money in circulation. The Minister for Mines has indicated that the Government wishes to assist gold-miniug projects with good possible prospects aid the providing of a bonus would ba & good way ot" assisting the industiy. "The winning of gold at the present time is meeting with a serious check by reason of the high cost of working for it," ho continued. "Further, if a bonus wore available, it is practically certain that considerable numbers of propositions which cannot b© worked profitably at present would contribute substantially to the national wealth."

Fillip to Industry. "There is no bonus at all given on gold produced in New Zealand," stated another man who hag been connected with the mining industry for a great many yoars. "There has not been, either, for a very great many years. There is a great deal to be said for the scheme which the Federal Government has introduced, but the bonus being given on gold in excess of the previous year's production would not result in any material benefit to the principal mines of the Dominion. It would, however, result in mining receiving a fillip and at present there is a sustained enquiry for information regarding mining projects. Some say that gold mining is having a boom at the present time, but one of the chief reasons for the interest in it to-day is that when 'gilt-edged' securities are not making an during a period of depression there is a more speculative element abroad, as people seek means of amplifying their incomes. "With the interest there is in the producing of gold at the present time, however, and the fart that tho Government has shown that it is willing to assist favourable projects, a granting ol a bonus would have a beneficial effect on the industry. Gold isVtho one commodity that-has a certain' ovc-seas market; .we cannot have too much of it, and I think the Federal Government has made a move in the right direction in granting a bonus."

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/CHP19301201.2.8

Bibliographic details
Ngā taipitopito pukapuka

Press, Volume LXVI, Issue 20099, 1 December 1930, Page 3

Word count
Tapeke kupu
567

GOLD PRODUCTION Press, Volume LXVI, Issue 20099, 1 December 1930, Page 3

GOLD PRODUCTION Press, Volume LXVI, Issue 20099, 1 December 1930, Page 3

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