Difference in Value of Gold.

Cromwell Argus, Volume V, Issue 231, 14 April 1874, Page 3

Difference in Value of Gold.

On this matter, Mr T. L. Shepherd writes to the Daily Times the subjoined letter, in which there are some interesting features : “Duringthe late agitation as to the low price paid for gold to the banks, I waited upon the various Bank Managers in Dunedin with the view of inducing them to raise the price, which they subsequently, to a small extent, did. My object in addressing this letter to you is to make public the information given me by the Manager of the Bank of New South Wales as to the relative value of gold obtained in various localities within the Province. It is as follows :—Lawrence, 2d more than Cromwell; Dunstan, 5d do ; Mount Ida, lOd do ; Dunstan Creek, Is 7d ; Blacks, Is 7d do. From the above it will be observed that gold purchased at Cromwell is of the lowest value, and Dunstan Creek and Blacks (Drybread) the highest. The price paid for gold is fixed by the lowest standard (Cromwell), therefore miners obtaining gold in other districts, are getting far less for their gold, in proportion to its value, than they should, even admitting the present price is a fair one for the Cromwell gold. The Manager of the Bank of New South Wales, upon my pointing out this, stated that he was quite willing and prepared to purchase gold by assay, if forwarded to the Dunedin office, where they have a complete assay staff. Pending better arrangements with the Melbourne Mint, I advise miners obtaining gold of the highest standard, to sell their gold by assay, and not at the rare fixed by°the Banks,”

GOLD ASSAYING It will be remembered that some time ago a quantity of gold was forwarded to the Victorian Mint for the purpose of being assayed. This was done in order to ascertain whether by doing so the miners could realise more for their gold than by selling it to the banks. Returns have now been received for 300oz. forwarded to the Mint. The gross amount returned for the above is £1,177. We give more detailed information regarding the result of the assay From Mount Ida,"BoT3oz, were forwarded. The weight of this after melting was 78-270z. : assay result, '0S00;

standard 83’G78oz. . and the value, £325 IG.i 3d. From the Serpentine/ ll'OSoz. ; after melting, 42'010z. ; assay report, '9465 ; standard, 44-30oz. ; silver, F29oz. ; value, £172 4d 9d. ; value of silver, Ga 6d. Blue Spur, 176-290z. ; after melting, IGO'SCoz. ; assay report, -9645; standard, 178-1970z. ; value, £G93 17s Id. The duty, mint, and other charges amount in the whole to 3s. per ounce. The standard value of the gold from the above district is as follows Blue Spur, £4 Is lid ; Mount Ida, £4 3s 3d ; Serpentine, L.4 Os 3d.