EXPORT OF GOLD

Dominion, Volume 7, Issue 2246, 4 September 1914, Page 9

EXPORT OF GOLD

-—4 A MARKED DECREASE REPORTED. | The amount of gold exported from New Zealand' during August was 3045. ounces, valued at £12,876, as against 41,442 ounces valued at £156,348 ex-, ported during■ the' corresponding month of last year, a de-, 'crease- of £143,472. This shortage is easily explained. On August 4 the Minister of Finance brought down and pushed through Parliament the Banking Act, which not only provides that banks may pay out in paper money instead of gold, '.but prohibits the export of gold (with a proviso) The -clause in the Act referring to the prohibition of the export of gold says:— "During the period covered by any proclamation under this Act the exportation of gold shall/be prohibited unless with the consent in writing of the Minister of Finance. Such consent may bo given subject to any conditions or restrictions." At first it was intended to place an absolute prohibition on the export of gold, but the Minister took into consideration that such r.n extreme prohibition might involve hardship and distress. Further, the Miners' Relief P%nd (which receives . 3d. for every ounce of gold exported) and the local bodies (which receive 2s. for every ounce) would suffer, and the proviso calling for the Minister's written consent was included in the Act. The export of gold for the eight montlis of the year ended August 3 was 207,385 ounces, valued at £822,123, as compared with 251,527 ounces, - valued at £982.962, for the' corresponding period of last year, a. decrease of £160,839. The amount .of silver exported in August was 32,410 ounces, valued at £32.40 (as against 63,135 ounces valued at £7446 for August, 1913). The amount of silver exported from the Dominion during the past eight . months was 441,430 ounces, valued at £46,137, as against 674,074 ounces, valued at; £71,234.