CHINESE AND GOLD

Dominion, Volume 8, Issue 2488, 15 June 1915, Page 6

CHINESE AND GOLD

SOVEREIGNS PURCHASED FOR 20s. 6d. On several occasions rumours have been heard in Wellington that the local Chinese have been showing a desire to collect English gold; whether to hoard it as security of more value tEan bank notes, or to export it from the country was not known. A report reached Mr. W. H. Field, M.P., from more than one sourcotliat the Chinese were purchasing sovereigns at something more than their face value, in one case a European having received 20s. 6d. for a sovereign. from a Chinese. Mr. Field reported the matter to the Minister of Finance ftbe Hon. Jas. Allen), and he his received tho following reply from the Minister:—"Dear Sir,—l think it was you who mentioned to mo that you had heard that the Chinese in Now Zealand were buying up sovereigns at a premium of 6d. I have inquired from the banks, and found that there has been a moderate inquiry by Chinese for gold. The banks do not pay it out in any but quite small amounts to Chinese who are customers, and not at all to those who do not bank with them. As a matter of fact, the Proclamations prohibit the export of gold, and I do not see. therefore, that the Chinese, except by smuggling it out, can take any largo quantity away."