GOLD EXPORT
EFFECT OF EXCHANGE
PREMIUM TO MINERS
If New Zealand's output of gold for p933 is equal to the amount exported in 1932,; the gold industry will receive pc bonus of £.39,806, or 3s 8a per ounce, jas the result of the increase in the exchange rate. This is the net sum after taking off the new export tax of 12s 6d an ounce which was imposed on Wedpesday.'
The value of gold exported last year nvas £1,171,873, and when the further 15 per cent, exchange premium is added to this, the increase in value is £.175,780. Based on last year's export, a tax of 12s 6d an ounce would take £135,974, leaving a difference between the exchange premium and' the tax "of £39,806 in favour of the gold exporter. On 217,550 ounces, this means a bonus of 3s 8d an ounce.
It was pointed out this morning that the gold industry had little grounds for complaining about the tax, as by the increased exchange a straight-out gift liad been made to the industry. Even when some of the exchange premium tas been returned to the Government through the new tax, the advantage was still with the exporters.
At the Magistrate's Court yestenlny .Wore Mr. J. G. Jj. Hewitt, S.M., H. Labone was fined £1 for (driving in a manner that might have teen dangerous to the public. Ho was ialso' fined £1 for failing to give way jto a tram.
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https://paperspast.natlib.govt.nz/newspapers/EP19330210.2.133
Bibliographic details
Evening Post, Volume CXV, Issue 34, 10 February 1933, Page 9
Word Count
242GOLD EXPORT Evening Post, Volume CXV, Issue 34, 10 February 1933, Page 9
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