THE EMPIRE'S GOLD

Evening Star, Issue 19798, 23 February 1928, Page 1

THE EMPIRE'S GOLD

_______ HIGH GOST OF LABOR The necessity tor economy in the use of gold, both ;is :i commodity :md as money, is emphasised by the Deputy Master ol the Royal Mint, Mr Robert A. Johnston, in his annual report, states the ‘Morning I’ust.’ Considering the position of the Mints ol the Empire in regard to the coinage ol gold, he says the .suggestions for the dislodgmcnt of gold as the basis ol the world’s currency, whether sound or unsound in theory, arc not likely to ho put into practice in the immediate (utiircu “The discovery ol new fields,” Mr Johnson states, “ is, ol course, not an impossibility, but, in the absence ol such an accession to the world’s stock of gold, the problem of economy in the use of the metal will’certainly assume considerable impel lance. Production is hampered in some fields by the growing cost of labor and working expenses, especially where the metal is becoming more inaccessible. I lie recent developments in Hying and the growing tendency to transport gold by air arc encouraging factors, since the interest involved where long distances arc in <pic.stion is in itself a considerable item m the calculations ol cost.” The most rapid development hi gold mining in the Umpire recently has taken place in Canada, it is stated. Mo are informed that the dominion “bids fair to become the second largest producer in the world unless the discoyeiv of new fields slioul deniable the United States to maintain its present position. Ontario, indeed, the gold output of which has steadily advanced since prewar times, may well come to rank with the most prolific fields elsewhere.” In 1926 the out-turn of gold by mines in the Union of Smith Africa exceeded that of any previous year. On the oilier hand, the rise oi working costs in the Rand “is regarded with apprehension, and. although on a general view the problem has been obscured by the returns from recently-operated districts, it is asserted that, a substantial j further rise would render it impossible] to work manv of tbe older mines.” j To counterbalance the development j in Canada and South Africa, there is i the severe fall in the output in Ans-1 tralin which has necessitated the c!os- . ing of the branch Mint in Sydney. “In Australia,” the report continues. “ the first ton years ol the century saw an average annual production of some *1,826.000 ounces fine, while in the last five years the average has been less than 800,000 ounces tine. As the branch Mints have in the main depended entirely on the Australian output. their work has certainly shown a verv considerable decline.’"