GOLD PRODUCTION.

Hokitika Guardian, 30 December 1918, Page 2

GOLD PRODUCTION.

NO BOUNTY FAVOURED. fAUSTRALIAN it N.Z. CABLE ASSOCIATION 7 ] (Received This Day at 8.45 a.m.) LONDON, Dec. 28. Lord Inchcape’s Committee reports that during the war period the production of gold in the Empire slightly exceeded the production in tho corresponding poriod immediately proceeding tho war. A decline appeared in 1917, amounting to 3,429,415 compared with 191 G, and a further fall occurred in 1918, amounting to 4,652,207, compared with 1917. The decline in Transvaal in 1917 was due to a comlunation of shortage of explosives on account of tho war and shortage of la- . hour. The former was the more im ; portant. The decline in Transvaal n 1918 was mainly owing to shortage of labour, and not duo to any large extent to the war. Tho decline in Australasia in 1917-1918 was normal, mainly due to natural causes, but was accelerated by the increased cost and decrease of efficiency of labour caused by the war, and from the point of view of production solely. The abandonment of treatment of low grade ore in favour of higher grade will not, within ;v measurable period, reduce the total output of the Empire. Therefore the continuance of working of low grade mines which are unable to work at a profit, is not a matter of any great importance to the national interest.

AVo are not prepared to recommend any bounty or subsidy for the purpose of stimulating the gold output of the Empire. Gold being of a standard of value, not more can properly be paid for it than its value in currency.