GOLD SHORTAGE.

Hokitika Guardian, 29 December 1919, Page 4

GOLD SHORTAGE.

Informative remarks on the subject of the shortage of gold were made by Mr L .R .Patridge at Tuesday night’s meeting of the Wellington Industrial Association. He stressed the point that, although New Zealand was producing more gold than is required in the country, sufficient was not available for commercial purposes. That, ho considered was due to the fact that the mining companies were getting more for thengold outside of New Zealand, and if the jewellers required it they would have to pay the price demanded. Most of the jewellers were paying 22s for the sovereign. The Chairman, (Mr. H. Mainland): “The Chinamen will be coming to light.” Mr Patridge: “In India they are paying as high as 31s and I know of an. engineer who bought sovereigns at Port Said at 23s and made a profit of £SO on what he had bought, and which he had taken to India and sold for 31s each. India has always been a great sink for gold,” he added. “They •ry it.” No wonder, he commented that sovereigns had becomo scarce. He expressed the belief that tho various countries would in the near future take stops to increase the standard value of gold; and after the elections it was intended to approach the Government •vith a view to securing an adequate gold supply for commercial purposes.