THE GOLD EMBARGO.

Hokitika Guardian, 11 July 1922, Page 1

THE GOLD EMBARGO.

AGITATION FOR COMPENSATION

The gold producers of the West Coast in common with the gold producers of Otago and Auckland arc still agitating for compensation on gold won during tho currency of the embargo on gold. That the miners are earnest in their demands, and are keenly conscious of tho hardships they suffered during wartime is evidenced by the fact of them continuing their agitation after so many non-committal replies from the Government.

Briefly their case is as followslie Government placed an embargo on the export' of gold very early in the war period, and it continued in operation until 1919, thoiigh.it was not- for a very considerable time after that date that the goldminers found out that the embargo was lifted. During the whole of that period. the gold-miner bad through force of circumstances, to dispose of his gold to the Banks at the pre-war rates of £3 19s. The gold producers of other British Dominions, however, during the same period were allowed to export their gold, which realised for them in some instances as high as £6 15s per ounce. The New Zealand producers! had to accept approximately four £1 notes (each of which had depreciated in purchasing power to the extent of about nine shillings ill the pound), for bis ounce of gold. No wonder that many men were forced out of the industry. Claims that were prospected or proved payable under ordinary circumstances had in many eases to be abandoned, and their owners seek other avenues of emplovinent. In comparison with another 'industry or trade the gold-miner was most harshly treated. Tho producers of wool, moat, butter, cheese, and wheat, were given almost any price thev liked to ask for their products. The sawindier and the coal mine owner and every other class of producers or manufacturers were allowed to practically double their prices to meet the increased cost- of production, and m face of this the gold miner lias long lelt be has a just demand on tile Government for compensation. The Banks trading m New Zealand in war-time were allowed to increase their note issue from approximately three millions to seven millions, ami made vast profits thereon. They were enabled to do this by the gold in their possession which was practically commandeered from the unfortunate miners. The Banks paid a vert' large sum to the Government, by way of taxes on the increased note issue, thereby largely increasing their revenue. I here «an be no reasonable doubt that the tact of the Government practically commandeering the gold facilitated Hie raisin"* of loans, ami helped to keep the credit of New Zealand sound and the exchange rate steady. The bon. Minister for Mines practically admits the justice of the minors demands and would like to "grant them, but •asks :AVhere is the money to come from? 1W sympathy this. Now is the time to mote our tardy justice to the goldminers, . and live up to ,e " promise of a Square. Deal all rtmndIn connect ion with the agitatio a, well attended meeting of miners was held in Kilim oil Saturday evening, when it was unanimously decided to send a delegate to Wellington to urge the claims of the gold producers for compensation on gold won during war time. From correspondence read it is evident that the miners ot AA estland are as one in their demands, and various offers of assistance were received. Air A. Clifton was chosen as the Most Coast delegate, and he will later join a combined deputation from Otago. Auckland, and A\ estland.