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Hokitika Guardian, 20 February 1928, Page 2

\rcoi<ntr»'G to a Condon commercial paper a warning lias been given by 1 be "Deputy Master ami Comptroller of tbo Royal Mint (Colonel R. A. Johnson) in bis report for 1026, whirl) lias been recently issued, that unless wo are prepared to face a prolonged fall in commodity prices it is imperative Is economise gold, both in regard to its use as a commodity and to its use as money. In spite of the suggestions that have been put forward for the ilislodgment of gold as the basis of tbo world’s currency. Colonel Johnson sates that gold appears destined to continue iu usefulness as a basis for international trade, in view of which it is not surprising .that, with the growing demand consequent on the return of stabilized conditions by one country after another, the question of the probable amount of the output of the virgin metal in the immediate future, a most important economic factor. should lie widely discussed. The recent developments in flying and the growing tendency to transport gold byair are encouraging factors, since tlie interest involved where long distances are in question is in itself a considerable item in the calculation of cost, which might lie reduced sufficiently to bring again into production fields not at present a paying proposition. It may well lie that in the future the international gold exchange will he- served to an even larger extent than at oresent hv gold liar instead cil in coin. The output of gold by mines in the Cnion of South Africa in 1026 exceeded that of any previous year, hut or. the Rand the rise in working costs is regarded with apprehension, and it is asserted that a substantial further rise would render it impossible to work any of the older mines. Tn Canada gold mining has developed very rapidly in recent years, and the Dominion bids fair to become the second largest producer in the world, unless the* discovery of new fields should enable the United ..States to maintain its present position. Tn Australia, and also New Zealand, there has been a very notable decline in production during the last five years.