LESS GOLD

Hokitika Guardian, 21 August 1930, Page 2

LESS GOLD

1 AUSTRALIAN OUTPUT

SYDNEY, August 7,

There has been an extraordinarily rapid decline in the output of gold in Australia. In five years the Value has fallen from £3,143.833 to £1,807,411. Ten years ago the value was £5,454,806. For many years Western Australia has produced more gold than all the other States between them. In 1926 that State produced more gold than the whole of Australia is producing at the present time, tho value in that year being £1,970,320 in a total value of £2.214.410.

But the industry has slumped badly, the reason, according to those who are now seeking a bounty of gold produced in the Commonwealth, being the huge casts of production, which makes the working of the .mines uneconomic. Tn 1918 1,273,187 fine ounces of gold valued at £5.408,154 were produced in the Commonwealth, 876.511 ounces being produced in AYestcrn Australia. Victoria was second in that year and has maintained relatively her position ever since. New South • AY ales lias dropped far behind at £369.743. Five years ago the output had dwindled to 19.422 ounces, and last year production in New. South Wales- was only 7469 ounces, valued at £31.842.

Last year the production of fine gold in Australia- was only 425,500 ounces—about 33 per cent, of the production in 1918 and 50 per cent, of the production a decade ago, As a matter of fact the slump in mineral production has not been confined to gold, Statistics show that, taking all minerals into consideration, there has been a steady decline in production over the past five or six years, and in many respects this has affected New South •AVales more than any of the other States. It is of interest to note, though, that Australia has produced fnbulus sums in mineral values. At the beginning of last year the total value had approached tlie amazing figure of more than £1,200',000,000. The Government has not yet given any decision in regard to the request that has been made for a bounty of £1 an ounce on gold produced within the Commonwealth. The delegation from AVestern Australia, which came from that State in order to press the claim, has not yet returned home. It has spent nearly three weeks at the capital, and apparently it has not yet given up hope. It is likely that this will he one of tlie question which the Ministry will refer to the representatives of the Bank of England, who are now in Australia, with the object of advising the Government on financial problems. There is no doubt that a big production of gold would save the situation as far as Australia is concerned.