GOLD COINS

Hokitika Guardian, 3 October 1932, Page 5

GOLD COINS

MELTIN'(I DOWN SUSPECTED. «** oealeus to be LICENSED, WELLINGTON, September 29. To prevent tire melting down of sovereigns and half-sovereigns to take advantage of it-he present high prices for gold, an Order-in-Council is published in the Gazette providing for the licensing of dealers in gold coins. Explaining the order the Prim© Minister (the R,t. Hon. G. W. Forbes) said that under -the Banking Amendment Act, 1914, the export of gold coin was prohibited, and any gold exported or attempted to be exported was forfeited to his Majesty. Further, under Section 48 of the Finance Act, 1920, every person, committed an offence who molted down, broke up, or used otherwise than as currency any gold which was for the time being current in New Zealand. Since the increase in the value of gold, it has been suspected that gold coins are being mellted down and exported from the Dominion as bullion, and in order to check this, regulations under the Board of Trade Act have been drawn up. The essence of the regulations is that all persons at present dealing in gold coins shall obtain a license at the nearest Magistrate s Court, and details of ail coins purchased, sold, or otherwise disposed of are to be recorded, together with the price paid or received, the names of Iho persons from whom bought or to whom sbild, together with their addresses and signatures. By these means the police will be able to trace all gold coins purchased or disposed of.

These regulations come into force immediately. The penalty for offences is provided for in the Board of Trade Act.