GOLD SUPPLIES

Hokitika Guardian, 5 November 1932, Page 7

GOLD SUPPLIES

FROM NEW ZEALAND

■SYDNEY, October 27. Increasing supplies of new gold are being received in: Australia from New Zealand. Purchases by the Royal Mint' in Melbourne have shown a great advance in recent months, and it is revealed that practically all the new goto

! won in the Dominion is sent to Melbourne, as well as much of the old j gold. It is noteworthy that supplies o J I old gold, in the form of jewellery antornaments, are now petering out. but

'other business at the mint reflects the '.Pefvi'tal of goldmining everywhere. 'Statistics show that more men are engaged in goldmining in Australia and New Zealand now than for many years pest.-, And the (number )<; increasing each week.

Supplies of new gold at the Melbourne mint have reached a weekly total of 32000 z, valued at £22,400. In the past three months there has been an increase of nearly 50 per cent, compared with the previous 6>x months. In the fifteen months from July, 1931, to the end of last September, old gold and jewellery to the value of £992,551 has been sold to the mint. The price ruling for fine gold last week was £7 8s Id an ounce, and a conservative estimate of the average price paid by the mint is £B. The increase, in the supply of new gold has meant an extra £3500 a week to miners and prospectors. ‘

The incrocee in the amount of new gold purchased is attributed 'by the authorities to the opening up of new fields and to the careful working of so many of the old ones. Every place that has a “gold” hi-tory can now boast its miners and prospectors, and some rich individual finds have been re.portecl. An old prospector in Victoria the other week discovered 740 z of gold, and there was a mild rush to the locality. Several ounces of gold have -been found by other prqspectors. Glo'wing accounts are .given from time to time of rich finds in the State?, but in many instances it is found that these are exaggerated.. Australia still awaits an official verdict on that 900 square acre field in 'Central Australia,' known at the Granites. 'lt would take but little to start, one of the greatest gold rushes Australia has ever known. 'Sensing the feeling the authorities have warned prospectors not to attempt, a j journey 'into the (heart of .Australia unless they are .properly equipped.