GOLD EXPORT DUTY

Hokitika Guardian, 18 August 1933, Page 8

GOLD EXPORT DUTY

MINISTER. REPLIES TO

STATEMENTS

WELLINGTON, August 16.

Statements made bv a correspondent in a letter in which it was asserted that the Minister had erred in alluding to the gold export duty as being only 1.2 s 6cl an ounce, were replied Jo by the Minister for Mines, the Hon. C. E. Macmillan, this evening. ■ The correspondent contended that as the export duty was calculated on gold of 20 carats, the pure gold, which was what miners, had for export, would have to pay a du'. jof 17s. 4 4-5 d an ounce. ‘How this figure is arrived at/’' said Nil’ Macmillan, “I/am unable to see. It appears to be a miscalculation. In any case, however, duty in excess of 12s 6d an ounce is not payable if the fineness of the gold exported is greater than 29 carats. Section 13 of the Customs ; Acts Amendment Act, 1.932-33, provides for the Dayment of a gold duty at 12s 6d an ounce troy weight of gold exr ported, of a. fineness of 20‘carats and upwards, and so in proportion for any less quantity than an .ounce of fineness aforesa.id, and so in proportion for every ounce or part of an ounce of a less degee of fineness than 20 carats.”

The Minister remarked in conclusion that the correspondent’s advice that lie should furbish un his arithmetic might more aptly apply to the correspondent himself who was also apparently unaware that the term chnnoted a twenty-fourth part.