The Lake Wakatip Mail. Queenstown, Saturday, June 13, 1863.

Lake Wakatip Mail, Volume I, Issue 13, 13 June 1863, Page 4

The Lake Wakatip Mail. Queenstown, Saturday, June 13, 1863.

Is a late issue we commented upon the want of legislation in the price of gold in this Province. We als>» pointed out the evils accruing from combinations to purchase the chief measure of value at an unfixt d price,

and we promised to turn to the question again, relating to the laws regulating the purchase of gold in all well governed countries. We are glad that our efforts have not been without their reward, for since the publication of that article, gold has gone up in price on the Lake goldfield. No one can deny but that each goldfield in New Zealand is getting poorer and poorer every day, owing to the departure from amougst us of those men who have made a sufficiency to carry them away. One < f the reasons that induce those men to leave us is the low price they obtain for their gold. The Banks are the sole purchasers of gold in this country, and no one can blame them for buying at as low a rate as possible. They have a perfect right to make agreements to buy at any price they think fit. But the Government of the Province is to blame, after being made cognisant of the fact that the gold of this Province is much higher in value than the price obtained by the miner, not to step forward and at once legislate upon the subject. Throughout the civilized world, gold is the chief measure of value, and all articles are bought by a definite quantity of gold, expressed in pound, napoleon, franc, doubloon, ducat, &c. In order therefore to prevent imposition, combination, and a depreciation in the valfie of the precious metal, all good governments have made laws so that the "vendor is sure of obtaining, without difficulty, afixed value. In England the Imperial Govern • meat bra agreed with the Bonk of England,

in consideration of their purchasing all gold

brought to them for sale (no matter how large a quantity), at the rate of £3 17s. 9d per oz. standard (22 carats gold, 2 carats alloy; or •915 pure gold, *B4 alloy), to mint it for the Bank exclusively at £3 17s. IO.Jd. peroz., in standard sovereigns, leaving the Bank of England a profit of three-halfpence per oz.

A similar law exists in France. In America the Government have established both an assay-office and a mint. The assay-office is in New York, and the mint in Philadelphia. To the assay-office of this place, merchants, brokers, bankers, and miners bring their gold for assay. Those who wish receive their gold back in bar-bullion for shipment, while others have it forwarded to Philadelphia for mintage, stating the value. This takes about thirty days. The delay is no inconvenience, for upon the assay warrants, given at the time, of the value of the gold forwarded for coinage, money is easily raised.

Victoria and New Zealand stand alone as gold-producing countries where the price of the chief measure of value is ruled by commercial institutions ; and we pointed out in our previous article, when commenting upon this important subject, how the Banks in Victoria were forced, even by the establishment of an assay-office, to raise the price of gold. New Zealand has an advantage that Victoria did not possess when they established their assay-office—no mint was then established in Sydney by the Imperial Mint. It is true that the Sydney sovereign is not current throughout the British dominions, but they are coined at the same rate of value as the British sovereign, viz., 22 carats fine, and every ounce of these sovereigns would realise at the Bank of England £3 17s. 9d. per oz., showing a loss only of three halfpence. The Sydney Mint is as near New Zealand by time as the mint of Philadelphia is to the New York Assay Office; and if the Government of this Province have the welfare of the miner and country at heart, why do they not follow the example of other countries, and issue warrants, and forward the lucky miners' gold to Sydney to be coined. It would keep the prosperous digger in New Zealand, by ensuring him full value for his gold. At present, miners are taking their gold from New Zealand to Victoria, and selling it in grain on the Victorian fields. They thus perpetrate a swindle upon the banking institutions of that country by passing it off as Victorian gold It has been asserted that the value of the New Zealand gold is much lower than Victorian ; this is answered by extracting a portion of Major Richardson's speech delivered in Dunedin, when canvassing for the late Superintenuency" There was a " point to which the real friends of the miners " might do good by directing their attention

«< —that was, to see that they had every op- " portunity of getting a fair price for the " gold which they dug out of the earth. He " did not know how that was to be done. It "had been under the consideration of the •• Government; and no Government was " worthy of the confidence of the people that " would not do everything in its power, so as "bv tests and analyzations,to put it within the " means of the miner to ascertain really what " was the value of the article of which he was 14 about to dispose. It might be remembered " that the Government " Internitional Exhibition, where it attracted " considerable attention, and it was subse- " quently sold. It was from four different " fields ; and the result of the analyzation of " each had been received. The highest in " valuo was £3 19s. 3d., after all expenses in " England for melting, &c.; and the lowest, " £3 17s. 4d. an ounce."

In a few words we advise the Government of this Province or Southland to do the s une as they do in America. The question of advantage to the miner cannot be gainsay ed, as every new purchaser coming into the market for any commodity must more or less benefit the producer. It would afford a certainty that the price of gold could not fall below the value of the Syduey sovereign. A Government assayer would also enable the merchant to ship gold and bring them in competition with the banks in the purchase of bar bullion, and any event which would thus benefit the native producer, must prima Jaw

be an advantage to the most important element, and the country generally. We arc glad to add that at present no combination exists in New Zealand with regard to the price of gold; and this, we are told upon the best authority, is attributable to the Union Bank of Australia. But we object, on public grounds, to be subject at any future time to a combination, and we call upon the miners throughout the Province to return no member to the Provincial Council, who does not pledge himself to bring the matter before the Council, and urge immediate legislation.