MELTING SOVEREIGNS.

Manawatu Herald, Volume XLI, Issue 1972, 3 May 1919, Page 4

MELTING SOVEREIGNS.

CONTRABAND TRADING-IN * BIRMINGHAM. The goldsmith's extremity is the crook’s opportunity. During these years of dearth brought about by the war the free inflow of gold has been suspended. There has been ibis curious paradox, however, 11ml the embargo 011 gold bad apparently a stimulating effect on the manufacture of gold. In 1917-18 the gold wares submitted t<> tlie Birmingham Assay Office for marking represented a substantially grenter weight than in the previous year, says the Birmingham correspondent of the London Daily News. The Jigures were 366,456 ounces, against 327,113 ounces. How has the miracle been achieved? The answer is that it Ims been done by mobilising all our resources in old and disused gold, rcmclling whatever we could lay hands on, and returning it to the purchasing public in brand-new articles to suit the modem taste.

All maimer of people have engaged in the hunt for gold. The crook lias not been behindhand in the adventure. It is largely due lo his ingenuity and enterprise that among the manifold privations of war we had not had to mourn a serious shortage of gold wares. He did his “bit” in bringing lo light the hoarded gold coins in which we proved to be unexpectedly rich. It was forbidden gold, but that added zest to the quest.

After about eighteen mouths of war special legislation was passed prohibiting the remelling of gold coins. It was subsequently made an offence to deal in the coins at more than their face value. But it was a law more honoured in the breach than the observance. Gold advanced 50 per cent, above the standard, and the crook decided that it was worth a little risk if ho could got 30s for £l. Agents sent out emissaries far and wide in search of hoarded gold. They were provided with the necessary capital, and received a commission on all the precious metal I bey could Jiud. Many bold spirits worked on their own, and pocketed all the proceeds. A. very thriving traflic was carried on. Attention was occasionally called to the nefarious business by a capture and prosecution. But while the police were quite aware as to what was going on, detection was a difficult matter.