GOLD BOUNTY BILL.

Auckland Star, Volume LXII, Issue 166, 16 July 1931, Page 7

GOLD BOUNTY BILL.

AUCKLA-ND OPPOSITION. CHAMBER OF COMMERCE VIEW. Approval of the action of Mr. A. M. Seaman, the president of the Auckland i Chamber of Commerce, in expressing opposition to the Gold Bounty Bill was given by the chamber this morning, Mr. Seaman wrote to the Prime Minister stating that his attention had been drawn to a bill introduced by Mr. G. C. 0. Black. M.P. for Motueka", providing for a bounty of £1 per ounce on the rrold output. The bill apparently followed the lines of an Australian act of a similar character passed some 1months ago. He trusted the Government would resist the scheme. He reminded the Prime Minister that when the Act was passed in Australia. English financial papers hailed it as an official admission that Australia's currency was permanently indated by about 2-5 per cent. He was afraid that the passing of any such act in New Zealand would have a similar adverse, reaction in London. The price of gold, he said, was fixed bv Imperial statute. The general tendency was for costs of production to decline in all industries, and he considered that the decline in production costs, coupled with the statute fixed price, was a sufficient bonus for the sold producer.