EXPORT GOLD TAX.

Auckland Star, Volume LXV, Issue 205, 30 August 1934, Page 15

EXPORT GOLD TAX.

MINE DIRECTORS' PROTEST. "Early in 1933 extra taxation was imposed 011 all gold mining companies," says the report of the directors of Alexander Mines, Ltd.. of Reefton, "and it is hard to understand why such an important industry was saddjed with the high duty of 12/0 per ounce of gold produced. This is a direct tax on. industry, and is fundamentally unsound, and at the present time most uneconomic 'when every effort should be strained to create, employment. "Every other gold-producing country in the world is adopting a policy of fostering the gold mining industry in order to stimulate employment and promote production of gold, Gold, is tlie oivlv primary product which is in keen demand, and is therefore readily saleable without much expense. All gold mining companies should protest against this gold duty tax, which absorbs so much of the assets which are so vitally necessary for development wojk and ore production. "Dealing with the company's industry generally, the following figures will serve to indicate tihe extent of the taxation and other relative payments which have been made since the company came into existence: —Paid in rates 011 mining properties, £814 2/10; in rents 9" leases, £812 S/l; 011 pack track, £802 17/S; in income tax on dividends, £351 -1 12/1; in gold duty, £2862 6/5."