GOLD PRODUCTION.

Press, Volume LIV, Issue 16408, 31 December 1918, Page 7

GOLD PRODUCTION.

« NO BOUNTY OR SUBSIDY. RECOMMENDED. (By Cable.—Press Association.—Copyright.) (Australian and C&ble Association.) LONDON, December 23. Lord Inchcape's committee reports that during the war period the production of gold in the Empire sligntiy exceeded the production in the corresponding period immediately preceding the war. A decline appeared in 1917, amounting to £3,429,415 compared with 1916. A further fall occurred in 1918, amounting to £4,652,207, as compared with 1917. The decline in the Transvaal during 1917 was due to a combination of a shortage of explosives, on account of the war, and a shortage of labour. The former was more important. Tho dscline in the Transvaal in 1918 was mainly owing to the shortage of labour, and not due to any large extent to the war. The decline in Australasia in 1917-18 was normal. It was mainly due to natural causes, but was accelerated by the increase in. cost, and tho decrease in efficiency of labour, caused by the war. From the point of view of production solelv, the abandonment of the treatment of low grade ore, in favour of the higher grade, will not within a measurable period roduce the total output of the Empire, therefore the continuance of working the low grade mines, which are unable to work at a profit, ia not a matter of any great imnortance to the national interests. are not prepared to recommend any bountv or subsidy for the purpose of' stimulating the gold, nntnut of the. Empire." the report added. "Gold being tho standard of value, no more can properlv be nnid for it than its value in currency."