NEW ZEALAND GOLD.

Press, Volume LXIV, Issue 19317, 23 May 1928, Page 10

NEW ZEALAND GOLD.

SHIPPED TO SYDNEY. In tlio return of the Commonwealth Bank in its issue department published yesterday (said the Sydney "-Morning Herald" of May 11th), an increase of £IOO,OOO was shown in the gold held against tho note issue, which also in-, creased by £IOO,OOO. The increase of gold represents an importation during the week from New Zealand by the Bank of New Zealand. It is an export of surplus gold from the Dominion and will, no doubt-, result in investment in Commonwealth securities. New Zealand exports of gold have varied between £450,000 and £700,000 annually during the past five years. On May 16th, the Sydney "Morning Herald" said: The arrival of £200,000 of gold from New Zealand yesterday, and *£loo,ooo on Saturday makes an import from that Dominion of £400,000 in the last fortnight. The shipments have been made on account of the Bank of New Zealand, and have been received by the office of the bank in Sydney, and lodged with the Commonwealth Bank. Investment has been suggested, as has happened in the past, but, nothing definite as to the purpose is known in Sydney or in Melbourne. The balance in trading relations between Australia and New Zealand is always against New Zealand. Last year, 192627, the balance was over a million sterling, and this balance is small to what it has been in other years. Settlements, however, have • usually been made through London. Imports of gold from. New Zealand in 1926-27 were in value. £423,000. 7 .