NEW ZEALAND GOLD.

Press, Volume LXVII, Issue 20224, 30 April 1931, Page 10

NEW ZEALAND GOLD.

SHIPMENT TO MELBOURNE MINT. A number of New Zealand gold mining companies are shipping their gold direct to the Melbourne mint, and for sometime have been receiving a value ranging from £4 13s to £1 15s per ounce, according to the prevailing telegraphic transfer selling rate, Australia on London. . In a recent issue of the Sydney "Bulletin," a series of questions was asked on the subject, as follows: — (1) If a New Zealand gold-producer decides to ship his output to the Koyal Alint, Melbourne, instead of sending it to Londou, approximately how much would he gain per ounce? (2) In for-' ■nardiug gold to the Koyal Mint, Melbourne, what is tho correct procedure to adopt as regards packing, safe keeping, and notification of dispatch! (3) What would tho cost of freight and insurance be? (4) How long after receipt of gold in Melbourne would he receive payment? (5) How much gold has been shipped from New Zealand to Melbourne? (0) Any other helpful information? The replies were:— (1) The advantage will depend on the exchange quotation for transfer from -Melbourne to New Zealand of the amount of the Miut cheque. The exchange selling rate, Melbourne on New Zealand for purely business tranactions, is at £5 per £IOO. For other transactions the exchange rate is qtioted as high as £llß 32s Cd. Consignments of gold are reaching Melbourne from ' New Zealand, and tho advantage to the producer in New Zealand is about 5 per cent. (5s per oz). This is obtained when rate charged for remitting funds from Melbourne to New Zealand is 14£ per cent. No forward quotations aro obtainable for exchange. Deputy Master of Mint, Melbourne, will be pleased to supply further information on this subject by correspondence. (2) Gold should be forwarded securely paeked in boxes or sewn up in strong canvas. It may be consigned by boat or through post. Up to 111b in weight is accepted by post. Parcels up to lOOoz in weight reach the Mint by post daily. Gold thus transmitted should be covered by a policy with some insurance company. Gold forwarded through the post is usually sewn up in a strong doublecanvas wrapper, and should be registered. • Mint should be advised by a separate letter stating amount of gold forwarded and also how payment is desired—whether by cheque, bank draft or by payment into a particular bank for transfer to New Zealand. (3) Freight charges for gold bulion or alluvial, shipped from New Zealand ports to Melbourne is 3d per ounce by boat. By post the charge would be 2d per | , ounce plus registration fee. (4) Payment is usually made about 10 days after gold arrives at Mint. Paynlcnt can be obtained three days after lodgment by payment of interest at 7 pes cent, per annum, for each day of early accommodation. (5) 42,9190z gross of gold was sent to- Melbourne Mint from New Zealand last year. It is expected this amount will be considerably exceeded this year, owing to the prevailing premium on gold now in force in Australia. (0) The rate o£ premium now payable on gold in Australia is fixed by the Commonwealth Bank at the ruling telegraphic transfer selling rate, Australia on Londou, less the estimated costs of remitting gold to London, at present about 25s per cent. In accordance with this arrangement the price paid by the Mint works out as follows: £ s. d. 1 loz sovereign (or standard) gold of 23-24 carat fineness—normal Mint price 3 17 101 Present premium at £29 5s per cent. 12 8-V Total price per ounce of 22 carat fineness ..507 Gold of higher or lower fineness is paid for at proportional rates according / to assay. 9 _____ I AMERICAN EXPORTS. b ° ; GREAT BRITAIN BEST CUSTOMER " {CKITID mess ASSOCIATION—BT ELECTBIO « tscegeaph—corvßiairr.) j WASHINGTON, April 28. j » The Chamber of Commerce announced •" to-day that Canada purchased 31 per 9 cent. less from the United States in 1030 than in 1929, purchases falling off 280,000,000 dollars to 639,000,000 a dollars. * i The. .United 'Kingdom displaced .. Canada as the United States' best cubis" tomer by a margin of 19,000,000 dollars, i while Canada purchased 31 per- cent. „ less. Canadian imports decreased only *" 2 per cent., or 101,000,000 dollars. Nots withstanding that the United Kingdom , purchases dropped 169,000,000 dollars, F the British Empire purchased more than v ■ i ' MINING. THE CORNISH POINT GOLD : MINING CO., LTD. The secretary of the above company advises that applications for 5000 shares in the new 10 per cent. cum. pref. issue have been received. The company now only requires a little more capital subl scribed, when the mine -will b,e dewatered and mining operations commenced. K AIT ANGAT A COAL CO. The Kaitangata Coal Company, Ltd., reports having had a very successful year and is paying a dividend of Is Cd per share next month. The shares are £1 shares paid to 16s, so that the dividend of 7} per cent, means that shareholders will receive a return of nearly 10 per cent, on their money. SEARCH FOR OIL, (FJUC6O ABSOCUTIOH.. TtiEGB VU ) WELLINGTON, April 29. The secretary of the Stock Exchange lias received the following report for the week endad April 27th from New . rivmouth iN.Z.) Oil Wells, Limited: ; booth 9037ti, cased to 2020 ft; prepar- • inc - equipment for cement casing within the next few days.