TAX ON GOLD

Press, Volume LXXI, Issue 21578, 14 September 1935, Page 18

TAX ON GOLD

ABOLITION URGED taasss issociiTioa tilbobam.) WESTPORT, September 13. A well-attended meeting, at which were present representatives of companies, prospectors, and others interested in gold mining, was held to-night to frame a protest to the Government at the 12s 6d tax on each ounce of gold exported. Strong riticism was levelled at the Government and the Minister for Mines, the Hon. C. E. Macmillan, for lack of encouragement to the industry compared with that given it in other countries. The meeting .considered that the tax was hindering' small companies wh'ch would be prepared to invest the capital saved if the tax was abolished, and to employ more men. The effect of the exchange rate on the price of imported mining equipment was also discussed. The following motions were carried: '.'This meeting considers that the export tax on gold is acting detrimentally to the gold-mining industry, and that its abolition is desirable, both from the individual and national standpoints." "That the Buller district Is particularly affected because of the very extensive areas of low grade alluvial ground which the removal of the tax would make profitable to work. Also, a quantity of quartz abandoned when gold was £4 an ounce would doubtless pay at the enhanced price of gold ruling to-day if the tax was removed." "That this meeting supports the formation of a national organisation to guide the interests of the industry, wherever such an organisation be located, while preferring the centre to be m ChrlstchurcJa or Wellington."