GOLD PRICE INCREASE
BENEFIT TO MINING INDUSTRY RISE OF £3/16/6 AN OUNCE From Om Own Reporter GREYMOUTH, September 19. The increased price for gold resulting from the devaluation of the pound sterling will ensure the continued operation of the Blackwater quartz mine at Waiuta, near Reefton, and may lead to the reopening of other partly abandoned quartz mines ana to the development of new areas on the West Coast. It is expected that the goldmining industry will be much better off than it was before New Zealand currency was restored to paritv with sterling last year. The price of gold a little more than 12 months ago was £lO 15s a fine ounce, on which there was a tax of 12s 6d an ounce. With the change to sterling parity, the price dropped to £8 Bs. which was claimed to be uneconomic. and threatened the extinction of the industry. The new rise in price to £l2 4s 6d alters the whole, situation in the industry. In Australia the new price is more than £l5
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19490920.2.70
Bibliographic details
Press, Volume LXXXV, Issue 25913, 20 September 1949, Page 6
Word Count
174GOLD PRICE INCREASE Press, Volume LXXXV, Issue 25913, 20 September 1949, Page 6
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in