DISPOSAL OF GOLD
Sale To Bank Not Obligatory (Parliamentary Reporter) WELLINGTON, September 9. The Reserve Bank does not buy newly-won gold and since the Gold Acquisition Notice, 1948, was revoked in 1954, New Zealand residents have not been obliged to offer gold for sale to the bank, the Act-ing-Minister of Finance (Mr Seath) said in the House of Representatives. Mr P. Blanehfieid (Opposition, Westland) had asked how and to whom , gold won during the last two years, and valued at £435,000, had been disposed of. The latest Reserve Bank statement listed a gold reserve valued at £243,625. Mr Seath said small increases in the bank’s gold holdings wpich occurred periodically resulted from purchases of sovereigns and. half-sovereigns offered to it. In the past two years 36,000 ounces of gold valued at £435,000 had been won. Of this; 21,000 ounces, valued at £368,000, had been exported to Australia. The balance, presumably, was retained for industrial uses or held by New Zealand residents.
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Bibliographic details
Press, Volume CIII, Issue 30542, 10 September 1964, Page 20
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161DISPOSAL OF GOLD Press, Volume CIII, Issue 30542, 10 September 1964, Page 20
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