BOOM IN GOLD

Dominion, Volume 26, Issue 104, 26 January 1933, Page 8

BOOM IN GOLD

£706,595 Sold to Banks During Year

MORE PROSPECTORS A graphic illustration of the extent of the gold-seeking revival in New Zealand is given in figures released by the Minister of Mines, Hon. C. E. Macmillan, yesterday. Although the precise figures, showing the amount of gold exported from New Zealand last year are not yet available, it has been ascertained that the amount of gold sold to the banks during that period was 165,827 ounces, the value being £706,595. The value of the gold exported and the value of the gold sold to the banks approximate very closely, so that a fairly reliable comparison with previous years can be made. For instance, in 1931 the gold exported was 139,974 ounces and the value was £577,612. The substantial increase is largely attributed to the number of men who have turned to the seeking of gold in preference to becoming a charge on the unemployment funds. Last year’s figures exceed those of any recent similar period for the past nine years. The nearest approach to them was made in 1923, when the gold exported was 169,512 ounces, valued at £698,583. Two years ago, in January, 1931, the number of individuals selling gold was only 79. However, with the deepening of the depression the number of prospectors greatly increased, an impetus to the movement being given by the fact that in a season of falling prices gold was among the very few commodities which grew in value. Thus, by December, 1931, 420 individuals were selling gold, and by December, 1932. the number had increased to 1108. During that month the average for each man was £l3/7/3, which is the highest in any month since the gold rush days of last century. The Under-Secretary of Mines, Mr. A. H. Kimbell, said yesterday that there had not been so much activity among gold prospectors throughout New Zealand for many years. The search for gold had been intensified to a remarkable extent during the past year, and there was every expectation that this year’s export value of the precious metal -would be £1,000,000 or over. Various interests were on the point of starting extensive operations, and the production of gold would be increased considerably as a result, especially as each venture would have a large output, said Mr. Kimbell.- A dredging company would be starting work on the West Coast within the next month on an area previously worked only with a drill. Another large company with headquarters in. the Otago district would also be producing at about the same time, and the output from these two ventures would have the effect of increasing gold production by a fairly large amount. Within about three months’ time another dredge would be working in the Murchison district, and this would also swell the volume of output. It was certain that gold production would increase each month throughout this year. There was greater activity in boring and testing than for many years. Within about six weeks’ time the department would have another five drills in operation, three of these having been bought with the funds of the Unemployment Board.