MINTING IN AUSTRALIA.

Evening Post, Volume LXXXIII, Issue 26, 31 January 1912, Page 2

MINTING IN AUSTRALIA.

INTERESTING PARTICULARS, [FEOM OUE 6\VN COBEESPONDENT.] SYDNEY, 27th January. Some interesting particulars have just been published relating to the minting of money in Australia. Practically all the gold coined at the Australian Minte comes from the Commonwealth and New Zealand, though the Sydney Mint receives small parcels from Papuo,, and some gold produced in Rhodesia hae been sent to Perth for coinage. Almost all the gold produced in New South Wales and Queensland, nearly three-fiftha of that produced in New Zealand, and about one-sixth of that mined in South Australia finds its way to the Sydney Mint, while the Melbourne Mint receives all the Victorian and about five-sixths of the South Australian gold, together with all the Taemanian and over two-fifths of tpe New. 'Zealand production. Besides ifisiiing gold coin in the Bliape of sovereigns and half-sovereigns', the Australian Mints also issue gold bullion, partly for the use of local manufacturers (jewellers and^ dentists),'' and partly for export, India taking annually a large quantity of gold cast into ten-ounce bars. In 1909 the ,thre© mints coined 9,610,779 sovereigns, 115,058 half-sovereigns, the total value, with the bullion, amounting to' £10,987,461. In addition to tho issue of gold, the mints are also charged with th© issue of silver and bronze coin Btruok in London. The mints receive light and worn coin for recoinage, the gold being coined locally and tho silver Deing forwarded to London. The total quantitie* of gold received at the three mints since their, establishment are stated in the gross as follows :— Sydney, 33,704,62202; Melbourne, 32,789,92202; Perth, 13,292,97702. The amounts' paid for the gold , Were : Sydney, £124,246,681 ; Melbourne. £129,182,162} Perth. £47,101,041. About one-half of the total gold production of Australasia has passed through the three Australian Mints, the production of the Commonwealth to the end of 1909 being valued at £514,091,617, and that of New Zealand £74,398,318. As GO shillings are coined out of one pound troy of standard silver, the silver required to produce £3 6s of coin was only worth £1 3s 9d in 1909 j the difference of £2 2s 3d represents, therefore, the gross profit—equivalent to over 64 per cent. From- this profit t however, the expense of coining (including interest on cost ot machinery) and of withdrawals of worn coin must be deducted. Permission was given some yearn ago for tho coinage of silver and bronze in Australia, but it was not availed of. In 1908 the Commonwealth Treasurer announced his intention of initiating the coinage of silver. Tho coin in private hands amounts to a comparatively small part of tho total coin in the country. The value of coin held by tho banks during the quarter ended 30th June, 1910, was £28,826,729. The facts given here should be read with interest in Now Zealand, in relation to the proposal to establish a mint in the Dominion.