GOLD EXPORT DUTY

Evening Post, Volume CXV, Issue 124, 29 May 1933, Page 3

GOLD EXPORT DUTY

PARTIAL CLAIM ONLY

(By Telegraph.) (Special to the "Evening Post.") CHRISTCHUBCH, May" 28. A statement that- it could not ho expected that the \/iole of the £.140,000 which it is estimated will be received by the Consolidated Fund, from tho export duty of 12s 6d an ounce on gold, can reasonably lbe claimed by the Mines Department for mining development/was made by the Minister of Mines (the Hon. C. JE. Macmillan) in art interview today. "I want to further the interests of •mining undertakings to the greatest extent that financial circumstances will allow me in my department," said Mr. Macmillan. "The export duty of 12s 6d an. ounce on gold means that I can approach the Minister of Finance in order to get some funds with which to provide access, roads, and tracks, and also give support to approved ventures. "I would claim tho whole of tho money collected by the duty but for the fact that the industry has tho benefit of the 15, per cent, rise in the exchange j rate. The net result is tha,t on an output of gold equivalent to that of last J year the effect of a 15 per cent, exchange increase and then a deduction | of the duty of 12s 6d an ounce was to leave the gold mining industry with a bonus of £39,806, equivalent to 3s 7.9 d an ounce," . Mr. Macmillan added. "That is basing the calculations on the, figures for last year. The figures show quite clearly that complaints against the duty must come, only from those who,are not fully cognisant with the facts."