THE GOLD TAX

Evening Post, Volume CXX, Issue 87, 9 October 1935, Page 14

THE GOLD TAX

PRODUCERS TAKE ACTION

THE COMING ELECTIONS

It is proposed to hold a meeting in Christchurch of all organisations' interested in gold mining with a view to having the New Zealand Gold Producers' Association in lull operation before the General Election. The meeting. will, it is hoped, be held within a month and every organisation connected with gold mining is favourably disposed towards the formation of the New Zealand Association, states the "Star-Sun."' • The principal objective of the association is to secure the removal, of the gold export tax. Companies numbering 134 have been circularised, and the follpwing figures are contained in a leport issued by the association:— Sixty-six companies' accounts were examined as at March 31, 1935:— Twenty-eight made a loss, sixteen made a profit, fourteen have Just commenced, three were developing and prospecting, and two were in liquidation. £ s. d. The , total accumulated loss of the 28 companies was 28,303 5 0 The gold export tax paid by such companies was 4,707 4 6 The accumulated profit ' made by the 16 companies which included 2 major producers, was 301,632 8 9 The tax paid by such companies was '63,329 2 0 The net profit over all companies was 273,329 3 9 And the total export tax paid 'was ......:.. 68,036 6 6 Or approximately 25 per cent. Dividends paid totalled £157,164 15s 6d, representing just over 7 per cent, of the total nominal capital of all companies, i.e., £2,210,252. Excluding two major companies, the remaining fourteen showed:—Profit,, £35,041 12s; dividends, £26,734 15s 6d; tax, £16,938 18s 3d; capital, £1,712,299. Excluding two major companies, the remaining forty-two show:--Total tax £21,647 2s 9d; net profit, £6738 7s. The report adds that the mines report for 1935 showed that the gold production this year decreased by 49,384 ounces. It also disclosed that daring tfJ e Z?!£££! ied March 31, 1935, the sum of £187,689 net was spent by the Unemployment Board for subsidies, supervisors, purchsre of equipment, etc., to win 8370 ounces of gold, or an overall net cost of £22 per ounce.The, total amount of assistance granted by the Mines Department during I the year ended March, 1935, amounted to £3786. ... ■ .1