HIDDEN GOLD

Evening Post, Volume CXL, Issue 55, 3 September 1945, Page 6

HIDDEN GOLD

WAR PRECAUTION

RESERVE BANK BULLION

Hidden in vaults and other places in the back country and inland towns of New Zealand. from early in 1942, the gold reserve of the Reserve Bank of New Zealand is now back in Wellington. The bulk of the bullion, estimated on today's value of gold at more than £7,600,000, was hidden in the South Island. It was taken back to Wellington by a minesweeper last. Friday, states the Christchurch "Press" of Saturday. The dispersal of the gold reserve of New Zealand was one of the best-kept secrets of the war; even yesterday officials of the Reserve Bank declined to give any information on its return to Wellington or of its value. The lifting of censorship enables the story to be told. When the Japanese were moving towards New Zealand the disposal of the gold reserve, mostly in coin, was discussed among a few in the greatest secrecy, and even Army personnel who transported the boxes, weighing about one hundredweight each, to the inland caches, could only guess at the nature of their freight. Some of the Army went to the Middle East soon after. The weight suggested bullion, but at that time many valuable documents and instruments were being removed from Wellington. The gold comprises the gold and coin acquired from the trading banks when the Reserve Bank began operations on August 1, 1934, the Reserve Bank Act, 1933, requiring all gold coin or bullion held by the trading banks for their .own account to be transferred to the Reserve Bank in exchange for equivalent notes of the Reserve Bank or for credit with that bank. Many hiding places for the country's gold were found. The dispersal in the South Island extended to the back country of Central Otago. Few knew of the treasure; none talked of it. Even after all the gold hidden in the South Island was collected last week j