SURPLUS GOLD BOUNTY

Evening Star, Issue 20666, 13 December 1930, Page 21

SURPLUS GOLD BOUNTY

PROPOSAL IN AUSTRALIA BONUS OP £1 AN OUNCE. Tlm Australian Government has decider] to pay a bonus of £1 announce on all gold' produced in the Commonwealth in excess of this year’s production. It is stated that the Bill to provide for the bonus will bo drafted immediately, ..he details of tbo scheme have been worked out, and it will be introduced before Earhament rises for Christmas, Tho majority at the caucus meeting in favour of the bonus was overwhelming. Tho decision to pay the bonus complies with the' left wing’s demand that immediate steps must bo taken to relieve unemployment. The proposal which the Government will consider is that the bonus should begin on January 1 next and should continue for ton years. Advocates of tho bonus claim as its chief advantage that it will mean the introduction of millions of pounds of new capital and provide employment for many thousands of men in a time of unexampled depression without necessitating any Government expenditure for at least twelve months. It is pointed out that the first paymen of tho bonus would not bo necessary until 1932. when the amount of tbo surplus 1931 production over 1930 would bo known. It is stated that a number of mining companies with substantial capital are prepared to undertake extensive goldmining operations, in Australia if tho payment of tho bounty is assured. Extensive plant for scientific treatment of the gold will be installed and it is stated that 70 per cent, of this would bo made in Australia. This, it is thought, would provide employment for some hundreds of men in Australian engineering workshops in _ which tbo manufacture of the machines is undertaken.