GOLD ‘PROFIT’: SHARE SOUGHT FOR PRODUCERS

Greymouth Evening Star, 5 October 1949, Page 4

GOLD ‘PROFIT’: SHARE SOUGHT FOR PRODUCERS

Concern that the producers should receive at least some of the extra money earned through the devaluation of sterling giving a higher value to gold now held by the Reserve Bank, and acquired since the removal of the exchange rate, was voiced at last evening’s meeting at Hokitika of the Westland Progress League. It was decided to propose to the Minister of Finance; Mr/Nash, that a distribution along these lines be made.

Accordingly the following resolution was adopted:—“That representations be made to the Minister of Finance urging that the Government arrange for distribution to the various gold-mining companies concerned of the monetarj increase in value of gold produced on the West Coast and sold to the Reserve Bank since August, 1948, it being assumed that such gold .is still in the ownership of the Reserve Bank.” ‘•‘lt seems that ■ some of the gold won prior to devaluation is still in the Reserve Bank, and if any profit is to be made, I think it is right that the producer should have some share,”- said Mr G. D. Smart. “Dredges have had a hard time and they are entitled to some recompense now for their outlay in that period,” said the chairman, Mr G. R. Harker.

The same question had been brought before the House of Representatives, pointed out Mr R. J. Truman.