PROFIT IN SOVEREIGNS

Grey River Argus, 13 April 1916, Page 6

PROFIT IN SOVEREIGNS

GOLD SENT TO CHINA

There are indications of a considerable leakage of gold trom Australia, says the "Sydney Sun.' The medium, it states, is the departing Chinese, ,vho are prepared to pay a substantial premium for sovereigns. As a matter of fact a story has come from Melbourne that in that city they have paid as high a rate as 23s for a sovereign. iJut that is hardly credible. Nevertheless, they are very anxious to get gold. A visit to test the matter was made to a number of Chinese in Sydnel. The visitor, firmly clutchinga three-penny bit i nhis trousers pocket, decided to find out what 20 sovereigns would be worth to a Chinaman. It made him too giddy to think jf any greater number.

"Huh!" grunted the Chinaman contemptuously at the proposition, "Tlenty sovlins no much good. Supose you say two bundled, then plaps me talkee business."

The-' visitor took a deep breath, ' gulped, nearly broke the threepennylit in half, and said brightly, '^Right, anything- from 20 to 300." Then" the oar^ainingf began. Twenty-five bob a hundred, the Chinaman suggested ; then two pounds, three pounds, three ; pounds ten. His , offers increased as the visitor took his turn to look contemptuously. But that was as far as ne would go, though skilful effort might have g-ot him up another pound Why do the Chinese want the gold ' 50 badly ? It is not a war development. The reason lies probably, in he fact that the Chinese are the most patriotic nation in the world — in a sense. They become citizens of no Dther country but their own, and in

>at re.spect have the Huns licked to a frazzle. No matter in what country 1 Chinaman may settle,, no matter how 'ong he may be there, his one aim and ambition is to save enough to end his days and be buried in China. If it so happens that he dies in foreign lands, he generally has seen to it that his bones will be transferred to the sacred earth of his own country. The only wealth a Chinaman recognises is gold, and he hoards it tightly against his return to his native land, and when he goes the gold goes with him. Apart from that motive is the fact that China is a country with a violntlv fluctuating- silver currency and gold is always at a big premium. It is a commodity that sells at a big profjt. TV hi) c the war is on no person is permitted to leave the Commonwealth with more than £50 in gold. But the restriction is almost a dead letter. Sovereigns are easily stowed away, and except in special cases no \igid examination is made of departing persons. As a matter of fact the difficulty of making- the regulation effective, even with a strict personal inspection and investigation of effects, can be cauffcd from the fact that although the importation of opium is totally prohibited, it gets into Australia in no small quantities, despite all the efforts of the Customs officials. One opium tin could hold a 'fair number of sovereigns. ' . • The banks, too, have cndeavouied to stop the leakage, and several of them have refusod to issue- trolrl to Chinese. But while a hundred sovcr-.eip-ns will earn five ncr emit, withoutrisking nnv money, in n five minutes' transaction, there will be a good deal of gold leakage unless drastic measures arc taken to prevent trade by private individuals.