GOLD MINERS.

Grey River Argus, 12 July 1922, Page 6

GOLD MINERS.

WANT COMPENSATION FOR EMBARGO. The gold producers of the West Coast in common with the gold producers of Otago and Auckland are still agitating for compensation on gold won during the currency of the embargo on gold. The Hokitika “Guardian” states that in connection with the agitation a well attended meeting o f miners was held in Rimu on Saturday evening, when it was unanimously decided to send a delegate to Wellington to urge the claims of the gold producers for compensation on gold won during war time. From correspondence read it is evident that the miners of Westland, are as one in their demands, and various offers of assistance were received. Mr A. Clifton was chosen as the West Coast delegate, and he will later join a combined deputation from Otago, Auckland, and Westland. It is pointed out that the Go-

vernment placed an embargo on the export of gold very early in the war period, and it continued in operation until 1919, though it was not for a very considerable time after that date that the gold miners found out that the embargo was lifted, tluring the whole of that period, the gold-miner had through force of circumstances, to dispose of his gold to the Banks at the pre-war rates of £3 19s. The gold producers of other British Dominions, however, during the same . period were allowed to export their gold, which realised for them in some instances as high as £6 15s per ounce. The New Zealand producers had to accept approximately four £1 notes (each of which had depreciated in purchasing power to the extent of about nine shillings in the £), for his ounce of gold. The Banks trading in New Zealand in war-time were allowed to increase their note issue from approximately three millions to seven millions,

and made vast profits therein. They were enabled to do this by the gold in their possession which was practically commandeered from the unfortunate miners. The Banks paid a very large sum to the Government by way of , taxes on the increased note issue, there , by lar;/'ly increasing their rovenuft There can be no reasonable doubt that the fact of the Government practically commandeering the gold facilitated the raising of loans, and helped to keep the credit of New Zealand sound and the exchange rate steady.