NEW ZEALAND GOLD

Hokitika Guardian, 1 May 1931, Page 6

NEW ZEALAND GOLD

SHIPMENT TO MKLBOI'KNf MINT.

A number of New Zealand gold mining companies are shipping their gold direct to the Melbourne mint, and for sometime have been receiving a value ranging from £-1 1.3 s to £4 15s per ounce, according to the prevailing telegraphic transfer selling rate, Australia on London.

Jn a. recent issue of the Sydney “Bulletin,” a series of quest ions was asked on the subject, as follows: (1) If a New Zealand go|d-|irotlucer decides to ship his output to the Royal Mint, Melbourne, instead of sending it to London, approximately Imw much would he gain per ounce? (2) In forwarding gold to the Royal Mint, Melbourne, what is the correct procedure to adopt as regards packing, safe keeping, and notification »f dispatch? (3) AYlisU would he the cose of freight- and insurance be (!) How long after receipt of gold in Melbourne would he receive payment? (p) Row much gold has boon shipped from New Zealand to Melbourne? (0) Anv other helpful information? The replies were; — (1) The advantage will depend on the exchange quotation for trnnsler from Melbourne to New Zealand ol the amount of the Mint cheque. 4be exchange selling rate, MellwmrUe on New Zealand for purely business transactions, is at £5 per £IOO. For other transactions the exchange rate is quoted as high as £llß 12s (id. Consignments of gold are reaching Melbourne from New Zealand, and the advantage to tile producer in Now Zealand is about 5 ppr cent. (5s per o ■/.). This is obtained when the rate charged for remitting funds from -Melbourne to New Zealand is 1-1 \ pc*' cent. No forward quotations are obtainable for exchange. Deputy Master of Mint, Mulliourue will be pleased to supply further information on ibis subject by correspondence. (2) Gold should be 'forwarded securely packed in boxes or sewn up in strong canvas. It may be consigned by boat or through post. Up to Nib in weight is accepted by post. Parcels up to lOOojs in weight reach the Mint by post daily. Gold thus transmitted should he covered by a policy with some insurance company. Gold forwarded through the post is usually sewn up in strong doiible-caiiva s wrapper, and should be .registered. Mint should’be advised by a separate letter stating amount of gold forwarded and also Imw payment is desired—whether by cheque, hank draft or by payment, into a particular bank for transfer to New Zealand. (3) Freight charges for gold bullion or alluvial, shipped from New Zealand ports to Melbourne is 3d per ounce by boat. By post the charge would be 2d per ounce plus registration lee. i-l) Payment is usually made about 10 days alter gold ....arrives at Mint. Payment call be obtained three days after lodgment by payment of interest at 7 per cent, per annum for each day of early accommodation. (5) 42.0100 z gross of gold was sent to Melbourne'TMint from New Zealand ln s t- year. Dis expected this amount will bo considerably exceeded this year owing to the prevailing premium on Hold now in force in Australia. (fi>) The rate of premium now payable on gold in Australia is fixed by the Commonwealth Bank at the ruling telegraphic transfer selling rate. Australia oil London, less the estimated costs of remitting gold to London, at present about 25s per cent. In accordance with tin's: arrangement the price paid by the Mint works out as follows: £ s d loz sovereign <ar standard) gold of 22-24 carat fineness—normal Mint price 3 L 4 O’. Present premium at £2O 5s . i 2 S' per cent. 1 Total price per ounce ol 22 carat fineness . ” 11 ‘ Gold of higher or lower fineness U paid for at proportional Rites according to assay.