ASSURANCE GIVEN

Hokitika Guardian, 10 March 1933, Page 2

ASSURANCE GIVEN

KON-M»ASEMENT OE CURRENCY

■OUTWARD DR IFF OF SILVER,

AVETJLIN GTON, March 8

An assurance that the Government did-/'; not propose to debase the New Zealand currency was given by the Minister for Finance (the Rt. Hon. J. G. Coates) in the House, of Representatives this evening, during the discussion of the clause in Finance Bill (No. 4), which gives au! hc-rity for arrangements to be made with the Royal Mint for the issue of a special silver and copper coinage for the Dominion.

In reply to Mr W. Nash (Lab., Hutt), who .asked whether it was not possible to arrange for the minting of coins in the Dominion, Mr Coa+cs said it would be realised that the Imperial coinage had always been the coinage of New Zealand. “I think it will be realised, too,” he addc, “that •during that long period certain associations have grown up, and that lavrangemenifg and discussions should as a matter of courtesy take place with tire Master of the Royal Mint, to whom for years past we have look ed for guidance on such matters. We do not think it necessary to have any a For iiatlve—not, at-any rate, at this stage. Our negotiations have shown that we will experience little difficulty as far as price is concerned. “We are hound by an undertaking with the United Kingdom to .endeavour to keep the coinage within our shores,” said Air Coates. “There is ample evidence, despke the regulations and the close watch kept by the Customs Department. that silver has been leaving the country, and we cannot stop it. Probably. I shall ask the Houge to deal with" further legislation on this point with .further legislation on this ]>oint. A,ll the regulations under the sun will not' stop the silver leaving.” Mr Coates said he could not go into details, nor did lie think it was necessary. He felt- lie was not at liberty at this stage to tell the whole «.tqry, which might seem an extraordinary thing to members. It would be realised, however, that, negotiation, 5 mustbe confidential. on account of their delicate nature. He asked the House to accept his• assurance that negotiations were proceeding satisfactory. Indeed up to the moment they were encouraging. • ■ •

CONTROL OF MINING PRIVILEGES

RESTRICTIONS IN FINANCE BILL.,

WELLINGTON, Afaroh 8

In order to control the use of mining privileges in districts where the Unemployment Board is assisting prospecting, the right of wardens to grant these privileges is restricted by a clause in, Finance, Bill (No. 4)7 Two other ■clauses relating to mining afe contained'in another Recti on of-The "bill. The Minister of Finance (the Rt, Hon. J. G, Coates) explained that experience had shown that the application of geophysical surveys had been the means of locating suitable sites for borings for gold. The Government had therefore purchased scientific, instruments land had carried out surveys in parts of Otago. It was intended to bore in selected areas. In some cases the land was freehold and in other cases the land might be taken by the Minister for Mines under the Alining Act, .1926. In order, therefore, to enable the Government to carry out these important functions it was absolutely necessary to obtain •a wider power to resume land ' for mining'purposes. Under the Alining Act 'a land owner was entitled to obtain compensation under the Public Works Act for the loss of land resumed. A 1 clause in this bill stated that in respect of any land so resumed the amount of compensation payable by the Crown should not include the value of any gold or minerals contained i therein, but should include ©ll sums reasonably expended by the owner or occupier in carrying on mining operations on such land. Another clause would enable the Minister for Alines to dispose of lands geophysically surveyed, by open competition. The nroceecls of the sale would be creditod to the Consolidated Fund and should no the deemed to be goldfields revenue.

The Alinister said that it was recognised that the testing of snob areas in the manner proposed would undoubtedly result in Urge sums of monev being found bv private enterprise in developing and working such arean in an efficient and skilful wav. The ultimate result would he that the state would receive an adeem ate and satisfactory return for the preliminary wc-k'carried out.