FUTURE OF GOLD

Hauraki Plains Gazette, Volume 51, Issue 3150, 29 July 1942, Page 8

FUTURE OF GOLD

AREA CAN LIVE AGAIN ADDRESS GIVEN IN THAMES POSSIBILITY OF DEVELOPMENT An optimistic expression of faith in the future of the Thames goldfieldls, (and one that should meet with the hearty approbation of every resident of the town and difefttrict, was made at last night’s meeting of the Thames Chamber of Commerce by Mr C. F. (Ryland, of Auckland, states the Thames Star.

In his opening remarks, Mr Ryland said he was pleased to have the opportunity of speaking to members of the Cliamber. The purpose of his visit was to tell the business people of Thames all about the present genuine and determined effort- to resuscitate goldmining on the Thames field, and to obtain the co-operation and support of Thames and district. Glories Not Past

The tendency these days, said Mr Ryland, is to look upon Thames as a place famous for its golden past. We are convinced that Thames, as an important gold-pfoducing centre, can live again; and we hope to revive in this community that sjdjlif of enterprise which will lead to full co-operation in the job of developing the considerable deposits bi gold,.silver and base metals now without reach.

It should not be necessary, he continued, to remind a Thames audience that the nearby hills have contained gold mines which were not only unique but were among the richest mines the world has known. There may be people in Thames to-day who do not know that the old bonanza, mines within a few minutes’ walk of this room,’ have produced gold of the pre-sent-day value of something like £20,000,000.

Mr Ryland then referred to the usefulness of gold at the present time, and the predominant part it will play in the world-wide reconstruction which must follow after the war.

Despite the claims of numerous monetary cranks and theorists, the world-wide search for gold continues unabated, he declared. World production last year was approximately 41,000,000 oz., worth, at the fixed price of £B/8/- per oz, £344,000,000. The British Empire produced 59 per cent of this total, worth £203,000,000. South Africa alone produced more than 14,000,0000 z, valued at nearly £120,000,000, and exceeding any previous year. Government Sympathetic Mr Ryland quoted numerous authorities on the future of gold and its value both during and after the war. That the Government of New Zealand was fully seized with its importance was shown by the statement made by the Minister of Mines in presenting the annual Mines Statement to Parliament in August of last year, wherein he stated:

“The importance of maintaining, and if possible of increasing .gold production, is fully recognised by the Government. It is of especial importance at the present time in relation to the provision of overseas funds and the war effort, and the Government is determined to do all in its power to assist -all genuine and legitimate gold-mining operations.”

It may be held that the future of gold-mining is to a large extent bound up with the future price of gold, said Mr Ryland. Most authorities, however, agree that there is little likeli hood of any reduction in the present sabilised price of £B/8/- per oz, and that if a free market existed the price would continue to increase, as it has done stca’dily for many years.

In the meantime, goldmining is proceeding with vigour in all gold-pro-ducing countries, and establishing itself, not with the glamour of the old days, but by the recognition that improved methods and large-scale operations can be profitably employed to make goldmining an investment and not a gamble. After The War Experts are agreed that irrespective of who wins in the present struggle, all countries will be poorer than in 1939, to the extent that productive power and every investments. will have been depleted.

“The burden that will have to be carried by posterity-;” savs the London “Economist,” “is represented by men, materials and productive equipment required for the rehabilitation- of physical capital, and for repayment of overseas indebtednes s and considerable reasonably free

conditions of trade, but there is nc reason for believing that the burden will be a crushing one.”

Continuing, Mr Ryland said that it was already apparent that a complete re-establishment of international trade must provide the stimulus for recov-

ery, and that after this war there will be no isolationist countries. It was equally apparent that all metals will be required in unparallelled quantities, both the base and precious metals, as a major part of the postwar economy.

of post-war trade was the subject of growing comment in Britain and U.S.A. The ‘ ‘Manchester Guardian,” commenting on the speeches of President Roosevelt, Mr Cordell Hull, Mr J. G. Winant and other Americans, observes that: “By using its vast gold treasure for financing international projects of development, the United States could contribute more than any other country towards general reeov- ■ ery without having to’ fear domestic dislocation. ’ ’

This same journal also stated, according to a cable from London or March 16, that:

“With the United States holding a large mass of gold, and South Africa living almost wholly by mining it, the prospects that gold will be used in post-war finance are as good as any long-term security needs t„o be.” Back To Thames This brings us back to Thames, concluded Mr Ryland, and the reasons why we now ask foi* your wholehearted support for the present activities centred in the development of the Sylvia Mine at >Tararu. The past history of the Sylvia reef and mine is well known to most of you. As you probably know, the Sylvia Mine, property and assets have recently been acquired as a going concern by a new company, Sylvia' Mines Consolidated. Ltd.

The successful development of this mine would open the wav' for further mining activities at Thames, to the benefit of aJI.

Mr Ryland, who was accompanied by Mr G. F. Rogers, of the Auckland Stock Exchange, was accorded a hearty vote- of thanks. Mr W. Bongard presided aver the meeting.