THE PRICE OF GOLD.
It is reported from London that the selling price of gold has been raised 10 per cent. The price fixed by law is £3 17s 9d per fine ounce at the Bank of England arid £3 173 lOid at the Mint. The owner of a quantity of pure gold, if wishing to sell to the Batik of England, would be paid £3 17s 9d per ounce, but if he took it to the Mint for conversion into coin he would be paid £3 17s 10Jd per ounce, but he would have to wait several days for his money, and the additional lid covers the interest on the* money for the time of waiting. For some months past the gold producers of the Empire, and especially of the Rand, have complained that although the cost of winning the metal has greatly increased, the price of the metal had not varied. Many low-grade mines have had to close down, and for his reason, as well as" for several othere, the gold output of the Empire has decreased considerably since the war commenced. The increase of 10 per cent in the price wJil prove' helpful, and may lead to some of the low-grade mines being re-opened. -4*o .
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NA19190807.2.7
Bibliographic details
Northern Advocate, 7 August 1919, Page 1
Word Count
208THE PRICE OF GOLD. Northern Advocate, 7 August 1919, Page 1
Using This Item
NZME is the copyright owner for the Northern Advocate. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in