SHIPMENT OF GOLD.

New Zealand Herald, Volume LXVI, Issue 20366, 21 September 1929, Page 12

SHIPMENT OF GOLD.

£375,000 SENT TO ENGLAND.

RIMUTAKA'S VALUABLE CARGO.

DESPATCH FROM, WELLINGTON.

[by telegraph.—own correspondent, WELLINGTON, Friday.

Although in actual bulk it was probably the smallest individual consignment on board, an interesting itom in the freight carried by Cho New Zealand Shipping Company's steamer Rimutaka, which sailed yesterday for England, was a shipment of gold coin for worth possibly more than all the rest of the cargo; put together. The shipment comprised 75. boxes of sovereigns and half-sovereigns, amounting to £375,000. Actually -the original consignment was 100 boxes of gold coin, of a total value of £500,000, but when tho boxes came to bo stowed away on board tho Rimutaka it was found that the capacity of her strong room was only 75 boxes. There were obvious objections to tho other 25 boxes being stowed anywhere but in the strong room of the ship, so at the last minute they were put ashore and returned to the bank vaults.

The shipment was made by tho Bank of Now Zealand, which will doubtless despatch tho remaining 25 boxes, valued at £125.000, by tho next ship. Last month a shipment of £IOO,OOO, in sovereigns, went to. the United States. Inquiries weio mado regarding the significance of the export of such large quantities of gold coin, but Sir Henry Buckleton, gonoral manager of the bank, said he had no statement to mako at present.

The gold was taken to the Rimutaka by an escort of the bank's officers and several detectives. It was packed in small, stout wooden boxes, each containing £SOOO worth of coin. For their size the boxes were remarkably heavy. Across overy seam of the boxes wero stamped seals. The "shutting out" of cargo frequently occurs, but the exclusion of £125,000 worth, in 25 small boxes,, is a uniquo happening on the Wellington waterfront.

An announcement was mado last month that £1,000,000 of gold had been shipped from Melbourne on August 13 by the Commonwealth Bank for the Bank of England. The Melbourne Age stated that a consignment of £1,000,000 had been made a few weeks previously, it being the fixed policy of the Commonwealth Bank to ship to England supplies of gold from its surplus. During tho year ended Juno 30 exports of bullion and specie from Australia amounted, to £3,926,520, including £2,934,155 of gold. The Bank of England's stock of gold luuched tho peak figure of £164,211,400 on June 12. During tho following nine weeks it was reduced by £23,523,465, owing to shipments to America and the Continent. Since August 15 there . has been a further contraction of £3,766,935. The total shown by tho latest return is £136,921,000.