REVIVAL IN GOLDMINING

New Zealand Herald, Volume LXIX, Issue 21251, 3 August 1932, Page 10

REVIVAL IN GOLDMINING

Throughout the world gold production. is increasing at a remarkable rate. The output reached its record level in 1915 and then declined steadily until 1922, a consequence, doubtless, of the demand made by the war on man-power and general inflation offering more attractive investments and wages. Thereafter the yield increased annually by about 500,000 ounces, until last year, when that figure was doubled. Under the stimulus of a higher price level for the mineral, the decline in returns from ordinary industrial investment and the necessity for idle men to find e'mployment, there is practically a certainty that the yields of nearly all countries will show another phenomenal rise this year. As far as Empire countries are concerned, it is predicted that the Canadian output will reach £13,000,000, an increase of £2,000,000 for the .year. Progress returns of the great South African mines indicate that sensational new records will be established. The

value of the Australian production plus tho premium for the first six months of this year is not far short of the total for the previous year and it is confidently estimated that 1932 will see the five million mark reached. In a small way New Zealand is contributing to the Empire's expanding output of the commodity for which there, is an inexhaustible demand. Interim returns are not available, but the export figures for flic first five months of the year are a guide. In that period 60,065 ounces, valued at £366,610, were exported, the corresponding totals for 1931. being 52,751 ounces and £216,16-1. While allowance must be made for an exuberant optimism in some reports of small ventures, there is good ground for anticipating a substantial increase in the yield ol last year through the revival that is taking place in alluvial goldmining. Some of the old enthusiasm for this form of gold-seeking has returned. More, scientific knowledge is available .and those in comniitnd of capital have better mechanical equipment at their service provided they have the courage to venture. The "wild cat" flotation is always waiting its chance in times of mining activity, and vigilance is necessary, but,, nevertheless, there is plenty of solid evidence to give encouragemont for the working miner and the investor from tho "grub-staker" upwards. The Unemployment Hoard has the power to further -stimulate the industry. In providing sustenance for properly directed prospecting parties and groups engaged in preliminary de- ' I

velopmenfc of claims, it is ÜBing its funds wisely for ultimate national benefit. Professor Park stated recently that the Government of Victoria was very well pleased with the result of a relief expenditure of £35,000 last year on prospecting, and in addition to commending the same policy to New Zealand expressed the opinion that there were unlimited opportunities here for capital in the development of low-grade ores which would found permanent industries. Goldmining in all its branches is worthy of still greater attention as a field for investment and for employment, and as a means of helping the* country through the depression and strengthening the financial resources of the Empire.