OUTPUT OF GOLD

New Zealand Herald, Volume LXX, Issue 21400, 26 January 1933, Page 10

OUTPUT OF GOLD

-REVIVAL IN INDUSTRY

QUANTITY SOLD TO BANKS

INCREASE IN PROSPECTORS MEN'S RETURNS IMPROVE [by telegraph—special reporter] WELLINGTON, Wednesday A graphic illustration of the extent of the gold-seeking revival in New Zealand is given in figures released by the Minister of Mines, the Hon. C. E. Macmillan, to-day. Although precise figures showing the amount of gold exported from New Zealand last year are not yet available, it has been ascertained that the amount of gold sold to the banks during that period was 165,8270z., the value being £706,595. The value of gold exported and the value of gold sold to the banks approximate very closely, so that a fairly reliable comparison with previous years can be made. For instance, in 1931 gold exported was 139,9740z., and the valuo was £577,612. The substantial increase is largely attributed to the number of men who have turned to the seeking of gold in preference to becoming a charge on the unemployment funds. Recent Figures Exceeded Last year's figures exceed those of any recent similar period. The nearest approach to them was in 1923, when gold exported was 169,5120z., valued at £698,583. Two years ago, in January, 1931, the number of individuals selling gold was only 79. However, with the deepening of the depression the number of prospectors greatly increased, an impetus to the movement being given by the fact that in a season of falling prices gold was among the very few commodities which grew in value. Thus, by December, 1931, 420 individuals were selling gold and by December, 1932, the number had increased to 1108. During that month the average for each man was £l3 7s 3d, which is the highest in any month, since the gold rush days of last century. The Under-Secretary of Mines, Mr. A. H. Kimbell, said to-day that for many years there had not been so much activity among gold prospectors throughout New Zealand as there was at present. The search for gold had been intensified to a remarkable extent during the past year and there was every expectation that this year's export value would be £1,000,000 or over. Fresh Dredging Operations

Various interests were on the point of starting extensive operations, and the production of gold would be increased considerably as a result, especially as each venture would have a large output. A dredging company would be starting work on the West Coast within the next month on an area previously bored only with a drill. Another large company with headquarters in the Otago district would also be producing at about the same time, and the output from these tw r o ventures should have the effect of increasing gold production by a fairly large amount. Within about three months' time another dredge would be working in the Murchison district, and that would also swell the volume of the output. It was certain that gold production would increase each month throughout this year. Thero was greater activity in boring and testing than for many years. Within about six weeks' time the department expected to have five more drills in operation, three of them having been bought with the funds of the Unemployment Board.