MINING NEWS

New Zealand Herald, Volume LXX, Issue 21469, 18 April 1933, Page 5

MINING NEWS

QUEENSLAND GOLD YIELD The Queensland gold yield for March was 4758 ounces, valued at £20,211, compared with 709 fine ounces, valued at £3266, for March, 1932. This represented an increase of 3989 fine ounces, valued at £10,945. For the three months of the year the yield was 13,128 fine ounces, valued at £55,764, compared with 266(3 fine ounces, valued at £11,323 for the corresponding period'of 1932. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank, for gold, including jewellery, lodged at the Melbourne Mint, for the week ended April 7, was at the rate of approximately £6 16s 6d a standard ounce (22 carats), equal to a premium of 75.33 per cent. Payment is made according to the assay value of tho gold. The price was 2d higher on the week. The price an ounce fine was £7 8s lid, a riso of 2d on the week. Tho Commonwealth Bank's price for sovereigns at head office, Sydney, was unchanged at 31s. INDUSTRY IN VICTORIA Recommendations made by a committee of experts on measures to revive the gold mining industry in Victoria are being considered by tho Minister for Mines. The report of tho committee states that the increase of gold production for the whole of Australia between 1931 and 1932 was about 20 per cent, but the Victorian increaso was only about 10 per cent. Tho Bendigo field is considered to be worthy of a special staff, it is recommended that the Government co-operate in convening a conference of the Mines Departments of all States to encourage the gold mining industry.