GOLD EXPORT DUTY

New Zealand Herald, Volume LXX, Issue 21503, 29 May 1933, Page 8

GOLD EXPORT DUTY

POSITION OF THE INDUSTRY BENEFIT FROM EXCHANGE [by telegraph—OWN correspondent] CHRISTCHURCH, Suuday A statement that it could not- be expected that the whole of the £140,000 which it was estimated will be received by the Consolidated Fund from the export duty of 12s 6d an ounce on gold could reasopably be claimed by the Mines Department for mining development was made by the Minister of Mines, Hon. C. E. Macmillan, in an interview to-day„ "I want to further the interests of mining undertakings to the greatest extent that financial circumstances will allow me in my department," Mr. Macmillan said!. "The export duty of 12s 6d an ounce on gold means that I can approach the Minister of Finance in order to get; some funds with which to provide access roads and tricks, and also give support to approved ventures. I would claim the whole of the money collected by the duty, but for the fact that tho industry has the benefit of the 15 per cent rise in the exchange rate, which came into effect early this year. "The net result is that on an output of gold equivalent to that of last year the effect of a 15 per cent exchange increase and then a deduction of the duty of 12s 6d an ounco is to leave the gold mining industry with a bonus of £39,806, equivalent to 3s 7.9 dan ounce. That is basing tho calculations on tho figures Itor last year. The figures show quite clearly that complaints against tho duty must como only from those who aro not fully cognisant with tho facts."