GOLDMINING

New Zealand Herald, Volume LXXI, Issue 21906, 15 September 1934, Page 12

GOLDMINING

The Mines Statement, so far as it relates to the production of gold, is a disappointing document. While the gold known to have been won and also that actually exported for the last calendar year had a higher value than in the previous year, both showed a decline when measured in ounces. The high price of gold certainly has stimulated prospecting, but with little gain to the Dominion. In Australia, on the other hand, there has been a rapid rise in output. The quantity produced rose from 595,000 fine ounces in 1931 to 714,000 fine ounces the following year and 805,000 fine ounces last year, the increase in value from 1932 to 1933 being nearly one million pounds. The reduced return from Waihi was responsible for the lower quantity return for the Auckland Province. The detailed figures indicate continued stagnation in the Coromandel area in spite of the encouragement given to prospecting by the Unemployment Board. Even in Otago, where one or two good "strikes" were made on old fields, the output was only 23,009 ounces, against 20,416 ounces in the previous year. In Murchison County, where the Unemployment Board succeeded in placing a considerable number of men to swell the ranks of the established miners, the return was 4343 ounces, compared with 1757 ounces in 1932. The figures for Grey, Buller and Collingwood also bear definite evidence of the stimulation due to local and relief effort. The fact remains, however, that the industry, apart from Waihi and a few other concerns, is now on a very small scale, a scale that is surprisingly restricted in view of the great production of the past. For this state of affairs.there are two main causes. One is that capital is still chary about gold-mining ventures because of past experience of "wild cat" company promotion, and the other that outside investors seeking large-scale opportunities have found too many restraints in their way. Under the bill that is now under review by the Mining Committee of the House of Representatives it is expected that most of these hampering conditions will be eliminated. With these disabilities removed there will be reason to hope that British enterprise may be attracted to New Zealand, especially now that geophysical surveys will enable values to be determined much more precisely and expeditiously than was possible in the past.