AUSTRALIAN GOLD INDUSTRY

Otago Daily Times, Issue 21694, 12 July 1932, Page 4

AUSTRALIAN GOLD INDUSTRY

, The Australian Gold Industry Council has prepared a record ■of the Australian gold industry for 1931 in the form of accounts, claiming to _ show the financial advantage to Australia as a result of the year’s operations. The accounts purport to show the benefits derived by the taxpayer from the industry, largely as anoutcome of the stimulus provided by theGold Bounty Act. A statement of income and expenditure, based on estimate* received from the industry and published statements attributed to the Federal Treasury, shows the industry’s - income for the . year as , £3,589,000, of which £89,000 represents taxpayers’ investment through payment of the gold bounty. Production of 594,0710 z fine gold at £4 6s per ounce is valued at £2,524,800. Exchange ie set down at £724,700 and the premium on gold at £250,500. . , • ' , Oh the expenditure side it is claimed that the ' industry spent £3,635,875: 'in mining, equipment, and treatment costs, only £53,125 being paid away in dividends, proving that the industry is:devoting the whole of its profits to expansion. Expenditure items include £1,616,000 paid in wages in mining and treatment, and £538,350 paid in wage* on development and the erection of new machinery and plant. The amount of sales tax and Customs duties paid to the Federal Government is assessed at £124,750. Expenditure to Governments for use of public utilities is set down ,at '£477,250,' and. to Other primary producers and manufacturers for stores and machinery ‘ : at £780,475.