THE Otago Witness. Dunedin, Saturday, November 30, 1861.

Otago Witness, Issue 522, 30 November 1861, Page 4

THE Otago Witness. Dunedin, Saturday, November 30, 1861.

The following letter, referring to the value of Otago gold, has been permitted us for publication. Its tenor however-is very likely to deceive the miners. The Sydney Mint receives gold on!}' in ingots, so that the value, .£3 18s. 3d. to £.* l«s. 5i1., refers to the gold after melting. The loss on melting Tuapeka gold has been found to be four per cent., equal to 3s an ounce. As the gold is more carefully bought the loss in melting is likely to decrease. There are besides the charges of fi eight, insurance, and export duty to add, and on the other hand the ruling premium of rate of exchange should be deducted. On a future occasion we will lay before our readers the value of their gold, after deducting all expenses and charges. Itoval Mint, Sydney, '29tli October. 1861. Sut,—Having received sundry applications for information iis to the price given at this establishment for Otago Gold, I have the honor to communicate, for the information of your- province, the following particulars :—: — The Mint regulations require that all Gold imported to the establishment shall he melted, assayed, and valued, previous to being received for coinage. The charge for coinage is Jths per cent, on the value of the Gold, for lots under 1000 ounces, and £ths per cent, for lots above that weight. At such charges the Gold has hitherto realized £3 18s. 3d., or .£3 18s. 5Jd. per ounce net, according as it has weighed less or more than 1000 ounces The net price is uniformly paid within two days of receipt of the Gold. All Gold scut to the Mint must be sent seenred under the seal and accompanied by the certificate of che Customs of New Zealand, otherwise it will be liable- to a duty of 2.*. 6d. an ounce. I Inure the honor to be, Sir, Your obedient servant, C. M. Ward, Deputy Master. His Honor the Superintendent of Otago.

The Daily Times properly calls attention, to the slovenly manner ot' keeping the Gold Escort accounts The Bunk of New South "Wales, which undertakes the function? of the Gold receiving office, it appears, is iv the habit of milking no returns of the amount delivered, or the quantity received on deposit. In case of a fire, and the destruction of the j book:! of the Bunk, the Government would be j quite at the mercy of any persons who liked to make claims on it. A precise method of conducting the public business cannot be too strongly insisted o».