MINING REVIVAL

Poverty Bay Herald, Volume LX, Issue 18235, 2 November 1933, Page 7

MINING REVIVAL

ACTIVITY IN AMERICA EFFECT OF NEW POLICY (Elec. Tel. Copyright—United Press Assn.) (Received Nov. 2, 11 a.m.; WASHINGTON, Nov. 1. The United States Treasury to-day fixed the gold price at 32 dollars 26 cents, 74 cents above the world quotation. The most notable effects of the Government’s gold policy, apart from the general uncertainty that it bus created, lias been the increase iA mining aotivi ties in the west, where abandoned properties are again being taken up for working, the rise in gold shares, and the flood of fraudulent goldmining stock which is finding gullible- purchasers. The United States Bureau of Mining has- warned the public against the re sumption of some forms of mining as not likely to be profitable despite the increased prices of gold. The extent of the revival, however, can be understood when it. is considered that hydraulic gold mining, which has long been prohibited in California, is likely now to be made legal again. The prohibition arose out of the water impounding problem. ENGLISH COLD PRICES < (Received Nov. 2. 11 a.m.) LONDON, Nov. 1. The price of gold rose to-day to £6 11s 9d an ounce, this quotation being the highest since October 18.