GOLD PRODUCTION

Southland Times, Issue 21656, 18 March 1932, Page 6

GOLD PRODUCTION

By now it is firmly established that, the maldistribution of gold, following inevitably on the arrangements for the payment of war debts and reparations, was the most potent single factor in bringing about the economic crisis, and it is, therefore, interesting to notice that as the fall in prices has accentuated the value of gold, the counter-balancing influences have already begun to work. Gohl production in recent 'times reached its peak in 1915 with 22. G million ounces, and then a decline set in until 1922 by which time the figure had fallen to 15.4 million ounces. In 1924 the total had climbed to 19 million ounces, and from 1926 onwards it crept slowly upward until in 1930 it was 20.4 million ounces. This movement is shown also in Australian production which was 3,836,000 ounces in 1903 ami 2,050,000 ounces in 1914, but in 1929 had fallen to 427,000 ounces. In 1931 the figure was up to 592,000 ounces, an increase of 40 per cent. The simple explanation of these movements is that as prices rise the cost of winning gold goes up so that if no longer pays to work certain fields, with the result that production is checked. When prices fall and the value of gold rises these areas come back into production and there is a greater incentive to discover new areas. This process is going on now, and already the world’s gold production is swelling with a consequential influence on the price. In addition we have seen tha| the people are selling gold ornaments and producing gold coinage from hoards. The high price of gold, too, induces those who are holding stocks to release it, and these things are combining to bring more gold into activity, and to reduce the price gold can command. This evidence suggests (hat this is the time to secure a. correction of the maldistribution of gold and to safeguard the world against any repetition of this experience. The, most powerful individual cause is the war debts and reparations, and until they arc out of the way the world will have to be on its guard, because their operation will inevitably tend in the direction of concentrating gold holdings in two countries.

The Dominion Meteorologist reported last evening as follows: General situation: A slight low centre passed to the east of the South Island, but the main depression is still advancing over the Tasman Sea. An extensive anticyclone now covers Southern Australia. Forecast: Winds moderate southerly at first along the East Coast from Cook Strait southwards; otherwise moderate to strong northerly to westerly winds, but southerlies becoming general after about 24 hours anl freshening. Seas (New Zealand waters) rough south of Cape Egmont and about Cook and Foveaux Straits; elsewhere moderate. Eastern Tasman Sea, moderate to strong northwest to north winds backing shortly to southerly. Seas rough. Weather unsettled and cloudy with rain in most districts. Temperatures becoming much colder.

As a result of private advice received by the Minister of Health to the effect that an outbreak of smallpox has occurred at Vancouver, port health officers throughout New Zealand have been instructed to keep a strict watch upon vessels arriving in the Dominion from Canada, says a Wellington Press Association message.

The speaker at to-night’s meeting of the Natural Philosophy Club of the Boys’ High School will be Mr F. M. Corkill, M.Sc., 8.E., who has selected for his address the subject of “Mosquitoes and Malaria.” Mr Corkill'has had a wide experience of engineering under tropical conditions, and his remarks, which will be illustrated by lantern projections, should prove both interesting and instructive. The meeting will be held in the School Hall at 8 p.m., and parents and friends are invited to attend.

Every Monday evening, commencing at 7.45, a song guessing competition is broadcast throughout the Dominion by Station 4YA Dunedin. Unfortunately- the reception in Invercargill at that hour has not been altogether satisfactory, so Mr A. W. Jones informed a Times reporter Isat evening, and he has communicated with the Broadcasting Board in Wellington requesting that the competition might start at 7 p.m. instead of 7.45 p.m, Mr Parsons, of 4ZP Invercargill, having expresseel his willingness to relay at that earlier hour if the request is granted. So far no word has been received from the board with reference to the matter.

‘They have two motor associations in England to serve forty million people, whereas in New Zealand we have sixteen associations and two motor unions for a million and a half people,” said Dr. H. D. Robertson, at a meeting of the Wanganui Automobile Association.

“To my surprise the powers-that-be are asking our children to pay a penny for the school journal,” said the chairman, Mr C. H. Pinnock, at. a meeting of the Wellington School Committees and Educational Federation. "Well, that’s about what it’s worth in any case. It’s a poor rag at any time, in my opinion.”

The Cathedral Chapter has agreed to per. mit the Christchurch War Memorial to be erected in the Cathedral grounds. The Chapter, however, does not accept the design of the memorial as agreed upon by the War Memorial Committee, in which the central idea was the recumbent figure of a sleeping soldier. It is suggested that a cross should be the central feature of the whole monument.

Considerable interest was caused in Suva last week ‘ by the discovery on the waterfront of a large steamer’s raft, consisting of three cylinders painted light grey. There were no marks of identification on the raft, but the opinion has been expressed in Suva that it may be part of the wreckage from the Union Company’s steamer Tahiti, which, sank near Raratonga about 18 months ago.

Thirty-five volumes of newspaper clippings concerning the. Great War have been presented to the Wellington Public Library by Sergeant-Major E. Bezar. When war first broke out. Sergeant-Major Bezar started his collection of clippings as a hobby, but with no idea of the huge proportions his hobby was to assume before peace was declared. In addition to the gift to the Public Library he has presented numerous volumes to other institutions.

In the Police Court yesterday afternoon before Mr E. C. Levvey, S.M., Alfred William Perrow, salesman, of Taradalc, pleaded guilty to a charge of failure to comply with the terms of a maintenance order for the support of his wife, Isabella Patricia Perrow, the arrears of which to January 8 were £245. He was sentenced to six months’ imprisonment, the warrant to be suspended provided he paid 30/- a week current maintenance and reduced arrears by 10/- weekly. One month was allowed to find a surety of £5O, the defendant to report daily to the police.

“What I want to know is, what has happened to sheep-breeding in this country?” asked a member of the New Zealand Sheepbreeders’ Association at the annual meeting at Christchurch. “This room used to be crowded,” he added, “but now there arc only four or five of us here besides the council.” After a brief discussion, it was decided to urge on the incoming council the necessity for maintaining the standards of quality even more than in the past. A motion was passed in support of Professor R. E. Alexander’s scheme to eliminate the scrub sire.

Bargain-hunters were in their element at the annual sale in Wellington of goods left in the city tramcars and never afterwards inquired for. Great stacks of gloves, attache cases, umbrellas, walking-sticks and overcoats were sorted into bundles, which went at a shilling a time. There were some strange souvenirs of absent-minded-ness, One person had left behind in the tram a couple of spare tyres and a car jack, one a steel shovel, and yet another a “Brownie” camera, and had either suffered complete loss of memory, or had not bothered to recover the articles. The highest price of the sale was 14/- for a gold ring with a half-sovereign attached as an ornament.

An outbreak of fire occurred recently at Lochiel when the residence of Mr A. D. Calder was burnt to the ground. The occupants of the house retired about 9 p.m. and shortly after 10 Mr Calder was aroused by the smell of smoke. He went to the kitchen where he found flames breaking through the wall above the range, but was unsuccessful in an attempt to* extinguish the outbreak with buckets of water. The dwelling, which was an old one, was quickly reduced to ashes and practically nothing was saved. The house was covered by insurance in the Northern Assurance Office for £5OO and the furniture for £l5O in the Royal Insurance Company. —Winton correspondent.

The doctors' who attended the British Medical Association’s dinner in Auckland sat down to a meal of mock turtle and toheroa soup, fried flounder, crumbed cutlets, roast chicken and sausage, plum pudding and brandy sauce, ice cream, and mushrooms and bacon, states the New Zealand Herald. They were also served with coffee, wines and liquers, cigarettes and cigars. By no stretch of the imagination could the function be described as an extravagant banquet, a conscious effort having been made to temper the menu in accordance with the times, but if anyone was innocent enough to imagine that doctors, in genial conclave, would select for themselves the kind of meal they prescribe for their patients, he was rudely disillusioned. It would appear, on the contrary, that when that learned and august body of medical experts, the B.M.A. is out to enjoy itself, nothing will do but the good, solid, rich and indigestible kinds of food which, according to the dietitian, are the fundamental cause of all human ailments and the reason why civilized man dies when he is still really very young.

A case in connection with the valuation of farm lands for the purpose of assessment of estate duty in a deceased person’s estate was heard ft the Eketahuna Magistrate’s Court last week. It took the form of an appeal to the Magistrate (Mr J. G. L. Hewitt, S.M.) against the Valuer-General's valuation of the late Mr E. R. Saunders’s farm property for estate duty purposes. The main point for argument was whether the valuation of farm lands for the purpose of estate duty should be reduced in conformity with the reduction in the prices of produce due to the present depression. Lengthy evidence was given by district sheep fanners as to the estimated receipts and expenditure of the property under the present conditions, and by land agents as to the possibility of a sale of a property such as that in question under the present conditions. The appeal was allowed, the Court holding that in fixing valuations such as this the conditions at the time of the death must be taken into account. The valuation was materially reduced accordingly. The Court also held that in arriving at land values by way of capitalizing income, the owner should be allowed 8 per cent, per annum on his farming ventures.

Those conversant with present-day land values in the Dominion will view with interest the following paragraph taken from a newspaper of many years ago and found recently among some old papers, says the Auckland Star;—On September 27, 1839, the present site of the City of Wellington and all. or nearly all, the country in the rear, was purchased by W. Wakefield from 17 Natives for the following consideration' 100 red blankets, 100 muskets, two tierces tobacco, forty iron pots, two cases soap, fifteen fowling pieces, twenty-one kegs powder, one cask ball cartridges, one keg lead slabs, 100 cartouche boxes, 100 tomahawks, forty pipe tomahawks, one case pipes, twenty-four spades, fifty steel axes, 1200 fishhooks, twelve bullet moulds, twelve dozen shirts, twenty jackets, twenty pair trousers, sixty red nightcaps, 300 yards cotton duck, 200 yards calico, 100 yards check, twenty dozen pocket handkerchiefs, two dozen slates, 200 pencils, ten dozen pairs scissors, one dozen pairs shoes, one dozen umbrellas, one dozen hats, two pounds of beads, 100 yards ribbon, one gross jews’ harps, one dozen razors, sixteen dozen dressing combs, six dozen hoes, two suits of superfine clothes, two dozen shaving boxes and brushes, twenty muskets, two dozen adzes, and one dozen sticks of sealing wax. Richard Barrett and his mate, R. Lowry, were witnesses of the sale.

Wellington, in the near future, is to have two ceremonies in connection with the commemoration of those who fell in the war. On Sunday, April 3, the city’s war memorial, near the Parliament Buildings, is to be dedicated, and on Anzac Day, April 25, the dedication service in ■ connection with the carillon at Mount Cook is to take place.

Only about half the usual quantity of bananas was brought from Fiji by the Union Company’s Island steamer Tofua which arrived at Auckland on Monday afternoon. The smaller shipment was duo to the fact that bananas recently have been selling at very low rates on the Auckland market and yielding only small returns to the Fiji planters.

“In all my travels I have never seen such concentrated beauty as there is at the Franz Josef Glacier in the Waiho Gorge,” said Mr Hallister Sturges, of New York, who has lately been visiting the glacier o>? his sixth tour of the world. Mr Sturges was veiy much impressed with the walks through the bush to and from the glacier, and also with the view from the window of the new church at Franz Josef.

“There are many homes going back for lack of paint, and if labour were provided under the No. 5 Scheme there are hundreds of people who would be willing to find the materials,” said a member at a recent meeting of the Waimairi County Council, in Canterbury. “Many tradesmen who are out of work would prefer painting to pick and shovel work,” ho added.

To-day is the anpual street day of the Southland Social Helpers’ Association, when the public will be asked to contribute to the funds of eight deserving bodies. The Hospital Board receives no share of the funds, as its revenue is derived from rates. The bodies who benefit from the collection are the Sixpenny Clothing Club, the Plunket Society, the St. John Ambulance, the Victoria Home, the Children’s House Committee,. the District Nurse, the Bluff Sailors’ Rest and the Prisoners’ and Patients’ Aid Society.

A broody hen sitting contentedly on a nest, of eggs on the carrier of a car was seen at Featherston ' last week, when a farmer drove into town. He said the car had been in a shed for some weeks, and while it was there the hen had made her nest on the carrier. He had had to go into town on business and did not like to disturb the hen, as the chickens were due to appear in a day or two.

When it was suggested at a meeting of creditors in Dunedin last week, that the bankrupt’s children, who were in work, should assist: him, the official assignee, Mr J. M. Adam, said that they no doubt should do so, but there was no law compelling children to assist their bankrupt parents. He knew of one case, in his opinion disgraceful, in which a bankrupt had been provided by his children with a motor-car. He was in a position to drive about the town and scoff at his creditors, but it was quite impossible to get any money from him.

Attention is drawn to a Special Bank Holiday to be observed by all Banks on next Wednesday, March 23, 1932.—Advt.

Mothers and Fathers feel satisfied when they sec the good value for their money they receive at Ayson’s, Dee Street.—Advt.

Ladies’ Art Silk Fleecy Lined Bloomers 3/11 pair; Winceyette Nightdresses 3/11: Cotton Fuji Bloomers 1/6; Crepe Nightdresses 2/11. Wicks’ Hose and Vest Shop, Dec street.—Advt.'

Navy rcefer coat? for the small boy, sizes 16 and IS inch, from 7/6 to 10/6, at Miss Noble’s, The Baby Shop, Dee street. —Advt.

During Thomson and Beattie’s “Easter Fashion Festival” which is now in full swing, Southland women have the opportunity of securing the smartest of the new styles in Coats, Costumes, Frocks and Travelling Accessories at prices pleasingly low. See the special windows every day this week. —Advt.

Specials for Easter at Carter’s Make Room Sale: Five Guinea Worsted Suits now £3 15/-; 8/11 Poplin Shirts now 5/5; 11/6 Fawn Pants or Singlets 7/11; Boys’ Shirts 1/11; best quality School Hose, all sizes, 2/6.-r-Advt.

Prices are moving up, duties arc heavier, exchanges are higher, and still our prices for Musquash Coats are the lowest in history. The reason being that we are direct importers of the raw skins, bought in big quantities when prices were at a very low ebb, and the goods made up in New Zealand. This means on to-day’s market values that a saving of fifty per cent, can be made by buying now while the stocks last. These values will never come again, so now is the time to buy quality Fur Coats and Furs, with a guarantee that what we say it is IT IS.—THE MUTUAL FUR CO., TAY STREET.—Advt.

“What perfect pictures!” Clear, bright sparkling snaps that will smile up at you from your album, years after you place them there. That’s the kind you get from BROWN’S PHARMACY. Careful developing of course is the first requisite for good pictures. And after that good printing. We use only the famous VELOX PAPER, so wonderfully graded to meet all amateur requirements. So when we get a flat dull negative, we use VELOX “Regular,” or for one with harsh contrasts we choose Velox “Special.” Others we print on Velox “Medium.” Result —a perfect picture from every negative and more pleased customers for ’BROWN, THE CHEMIST, 125 Dee street.—Advt.

■ AMATEUR PHOTOGRAPHERS. For Best Results, let STEWART’S PHARMACY Do Your DEVELOPING AND PRINTING. —Advt. Come in and browse around the N.Z. BOOK DEPOT LTD. Such bargains as these are available at their Liquidation Sale: Belgium and Constantinople (travel books) 10/- and 6/- respectively; Redmayne’s Modern Mining Practice, Volumes 1,2 and 4, 13/6, now 5/- each; Stevenson’s Novels and Essays, usually 4/6 and 7/-, now 2/- each; School Atlases, usually 4/6 and 2/-, now 2/6 and 6d; Goodwill Envelopes (showing Invercargill views) 6d packet, now 3 packets for 6d; Popular Reprint Novels, usually 2/6, now 1/9, 3 for 5/-. Have you seen the wonderful 1/- and 6d Bargain Tables? —Advt. HOW “BAXTER’S” HELPS NATURE. Throat, chest and bronchial ailments, and even an ordinary cold leave the air passages congested and inflamed. That is when nature sends an S.O.S. for “Baxter’s.” This popular and palatable rich, red compound, penetrates to the seat of the trouble and clears away congestion. "Baxter’s” also helps nature to rebuild inflamed tisue and strengthen it against further attacks. Always demand “Baxter’s.” 1/6., 2/6, and 4/6. The larger sizes are more econ omical. —Advt.