PRICE OF GOLD.

Timaru Herald, Volume CXXV, Issue 18619, 15 July 1930, Page 11

PRICE OF GOLD.

SUGGESTION FOR INCREASE. MOVEMENT TO REVIVE INDUSTRY. By Telegraph—Press Association DUNEDIN, July 14. Realising that a revival of the old mining industry in the Dominion would be of immense advantage, not only to the Government, but also to the community, a number of local business men interested in gold production recently discussed with the Otago and Southland Gold Mine Owners’ Association the question of evolving a means whereby the industry in New Zealand could be stimulated. It was stressed at a meeting that the standard price of gold, which was fixed as far back as 1816, had remained unaltered ever since, whereas since 1914, prices of other commodities had risen to an extent which meant that the value of gold had actually depreciated, and remained at a price which made its production unremunerative, and in a number of cases, practically prohibitive. In the past, gold had been found in localities where it was easily won, but there were in New Zealand areas containing almost inexhaustible low-grade goldbearing deposits, which by modern methods could be profitably worked if financial assistance were given to such ventures by the Government. In view of this, and also of the fact that a similar movement was recently made in Australia, the meeting decided to • go further into the question of representing to the Government the necessity for encouraging by bonus or otherwise the exploiting of the vast gold resources of the Dominion. When suitable proposals have been formulated and duly considered, it is the intention of the interested parties to approach the Government, and lay their suggestions before it.