GOLD IN AUSTRALIA

Timaru Herald, Volume CXXXVII, Issue 19805, 22 May 1934, Page 8

GOLD IN AUSTRALIA

Intense satisfaction will he felt throughout Australia that the visit to London of the Premier of Queesnsiand has resulted in a successful search for capital for investment in the mining industry of that State. Interest in gold mining has been keenly aroused in recent months because of the high price ruling in London. The yield of gold for the first quarter of the year has been made available by the three most important producing States, and shows an appreciable increase by comparison with the previous year. The greatest proportionate increase, it is interesting to mention, is shown by Queensland, where the first returns from the Golden Plateau mine at Cracow have swelled the total by more than 4000 oz. The Queensland yield has also been increased considerably in the last two years by the Mount Coolon mine. Western Australia so far has shown a steady increase in the production of old-established mines, particularly on the Golden Mile, but the yield has also been increased substantially by successful prospecting. When some of the more

recent flotations reach the production stage a much larger output may be expected. The Victorian yield shows a fair increase mainly because of crnshings at Bendigo. Many of the mines there have just begun to make regular crushings, and the yield for the year should show a substantial increase. Yields from the other States, which are less important producers, may he estimated at more than 60000 z., so that the yield for the quarter probably exceeds 200,0000 z. This indicates a yield for the year probably in excess of 850,0000 z., of which the value in Australian currency would be about £7,000,000. A comparison of yields for the quarter is ns follows:

1932. 1933. 1934. Oz. Oz. Oz. West. Australia 135,820 140,143 152,804 Queensland .. 2,66fi 13,128 24,695 Victoria .. .. 9,735 13,087 16,439 Total .. .. 148,221 166,358 195,938 Financial courage, supported by the high price of gold in London, has facilitated the development of an industry which carries the good will of all sections of the community in these days when over production or rather maldistribution enforces upon the State a recognition of the value of not putting all the eggs in one basket.