THE VICTORIAN MINT.

Thames Star, Volume VII, Issue 1983, 13 May 1875, Page 2

THE VICTORIAN MINT.

Tho Treasurer, Mr Service, after.consultation with Colonel Ward, the deputy master of the Mint, has resolved upon a further reduction of the present charges, with the view of inducing the hanks and other gold buyers who now export the gold to be coined in England to send it to the Mint here. The charge for parcels of gold under l.OOOozs is sd, per ounce, and this lias been reduced to 3d, per ounce, and for parcels of gold over l.OOOozs, tho charge, which is 3d per ounce, will be reduced to l^d per ounce..: Nearly all gold sent to the Mint is received irf parcels of over -l.OOOozi, and the lower charge, 'therefore, applies to the greater portion of. the, gold coined there.. The effect of this redaction will be to make the price paid for gold at. the Mint here exactly the same as that paid by tho Bank of England, viz., £3 17s 9d per ounce. It is "also proposed to allow all the silver extracted from the gold over 4 per cent.; to the seller.- - This is 'an A increase on the present charge, whereby fl all over 2 per cent, is'allowed, but the rate''at the Bant of England is all over 5 per cent. The object of this reduction' is to induce the banks to send their gold .to tho Mint here, .and also, to- attract gold from the other colonies'. The charges have therefore been reduced to the level of the English standard. The Treasurer has considered fully the question of exchange which arises in " connexion with-this "'subject. Taking the average rate of exchange during the four years preceding the .establishment of the. Mint, and comparing it with the average rate during'the two ,years in ..which the Mint has been in operation,'he finds that the average rate is a few pence less per £100 in the two years asjcompared with t lie four years. The Mint appears to have had the effect of steadying the rate" of exchange, and of slightly reducing it." The Treasurer also anticipates--.being able to considerably reduce the 1 expense of the.Mint during the next year. Hitherto considerable sums have been spent in improvements and alterations, but these have, now,been completed, and about £1,000 will-be saved next year on the; item of salaries alone. Under the new system it is hoped that the.revenue.derived from, theVMint will, be commensurate, with -thi expendi- - ture, and in this object both the Treasurer and Colonel War,d thoroughly: contur. The new regulations were passed by the Executive Council on Monday.—Australasian. -■ r .'-,--.-- . . . r ,.-