THE CUMBERLAND COMPANY'S GOLD SAMPLE.
(TO THE EDITOR OF TUE WEST COAST TIMHB.) Sib — A paragraph appeared in Saturday's issuo of your journal with roforonco to tho Balo of gold in Molbourno, which appoars likely to convoy an erroneous impression, unless further particulars are given. It is stated that 120oz. of Kaniori gold woro sold in Melbourne, melted and assayed, for L 471 Is Ld, being at the rato of L 3 18s Gd per ouuco j and tho inforenco is loft to bo drawn that tho sellors of tho gold gained 2s 3d per ounce by disposing of it in Molbourno instead of Hokitika, whore tho buying prico of tho Banks is only L 3 16s 3d por ounce for that dosoription of gold. Will you allow mo, for tho information of those of your readers who aro interested in tho subjeot, to hand you tho following statement, showing the aotual loss sustained by tho oxporters in this transaction :—: — Value of 120oz. Kaniori gold in Molbourne, melted and as* sayed L 471 1 1 Doduct — Exportdut,yat296d...Lls 0 0 Freight at lid ... 016 0 Insurauco 14 9 16 19 9 L4S4 1 4 Value of 121oz. in Hokitika, 1 at 76s 3d 457 10 0 From this it will be soon that iustoad of gaining any ajlvnntago by sending gold to
Molbourno, the oxportor lost L 3 8s Bd, or at tho ratd of rather more than 6|d per ounoo. I am, &c, Obsbaves.
[Obscrror places a wrong construction on the paragraph in question, which was not likely to misload tho publio, as its substance was merely the melting and assay roturna of tho London Ohartorod Bank, shewing tho fineness of the gold submitted to it, nnd tho loss in molting, &o. It is evidontly tho latter part of our paragraph that Obnerver cavils at, and ho apparently neglected to read the last line, which stated that "no allowance was mado for tho cost of smeltbag, &o," Of course tho export duty is always paid on gold shipped at Hokitika, whether it is in a pure or impure Btftte, and in this respect tho exporter of gold refined horo gets tho advantage, as it is only collectod on tho reduced weight.;— Ed. " W. 0. T."l
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Bibliographic details
West Coast Times, Issue 228, 12 June 1866, Page 2
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375THE CUMBERLAND COMPANY'S GOLD SAMPLE. West Coast Times, Issue 228, 12 June 1866, Page 2
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