14
CHOICEST FANCY CHOCOLATES HAND
CONFECTIONERY
SATURDAY, DECEMBER 19, 1931.
THE HONGKONG TELEGRAPH,
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FIRE
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The above group was taken after the wedding, at Union Church on Monday, of Mr. James Bulloch and Miss Helen McLeod, (Photo: Ming Yuen Studio).
GOLD AND ITS VALUE.
QUESTIONS RAISED BY
THE CRISIS.
LABOUR PACKS THE UPPER HOUSE.
NEW SOUTH WALES BOMBSHELL.
of
Motor Car Insurance
For Particulars and Ratos Apply—
are
CHINA UNDERWRITERS, LTD.
Phono 28121.
Hongkong Bank Building.
officials of the nominces
talons. appointments
The announcement of the new has come 18 IL bombshell in political eircles.
They give the Labour Party majority of seven in the Counell, but 16 of the members are follow- a of Mr. Coates and, although Labour, are not pledged to support the plan of Mr. Lang, the Premier.
2
Sydney, Nov. 20. Gold is familiar to everybody be- Two women, the Arst to be ap cause of His use in jewellery, den pointed to the New South Wales tistry, gilding, de, but few people Legislative Council, are among 25 know much about the occurrence Labour nominees to the Council of gold in the rough state or the whom the Governor of New South mean by which it becomes avail-Wales (Sir Philip Game) has just able to craftsmen. Fewer still are agreed to appoint. acquainted with all the facts relat- Most Ing to its employment in coinage.
Gold is an element. Ita tion is not known, it cannot be composi manusfnetured. The 180 of for coins of value dates luck to 300 B.C. A Greek latent weighing About. 13 Frains was then taken as a unit of value opal 1 cow or 1 ox. Henre our word pecuniary, derived from the Greek word for eattle.
From the Middle Agen to less
100
the supply of Gs., or more. As there is no one gold for Europe cane chicily from now living who took part in the Spanish America, out of "the mines 1816 decision we can only searchi of the king of Spain."
the native the records for an explanation. Indios who were nuployed by the When Sir Isaac Newton was in Spaniards as minera being little charge of the Royal Afint 1717. better than slaves. Russia alone he made certain changes, abolishing produced enough perhaps for ber the
Berthe Ruinen in favour of the nov
own use. The Californian gold sign on account of the flow of rush in 1819 reunited later in rich silver to the Continent at the time. finds in Colorado and other Western Presumably gold was then consider States. The Victorian diggings of to cost in production relatively 1850 were followed by discoveries 14 times as much as silver; and the in New South Wales, Queensland, weight and value in the minted New Zealand, &e. The South African goid West. At begin about 1887 old and silver coins were fixed
recent.
legal tender. in accordance.
Silver was then
1802; Yukon and Alaska about 1896. The Canadian In 1836 when silver was de-
Ontario) output is more
monetised (ie. when our bi-metallic Gold eomnes, of course, from many standard was abandoned) the com- Lother places if
rich mercial saw, very
price of silver was about
ing produced
Was
specimens in Wales in 1896), but is. per amce, and the gold then those named have
Been the
apparently principal SOURCES. 1 men- supposed to cost about the same as tion them because it is neces in 1717. But clearly the cost, and mary" to rucall how change not a conventional estimate of cost,. are the conditions of gold supply should govern the price of gold, since England adopted the gold which seems to have been ignored. standard in 1816.
I cannot and anywhere the tigare A Fixed Value.
of cost which guided the decision The gold standard is an attempt is to the Mint price per ounce of to give to the metal gold a specified roki. fixed and unchangeulse value in re- lation to other commodities;
• and thus establish a foundation
Seld at a Loss.
The cost of a given bar of fine) upon cold should be the working cost of
which the financial and coining, extracting, refining, and de- | machines of the nation
The
built and permanently the
SON Put the cost of
livery to a Mint, plus capital overhend expenses, and a reasonable profit. Unfortunately
ing and marketing any commodity, the Mint price of
(roughly)
even gold, must and does vary from £4 44. per ounce in frequently time to time; and its natural soil-but n sptalf
part ΟΣ what ing price must therefore vary too. the bar has cost to produce. WIREL The State method for trying to give llence mans gold mining
more nor less; Indeed, a profes-Bendigo
50
#
a stuble value to gold was so to companies go into liquidation. Even legislate that any quantity offered the great gold minca of the Rand for sale at a State Mint should be found that they
could not purchased by the State
carry on at a fixed
xed during price governed only by the quality on the the War without a premium
the Mint of each parcel, the Mint price being crnment was hes, and the Gov- to pay them a roughly 54 48. per ounce for the premium of 10s. per ounce. Were A corresponding value was the Rand Mines to employ only impressed upon certain pleces of white labour, they could not keep auitably alloyed, which we going without & heavy subsidy. To- know 6 coins,
Even our pre-war population C5 per ounce.
day we see the "free price" up to knew little about minting, though Nor is the full Mint price obtain- handling sovereigns arc half able locally on a new gold field or daily; and many people mining camp. Storekeepers and. Hovereigns believed that gold was naturally gold buyers drive
its coined value, neither with the diggers. In Ballarat and hard bargain
sional man
of high standing was sold sometimes at 22
early days rough gold
108. London insisted to the writer that
per gold was intrinsically worth £4 452 nd much of it at £3. The]
in 1816 could not fore- see either the coming huge increase The intrinsic value of any com. In world trade or the general ndop- modity lies in its useful qualities tion of the gold standard or the and in the consequent public de-end
enormous
Increase of gold and mand for it. Some of the inherent silver supplies. Nor, indeed, could qualities of gold are: Rich yellow they have provided fully for these colour, untarnishable; malleability, developments. It was equally be- great weight, high melting point,yond their capacity then na it is and
alinity for certain other beyond ours now to foretell or con- metals.
trol the future. Decause it has each of these' But if the world is not to revort properties in a greater value than to the exchange and barter of goods most other metals, gold is more some system of money as a token valuable, weight for weight, than or standard of value will always they are. Its comparative scarcity bo needed; and if motals are to be
Re also helped to create
used for coins, if the State cannot control the output and cost of pro- duction of such metals, it should. But why was an ounce of fine so arrange that the cost may be gold arbitrarily valued in 1816 at computed periodically and that £4 48, and not at say, £5 68. or £6 variations in cont be provided for.
An ounce.
demand.
The Real Cost.
MARZIPAN & DESSERT SWEETS
by
MURRAYS & CLARNICO
Oltainable at
HANDSOME TINS OF ASSORTED TOFFEE- IDEAL PRESENTS FOR THE KIDDIES, $4.50 per tin.
BURGLARY
DELICIOUS
and
WHOLESOME CONFECTIONERY
HANDSOME
BOXES AND
CASKETS OF CHOCOLATES
by
CADBURYS
CALEYS
FRYS
FULLERS ROWNTREES
Prices from $2 to $35
BUTTERED AND FRUIT SWEETS by
LANE, CRAWFORD, LTD.
OPEN TILL 6 P.M. TILL XMAS.
BARKER DOBSON
Exchange Building, Ground Floor. SATURDAY 5. P.M.
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