Uncertainty in Goldmining Industry

Australian Exchange Rate Causes Uncertainty in Goldmining Industry

AMONG Australian mining men at tending the annual conference of the Australasian Institute of Mining and Metallurgy in Melbourne in February, was Mr. N. E. Nilsen who, until recently, was general manager of the Fijian mines,

Emporor, Loloma and Dolphin, at Vata koula, Viti Levu. He now is chief general manager of the company with head quarters in Sydney.

Problems arising out of international exchange are those which are engaging the minds of the goldmining industry at present and this was made clear at the conference.

Some delegates were hopeful that the United States would shortly raise the dollar price of gold from its present level of 35 dollar per ounce. On the other hand, there was a feeling of uncertainty that the Australian exchange rate might move closer to parity with sterling.

It was pointed out, however, that even if the Australian £ went as far as parity with sterling, the price of gold would still be 35/- per ounce better than before Britain devalued last September. At this price many mines formerly unprofit able, would be able to be worked.

Mr. Nilsen believes that a rise in the US price of gold fairly soon is just wish ful thinking. He said that he feels that the US will raise the price only at its own convenience—most likely at the first sign of a recession.

The Australian and Pacific goldmining industry’s needs are more efficient work ing methods and reduced costs, he said.

As far as Fiji mining was concerned labour is not the problem it was.

The Rev. Canon Warren, Overseas Sec retary of the ABM. recently visited the NG Central Highlands with the Rev.

David Hand, with the idea of extending Anglican mission work to the area.