Salt Lake Herald-Republican | 1918-09-15 | Page 35 | [Illegible] Gold Situation Said to Be Critical

GOLD COLD SITUATION SAID iTo tTO BE CRITICAL lI How lIow o Metal l of World Inadequate e equate e to Meet leet Finance I Needs f g get from London for the tho W Wall Walls ll lle Journay Herbert X Casson s e et t 9 the s the latest song gong In Idon idon dIon In the tho vaudeville of or finance ia a refrain somewhat as S follows wood Sirs J Sirs Pity the sorrows of the Gold Producers Pro- Pro t Is now being sung as os a duct by d 11 Harris Barris and Sir Lionel Phillips represent tho gold bold producers of ot British empire n nother other words wordEl a n. strong letter of ot test tut has recently been heen sent to the nc Ilor of or the exchequer from the th t j producers inS that tho the fixed o e of ot gold Is too low to pay for of or mining mining- increasing costs all tho the gold old from British Ie its es finds Its way quickly to Loni Lon- Lon i but tho the quantity has been de- de The low grade mines are be- be closed ed down h he reason for this Is that tho the stand- stand price for gold is still held held fast nt at shillings shilling's an ounce oUnce 2040 2040 This Thise re e has not been raised durin during thed tho the thor thoro th the only onh price r ro d It Is practically present that has not gone gono sky sky- r she s. s h he real market value lue of or gold say lay I gold old producers Is at nt least 11 lungs s an ft ounce 27 ounce 2760 ha hl cost of or working the tho gold mines not been standardized b by tho the gov ov ov- ment ers Ml ers have demanded her a es has more moro moren moron n doubled In cost Freights Freight have havo havel i l ie to Incredible hel e has become well nigh as 35 r p rapacious clous the Income tax et et the tho price e paid for Cor- gold Jold at the its remains precisely what Is was in far away days das of peace pence Better own a gravel pit than a gold goldie golde old oldIe ie e say gay tho the gold cold producers Bet net produce bricks 1 kindling wood wood po- po jes anything Ju anything rather than gold 01 Interviewed Sir Lionel Phillips on matter The present price paid for gold Jold snot nOl represent Its true value ho hol 1 l If old Is essential In our econom- econom r tem ns as we believe c It Is Is govern covern- take Into consideration the eased costs of or production If Ir it is true that tho the government go dually making a lar large c profit by its chases 3 b of or sold gold it Is la on only I to lo ask uk that a fair portion of or that fit II Il should bo be paid lid to the tho gold goM pro- pro ers erf so ns ss to cUmulate te output ir tr Ir Lionel b by tho iho way was wan former former- in an associate of or Cecil Rhodes in th lh Africa He HP was caught in ht the tho theil il lleon on raid and nd la lay un under er s sentence tence death In a a. Boer prison During Durin the he has been at the tho Flanders front ut t to return to the question of or J d 11 It Is Quito possible that t a n now new Icy may be adopted Certainly it knot Inot pa pay to enter a futuro future of or stu- stu dous debt with an any sort of ot handlon handl- handl on gold pro production ue lon At a time like liker i r why kill tho the goose SOOM that lays the thed d ln den n eggs hers here has never been an any net profit In gold so production so says Jacobs the gold old mining expert On tho the ern rc about is Js put Into the ground round for ever every taken talen out Gold mining Is and always must be such a n gamble that It cannot exist on the tho small margins of oC the grocery and provision business Since tho Doer Boor war the deep gold old mines of South Africa have havo been sendIng sendIng send send- Ing gold to Lon London on at tho rato of ot about a month There Is probably about more of or It on the Rand Hand and Britain ln needs it all In fact tact Instead of or throttling gold production b by a n low fixed price it would be much wiser to encourage production production production pro pro- in some come definite generous wa way Now ow that the total war debt of or all I nations is reaching the Incredible total of or there can cats scarcely bo ho a more mor useful patriot than the man who discovers ers a n. new gold mine At nn any rate so sa say the gold producers I ni IX 1017 1011 I Petroleum produced and marketed in 1917 1317 reached record breaking total of ot barrels The quantity Tho-quantity quantity exceeded ex- ex eXceeded exceeded ex eX- by 14 per cent cent tho the 1916 re record ord production Record levels le were reached and firm firmly maintained by prices of oC crude oil at the wells and the tho enormous enormous enor onor- demand absorbed not only tho the current output but necessitated a n. not net draft of or about barrels on oil oilIn oilin In storage principally In C California I and Illinois The surface reserve e of or crude oil all at nt the end ond of ot tho the year Is es estimated estimated es- es I at barrels