“On 18th November, 1954, the Commonwealth Parliament passed the Gold Mining Industry Assistance Act to assist the gold-mining industry in Australia, Papua and New Guinea, by the payment of a subsidy to gold producers. Small producers, whose annual output did not exceed 500 ounces, received a subsidy of £1 10s. per ounce, irrespective of cost of production; the subsidy payable to larger producers varied up to a maximum rate of £2 per ounce.
“On 23rd May, 1956, the operation of the Act was extended for three years to 30th June, 1959, and under an amendment enabled on 22nd October, 1957, the Commonwealth Government raised the subsidy to small producers to £2 per ounce; for larger producers the subsidy was raised a maximum of £2 15s. per ounce. The operation of the Act was extended for a further period of three years on 22nd May, 1959.
Left: Mines Department Annual Report 1960. Images and content presented here from this report reproduced courtesy of NSW Trade & Resources, Minerals & Energy