Chapter 119: Refinery and Gold
The forty-eight gold bars, each weighing 500 grams, had a total weight of 24 kilograms, or 24,000 grams.
In pounds, the total value of these gold bars amounted to over 3,200 pounds.
Although it didn't seem like a lot, this actually represented only one-third of the daily output of the gold mine.
In other words, if the gold mine's production continued to increase, the new mine could generate at least 10,000 pounds in profit every day, which would amount to at least 3 million pounds annually.
Based on the industrial department's division of the gold mine's area and the estimated gold reserves, the new gold mine's total reserves were at least 20 million tons.
This would bring millions, even more, pounds in revenue to Australia, and the speed of this income would depend on the mining rate.
The size of the gold mine coincided with the scale Arthur had expected for issuing new currency.
Although the plan to issue new currency was already in motion, Arthur did not intend for it to replace the pound's role in Australia in the short term.
Before the outbreak of World War I, the British Empire was still undeniably the world's leading power, and the pound's position was irreplaceable, even in the already independent Australia.
What Arthur could do was issue a certain amount of Australia's own currency and circulate it at least within Australia.
Even within Australia and Oceania, replacing the pound with new currency was an ambitious plan.
Thus, Arthur decided on the maximum amount for the new currency issuance, which would be the equivalent of 20 million pounds in new money.
This was a carefully considered figure. If the amount of new currency issued were too small, it would be insufficient for circulation in Australia. People would only want to keep the new money as a collector's item rather than use it.
On the other hand, if the new currency were issued in too large a quantity, it might show good results in a short time. However, if any issues arose or any external factors led to a reduced acceptance of the new currency, the entire issuance might fail.
A more serious issue could even jeopardize the future release of the official Australian currency.
After all, "once bitten, twice shy." If the new currency's issuance failed, people would carry that skepticism into the issuance of future official Australian currency.
Under Adam Root's leadership, Arthur, Prime Minister Evan, and Minister Pierre finally saw the first batch of gold bars newly refined at the refinery.
For storage and accounting convenience, each gold bar weighed 500 grams, and there were a total of forty-eight bars neatly arranged in the warehouse.
Although Prime Minister Evan and Minister Pierre were both far wealthier than the value of the gold bars, when they saw the stacked bars in person, their eyes flickered for a moment, though they quickly suppressed it.
Arthur, of course, did not need to say much. As a super-rich individual with a fortune of over one hundred million pounds, these gold bars did not even catch his attention.
With the expenses Arthur dealt with, anything he bought cost tens of thousands or even hundreds of thousands of pounds. These few thousand pounds worth of gold seemed like a drop in the ocean and did not stir him at all.
"Adam Root, how much gold can your refinery produce per day?" Arthur asked, turning his gaze toward the refinery manager.
In order to issue 20 million pounds in new currency, Arthur needed to have at least ten tons of gold at his disposal, with a guarantee that a large amount of gold would be extracted and produced every day.
Thus, the speed at which the refinery produced gold determined when the new currency would be issued. If there were insufficient gold reserves, Arthur was not planning to issue the new currency anytime soon.
"Your Grace, the amount of gold produced depends on many factors. If we can ensure a steady supply of gold ore every day and have the workers work overtime, we should be able to guarantee a daily production of at least fifty bars of gold," Adam Root said after a moment of careful consideration.
Indeed, as Adam Root mentioned, the speed of gold production not only depended on the refinery's refining speed but also on the supply of gold ore and the number of workers available.
"That production rate is still not enough. It should at least match the daily output of our gold mine," Arthur said, shaking his head and issuing a command, "Currently, the mine's output exceeds 5,000 tons per day, and it will continue to increase. With that in mind, I hope the refinery can refine at least 5,000 tons of gold ore daily. This way, we won't waste the manpower and resources we have invested. If there are any problems, you can speak with Minister Pierre. Whether it's a lack of workers, equipment, or space, we can quickly expand. In short, I want the refinery to quickly match the mining output of the gold mine. Can this be done, Adam Root?"
Adam Root quickly nodded, saying, "Rest assured, Your Grace. As long as we have the necessary equipment, manpower, and funding, I guarantee we will increase the gold production in the shortest time possible."
Adam Root understood that Arthur's question wasn't one that required an answer, but a firm guarantee.
If gold production couldn't be increased with sufficient manpower, equipment, and funds, Arthur would likely replace the refinery manager.
To secure his position, Adam Root had no choice but to accept the task, no matter how difficult it was.
The good news was that Arthur had guaranteed the supply of equipment and manpower, and there would be no shortage of funds.
Under these circumstances, increasing gold production wasn't too difficult, and Adam Root was confident he could do it.
Once Adam Root provided his guarantee, Arthur nodded in satisfaction and instructed, "The increase in gold production is very important for Australia. It will directly affect Australia's key plans. If you succeed in improving the gold production, Adam Root, you will have contributed greatly. Any problems encountered during this process can be reported to Minister Pierre, and he will ensure the refinery's smooth expansion."
Adam Root nodded repeatedly, respectfully agreeing to everything.
The gold bars produced by the refinery would be transported to the Royal Bank of Australia's gold vault in Sydney using one of the few cars available in Australia, where they would be stored until needed.
The security at the Royal Bank's vault was, of course, beyond doubt, even more rigorous than the refinery's security.
The only concern was the distance between the refinery and the Royal Bank, but with the protection of the military, there was little chance of any issues arising.
(End of Chapter)
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