THE DEVELOPMENT OF OUR REEFS.

Cromwell Argus, Volume I, Issue 13, 9 February 1870, Page 5

THE DEVELOPMENT OF OUR REEFS.

Ax article Iris recently appeared in the Auckland Uamkl, and which is. ho apnrpos to our own position that we make no apology for giving portions of it this promi nonce in our columns. The writer says ; “ While some claims are piying dividends, “ and others are now working on a sys- “ tomatio plan which will in time produce “ valuable results, a number, exceeding to “ a very considerable extent both the two “ classes mentioned, are simply costing “money, without the slightest reasonable “ground for belief that any benefit will “accrue from that expenditure to the persons on whom the cost falls. Anything “ like an accurate statement of the means

“fruitlessly sjKMit on the H.im-.iki hills

" would cause no small amount of astouish- " mont if put in figures." So is our ease, lb has been one rather of indiscriminate expanditurc than judicious outlay. We have already pointed out the; reiiiedv—amalgamation ; the formation of companies under the Milling Act. How true is the. following:—"Shaft after shaft, tunnel "after tunnel, have been sunk and driven, "in whit will yet be seen to bj ;i fright- " fully reckless and wasteful manner, in

“ defiance of all sound common sunst) am I

" business-like views and principles." Prospecting in this district has been badly conducted, as a visit to our reefs will show. The question put below is, in another shape, being put here. "The great ques- " tion, therefore, to he considered by share- " holders in these claims ami companies at "the Thames is, are they willing to ccm- " tinue during the present year to pry "their sivings for the accomplishment of " labour from which they will never derive "any profit? Will they continue to im- " pose a heavy tax up >u themselves for the " mere purpose.of. paying a certain amount "of weekly wages to a number of work "men at the Thames? It is clear that " this drain, which is thus self-imposed, "cannot be looked upon as a profitable " operation, and, in a great many instances, " the remedy lies in the. hands of share- " holders themselves." .So it does here, and the district will gain by it. We have already, in a former article, alluded to the several means by which machinery might be procured and our reefs developed ; and until steps are taken to help ourselves, we. cannot seek the aid of foreign capital. The. Duuedin people have had enough of Skippers, unless we shew them something better. That we cna do if wo please. The llera'd advocates a very sensible plan of testing the real value of the red's, and it is a piece of advice by which we might profit:—"Others think protection is tins "right course to adopt, and as this will at "least prevent another cill for some time, "it is eagerly acquiesced in by others. "And so nothing effective is done on any "of the claims. But throw iln-: whole "ground into one company; have one j " main drive, and one main shaft., and take "advantage of the very lowest level, and " of all the advantage.; which the combiued " property possesses, and after some ex- '■ penditure ju liciously applied, calls would "cease, and regular dividends would l>c a "matter of course. Bat cupidity and " short-sightedness interfere here again. A I " single shareholder fancies his claim is "worth half-a-dozen more scrip than one | " of the. others, or from some other equallv " foolish co lsiderition, obje -ts to the amal- | " gamation, which is the only choice of : " his properly being of any value, in fad. ■ " And thus half-a-dozen claims, it in ly hi', j "are compelled to condone in their wasteI "fid expenditure of money without ever 1 " hiving any return for it, and with the | " scrip or shires quote 1 at. a traction ot I " their nominal value, and even unsaleable 1 at that.'