Greymouth Evening Star, AND BRUNNERTON ADVOCATE. WEDNESDAY, APRIL 17, 1901. UNPROSPECTED CLAIMS.

Greymouth Evening Star, Volume XXXI, 17 April 1901, Page 2

Greymouth Evening Star, AND BRUNNERTON ADVOCATE. WEDNESDAY, APRIL 17, 1901. UNPROSPECTED CLAIMS.

It will bo romomberod Unit Warden Hawkins, who possesses a thorough grasp of gold mining laws and requiremonts, and of tbo dilliouUios to be overcomo in regard to tbo dredging industry, sounded a warning note to thoso who rashly incurred oxpondifcuro before ascertaining tbo worth of tbo ground. Mr. llawkin's timely remarks have met with vary general approval, and in Otago his advice hits boon copied into most of tbo goldliolds papers. The Otago Daily Timos says it is refreshing to lind a Warden impressing upon thoso who are concerned in the dredging industry, as Mr. Hawkins did n few days ago at Ahaura, the importance of having claims thoroughly tested beforo they aro olio red to tho public, and also of placing cllicicnt dredges upon the claims which have been proved by tbo tests to bo payably auriferous, Tbo necessity for tho observance of this precaution has been repeatedly urged through tho columns of tho public press, but this is tho first occasion, we belicvo, upon which it has been strongly emphasised from the bench of a Warden's Court. The warning should not, it might bo supposed, be required at this stage in tho development of the dredging industry, when tho public is learning to its sorrow that company after company either should never have boon floated at all, or that tho amount of its capital should have been fixed at a sum considerably greater than that mentioned in the prospectus. But tho warningis as much called for now as it over was. Claims have been taken up in hundreds on tho West Coast, and of thoso a comparatively few only have boon converted, so far, into special claims with the object of having dredging companies floated to work them. As soon as thero is another "boom'' in the mining market tho promotion of companies will proceed as briskly as it did 18 months ago; and it is idle to suppose that the public will fully protect itself. History will in all probability bo repeated. Tbo failures of the past will be forgotten ; tho possible successes of tbo future will alone bo considered. Even if the reports by i which a dredging proposition is supported may not show the results of actual tests—in which event it may bo concluded that the tests have given unfavourable results or else that there have been no tests at all-—the capital that is desired will probably bo subscribed in most cases. The promoters, it may safely be conjectured, will "unload" at the earliest available moment and convert their vendors' shares into coin of the realm ; and the contributing shareholders, if they are not absolutely innocent holders, will endeavour to follow suit with their shares as soon as judicious puffing has driven them to a premium, No

one takes up shares in a company with tho expectation that he will have to " carry the baby." The calculating individual generally counts upon being able to turn over his shares to some person more ignorant or less cunning than himself; and it is the honest investor whom Mr. Hawking in his capacity as Warden, and all persons with the interest of the dredging industry really at heart would seek to protect,