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Greymouth Evening Star, Volume XXXI, 30 April 1901, Page 4

NOTES AND COMMENTS. j " The Worlds Navies abolished." is the declaration made by Mr. Hudson Maxim the celebrated inventor, who has affirmed that he has discovered an explosive that will make the strongest warships as easily penetrated as a. sheet of brown p:iper. Two months ago he caused a profound sensation in Now York by announcing in an address that his new high explosives, called maximite, would revolutionise warfare and cause the abolition of all the world's great navies. He said : Within the next six months a test at Sandy Hook proving grounds will result in the destruction at one shot of a target built of the strongest Kruppised plate, twelve inches thick, and as large as a modern battleship. A projectile containing this explosive will be hurled at the velocity of live thousand feet per second." Mr. Maxim further announced that he had invented a substance called motorite which will be U3ed for the propulsion of his new war craft, known as the automobile torpedo. This vessel, he said, would run under water at the rate of threequarters of a mile per minute, and would bo operated by two men. The proposals of Mr. Maxim are startling enough, but with the extraordinary strides made in science lately who will dare say they are improbable. In the event of accomplishment the position, of the " Mistress of the Seas" would indeed be a doubtful one.

The cause of the undoubted slump that has taken place in gold dredging is very well grasped by the Wellington Post, which says :—" The mining market has slumped, and prices even for the very best of dredging shares are disastrously low. As is usual under such conditions, a variety of suggestions are offered for the collapse of the market, but generally speaking wild speculation is the peg upon which the homilies are set. 'No doubt there was wild speculation a year ago, and that prices were inflated, while a number of worthless claims were placed on the market, but this will not altogether account for the almost sudden slump in prices. The delays and disappointments in the construction of dredges, the almost unreliable estimates of engineers, and other matters, such as the relative smallness of the weekly returns, have contributed to the present situation, which, though bad, is not without its redeeming features. The crisis will crush out many of the worthless companies, and tha brokers who have been merely gamblers on 'Change will find _it necessary to retire. The dredging industry is sound enough, but _is impeded by artificial obstacles which a crisis alone can remove. In August and September of last year the market was very seriously depressed, but a yield of a few hundred ounces from an unexpected sourco soon revived the spirits of speculators, and it is not unlikely that a few good returns would have the same effect now. We look forward to a revival within the next six months, when the industry will be on a sounder footing and less liable to fluctuation by the operations of mere gambling.

The return of revenue of the posta 1 and telegraph services for the first quarter of the year is published in the Gazette. The total receipts amounted to £126,344 8s 8d; against £127,227 Bs. 4d for the corresponding quarter of last year The total postal revenue amounted to £81,094 3s 9d, or £7751 10s Id less than in the corresponding quarter of 1900. There are increases in all branches of the postal service, but stamps sold show a shrinkage of £10,976, the effect no doubt of the penny postage, which came into operation on the Ist January. The total telegraphic receipts amounted to 445,250 4s lid against 38,381 14s 6d in the first quarter of 1900. The number of telegraphic and telephone messages sent and received during the quarter (exclusive of Government telegrams') •was 988,691, and of these 788,642 were ordinary messages, 45,297 urgent telegrams, and 79,89 4 press telegrams. The telephone messages numbered 75,858, against 57,438 in the corresponding quarter of last year.