MORALISING ON DREDGING.

Greymouth Evening Star, Volume XXXI, 6 November 1901, Page 4

MORALISING ON DREDGING.

(BY INDUSTRY.)

One scarcely knows how to view the outlook of dredging on the West Coast. Suddenly, in our most sanguine moments, we are stripped of bright anticipations that were fostered as a brilliant hope for lucrative profits to compensate for investments so hopefully made. It is true we had looked for more than any prospects ever warranted, and most painfully we have learned the lesson of our utter selfishness. National lessons are taught in marvellous ways, and with the colonial industry of mining wo have learned much. Investors infused with brilliant hopes for speedy returns and a rapidly rising market expected, that with small outlay, they would reap a fortune without having to sacrifice time or money. Well for us that the selfish spirit has been subdued and humbled in the dust. Good for us that the disciplinary nature of the chastisement will develop the character and have a refining influence towards suppressing those propensities for wealth without giving compensation for value received. The whole district, in fact the c.dony, has been chastised for the avaricious and greedy spirit, that so far has been an everpresent commitant with the industry. The lesson has been given, and many today acknowledge the justice of the rebuke. Without the means of meeting calls, investments have been made with no other motive than to heap a rich harvest without any expenditure. The spirit that has led to reckless and indiecrimminato speculation is now refined, and for years the lesson will not fail in practical fruitfulness. But we must not bo pessimistic. While in many instances what wo have written is true, there has also been the good mixed in large proportion with the evil. Many, who for love of country and conscientious motive for the Colony’s progress have unselfishly given much of their earnings for the furtherance of the industry. The loss to them will be great, but to the country the gain in discipline will be no small remuneration. Of our most active promoters wo could relate instances that for frankness and genuine interest could not be surpassed in the developement of any other industry. Nevertheless, the spirit of selfishness has blinded the eyes of investors. So eager for returns, claims of littlo value have been floated, dredges of insufficient strength and capacity have been constructed, indiscreet judgment in the selection of officers have all contributed to the partial failure of dredging. Wo may not relish a review of this side of tbo question, but though painful it would ba criminal fir us to forget it. The sad tale of many a man ruined, families plunged into distress and difficulty by reckless investment remains to be revealad except to most trusted friends Where will it end ? To have sounded a

doleful tocsin without some hope for amendment is to infring on buoyant hopes, "We have had sufficient indication to assure us of the success of the venture as well as examples of warning for thoughtlessness. Under the instruction of failures we have profited in a high degree. When stripped of tho parasitical appendages tho industry is refulgent, with hopefulness. There are claims that, well-managed, must pay handsomely. Our companies must have larger capital. "We have been led to lay blame on engineers for their designs of weak dredges, but the blame lies not alone with them. To tell an engineer you must have a dredge that will not exceed the cost of £5,000 is to confine him to a price that will not allow of a dredge being built suitable for the work to be done. To appoint a dredgemaster, who is a special friend of the directors hut who lacks qualifications, is to commit the company to questionable prosperity. For directors to do little but to draw heavy tees and leave their calls unpaid is to smother any gleam of confidence that may have been fostered by shareholders. Many methods need to bo re-constructed and then tho industry will sparkle brightness and bo a boon to tho district. To enumerate the many lessons that should be learned by past failures would bo a great task, but sufficient has been said to assure us of our right position and with the application of the main teaching from dredging, wo may under tho discipline rapidly evolve into wholesome and benignant promoters of a most flourishing and remunerative industry.