THE Grey River Argus. TUESDAY, SEPTEMBER 4, 1866.

Grey River Argus, Issue 101, 4 September 1866, Page 2

THE Grey River Argus. TUESDAY, SEPTEMBER 4, 1866.

. It is a surprising circunistance that the Mining Ootnpaiiies Limited. Liability Act has been. 1 so little niacle use of on the West Coast, Avhere there is perhaps a finer and more extensive field for its' application- than in any other portion of the colony. When the Act was passed it was hoped and believed that, it would be the means of giving a great impetus to mining enterprise, and would cause a plentiful supply of capital for carrying, out; undovfelrings. which under ordinary circumstances could not easily bo attempted. With the exception of the companies formed in. Otago, the Act has however not been productive o f the : revolution in mining matters that .was "expected. Whether : this ' proceeds froni an indisposition on the part of the general bocly. of juiner? to •..en cumber

their proceedings . with the machinery and technicalities of the Act, or from the reluctance of speculators and cajjitalists to venture on mining undeitakings, we cannot say. It,, certainly cannot arise from the want of an ado. quate field for the operation of public enterprise. Our own immediate district offords an instance of the singular anomaly, that innumerable opportunities exist for the profitable embarkation of capital in mining enterprises, and yet in not a single case' has the. Act been successfully applied. Only one company has been started, and apparently its objects will not be carried out unless" a very much wider interest is taken by the public in the whole question of co-operative mining. No one acquainted with, the various' gold fields of the. Grey district can deny that they offer uuiisual inducements: for the employment of capital, or the still more important fact that many of them are languishing for want of it. Indeed, some of the richest ground in the district must and will remain neglected unless jmblic enterprise steps in to develop it. At present sluicing is the most profitable kind of mining in this district. The superficial and more easily -worked deposits are becoming exhausted, whilst wherever a good supply of water is obtainable ground that would be useless to the superficial miner is richly repaying the capital embai'ked in working it, and providing remunerative emplojunenb for many years to come. But uuforfcunately many important areas of auriferous ground p.re unfavorably situated for water, the local streams being in frequent instances insufficient' in quantity or of too low an altitude. Consequently, to render ground so situated available requires an outlay of capital and Libor t beyond the reach of individual -parties of miners-. It is in such cases wher.e it is the legitimate province of public enterprise; to step in. . The Limited. Liability Act provides simple and efficacious machinery for the investment o^ capital with a, trilling risk of loss, and for the protection of the interests of shareholders in mining undertakings. It is therefore a matter of Surprise that so little advantage- has been taken of this means of increasing the production of gold, and consequently of providing more outlets for trade, and more occupation for population. In a district like this, where the facts necessary to the profitable employment, of capital can be so easily and clearly established? co-operative mining can hardly be considered speculative. Unlike quartz mining, the character of ground for sluicing can be easily ascertained," and sufficiently correct estimates Of the cost and profit can be formed to render its working almost a matter of certainty. Nothing is 'wanted but the hearty cooperation of the trading with the industrial class of the population- to establish an era of permanent pinsperity. Not long ago we had a copy of a California!! paper in our hands, and we were forcibly struck with the number of .mining companies whose notifications appeared, and the- amount of capital which from the share list is invested in mining lindei takings. We venture to say that the favorable, conditions of this district for the prosecution of mining by combined enterprise are equal to any even in California or Victoria^ — if intact they do not exceed them. Tlow is it then so much apathy appears to exist hei'e? Whence remember' how greatly every branch of commerce and trade on the West Coast is dependent on the successful development of the auriferous resources of the country, the indifference that is shown to .extend, that develop- „ ment becomes difficult of comprehension. The time will however surely tome when this voluntary negligence must give way to necessity; and the^com. munity generally be compelled in their immediate intei'est to encourage the prosecution of ; those permeiiant and reproductive undertakings which alone" can ensure stability to the niining industry of the district. But why should this alternative be 'waited for ? Why should not our merchants, and traders now recognise the necessity of assisting with their capital to bring abont that which, everyone desiresr-ran era of stable permanent prosperity? These are questions which should commend themselves alike to the most selfish as the most enterprising of the community. ' The objects of eacli class will equally begained- by affording encouragement to such legitimate undertakings, the aun of which is the development of resources which, without that encquiugemeut must remain neglected and profitless.