THE Grey River Argus. THURSDAY, MAY 2, 1867.

Grey River Argus, Volume III, Issue 203, 2 May 1867, Page 2

THE Grey River Argus. THURSDAY, MAY 2, 1867.

Is his List letter qiu* Arnold covrespond.ent was quite eloquent in liis description of the exxatic delight which had been caused by the few rajny days that had just occurred, and enabled the miners to resume work. W.e p«4 well imagine that, as oui^correspondent described it, " not even in the deserts of Arabia could water have boon more gladly welcomed," for \ye were told in the same communication that the greatest proportion of the miners in the district had been idle for many weary weeks in consequence of not being able to obtain a supply of water. Now compulsory idleness of this kind is a very serious matter to men, who, like the diggers in the Arnold district, have to pay a very high price tor every article they consume. A man who has been doing nothing for six or seven weeks must work a long time, and very hard too, before he can fetch up the leeway he has made. No wonder then that the bountiful fall of rain which was experienced last week was as welcome to our friends in Maori Gully as a good healthy rush to the Grey would be to the tradesmen o,f Greymouth. For every drop of those genial showers represented an atom of gold recovered from its hiding place, promised remuneration to the patient miner, and payment to the equally patient storekeeper. Bub perhaps when the latter and his customers have pretty nearly squared accounts, and the diggers are beginning to "take heart of grace," the store of water is exhausted, and they are again thrown back. This uncertain condition prevails over a very large extent of country in this district, and the consequence is that it is next to impossible to induce miners to make up their minds to settle down for any great length of time. We may take the whole line of country from -Lake Brunner to the Saltwater, and^m all the various diggings that are scattered along this line, the complaint is the same — want of water for sluicing purposes. And yet there is perhaps not a more inviting district for mining enterprise than this, so far as the existence of gold is concerned. We are simply recording the opiuion of practical miners and of men who have thoroughly prospected it, in saying that the country we have indicated is one vast goldfield. But for all practical purposes the golden treasure might almost as well be at the bottom of the sea, when lacking that iudispensible concomitant — a supply of water. Every one who has any knowledge of the part of country we refer to admits that if the miners could get a plentiful supply of water for sluicing purposes there is employment for thousands of men. Some twelve mouths ago the idea was mooted of. bringing in a large water race from Lake JB runner, at such a level as to command the highest terraces. in the district. The idea was so well received by the miners that a number of the business people of Greymouth and MaoixGully subscribed a sufficient sum to defray the cost of making a survey. The survey was made, and although it was found that the level of Lake Brunner was not high enough, au other source was found in the Hohunu River, one of the main ] feeders of the Lake. A careful calcula- j tion showed that a race could be brought from this river that would "command j the highest tcrracqs in the Arnold district and supply the diggings as far as the Greenstone. The cost of a race to living iii say about 40 sluice heads was estimated at about .£BOOO, and it was: determined by the promoters tq form, a public company for the purpose of carrying out an undertaking of so much importance to the district. The company was duly registered, the- 'shares were thrown on. -the lnarket— and there the matter lias' 'eucled','' and the great race that was to^evolutieui.se the whole district is still an unrealised idea, The cause of this failure is undoubtedly the difficulty in procuring capital, the fact being that, excepting those held by the original promoter*-, and some few held by other persons, the shares of tlje company remain unsold, and without the probability at present of being ever taken up. It is at all times a difficulty thing in a young country, especially a shifting population, to induce *" f extensive investment in^public l^tertakiugs — and more ]Jfl ,"; v^in .. eonuuett'd with w^^m-Ji t& n -

rule the only application of the prin. ciple of combination is the co-operation of a few persons, each of whom pro. vides his labor as capital. In this -way a gi-eat many valuable, and in some in stances, very extensive wprks have been carried out, and generally with success. But there is a limit to this system, ber yond which, capital must be associated ' with labor to ensure any satisftictory resulb — and capital is not very easy to obtain. lso one can doubt the genuine character of the Brunuer Race scheme, or that it would prove a very profitable undertaking if properly carried pub, but few perspns seem inclined to assist its development — some quJ; of a feeling of mistrust in the management of public •coin panics generally, and Qth.ers because they regard themselyps as only tcm-porar-y residents., and prefer investments that bring \\\ a speedy return. Whatr ever be the real I'Gaspns, the fact remains that the Bvunner- Ijake Water B^ce Company cannot raise the capital they require, nor does there seeni any probability of their doing so, iinless the Government step in to theiir assistance. When Mr Mobrhouse was in Qreymouth he professed to he extremely auxious to ascertain the facts about this projected race, ife made enquiries as to the number of people and extent of country it would benefit, and must Lave satisfied himself as to the great advantages the completion of the work would confer, We suppose that his Plcmor's chief motive for making these enquiries was to prepare himself to consider the question of rendering the assistance of the Government to the undertaking. Mr Whall, on a receiit occasion, told the public that his Efon.qr tl^e Superintendent had expressed to him an intention of giving a guarantee to tlie B.ranner Race Company. This may be the case, and if sq we are glad to hear it, but to our minds the Government gaurantee will be useless unless it is fixed afc a high rate of interest, say 8 or 10 per cent., and. even then it would not be half so effectual as a direct subsidy in the shape of a loan secured on the works. Supposing six or eight thousand pounds to be the actual cost of the proposed race, our plan would be as follows :— Let the Governifteot advance half the capital as a loan to extend over say five years, without interest and secured on the works. The Company would then be able to commence the work, and perhaps carry it to a point where it Avould become at once reproductive. Iv the meantime the remaining capital would in all probability be floated, because investors would have for their inducement the actual demonstration of the possibility and payable character of the scheme. Of course the Government would satisfy itself thoroughly as to. the bonu, fides of the atfair, and would exercise some sort of supervision. The mere guarantee of interest would uoc answer the purpose^.; unless the Banks exhibit a very much more liberal disposition than they have hitherto done in matters of this description. It is to be hoped that Mr Whall •will not forget to remind the Government of the Superintendent's promise, and endeavor to carry out the suggestion we have thrown out.