NEW MINES AND THE LABOR QUESTION.

Grey River Argus, Volume XII, Issue 1333, 6 November 1872, Page 4

NEW MINES AND THE LABOR QUESTION.

The recent rapid rise in metals has stimulated the working of new or abandoned mines to a serious extent in the "West of England. Many grants of old mines which suspended operations only 'a few years ago from various causes, principally through poverty and the heavy, dead charges in keeping the water down, have been revived. Some of these had two or threo large engines, 70's or 80's, yet such was the quantity of water that little or no sinking could bo effected. Some of these young mines have called up LSOOO, LIO,OOO, or L 15,000, yet not one has called up sufficient to erect tho engines, fix pit-work, and see the mines clear' of water. Pumps have advanced from 3s per cwt to 11s new, and 8s secondhand. Coal ha 3 risen from 14s 6d to 223 per ton. Labor has had its rise also, arid numbers of young miners have left these shores for other fields of industries. Mines, even the best of them, are now tinablo to take that full advantage of tho present price of tin— nay, many of them will find their dividends seriously endangered should tho efflux of danger not bo suddenly arrested. Wo must bear in mind that a diminution of five per cent, laborers means 10 per cent, off the profits, and so on in geometrical proportion. What, then, can be the policy of many of these new companies, whoso shares are already unsaleable— shares of L 5 and L 7 paid being sold at so many shillings? Would it not show a great discernment of the preßont and probable tendency of labor, coal, iron, and, in short, everything the miner uses, to abandon the ventures for the present, and realise the assets as quickly as possible? Certain it is that nothing but loss can result from the working of many of the recently-formed companies. Another and probable fatal obstacle to success is, that so. many of the shares are held locally in weak hands. To this is owing the depression in many good mines. Good dividend shares have been sold to pay the calls to prosecute worthless adventures which again take away the labor "by competition from the better mine and more constant employer.