MINING.

Southland Times, Issue 1105, 6 August 1869, Page 4

MINING.

For a considerable time back the question of systematically prospecting several districts in the province, known to be auriferous, has been mooted. A few enterprising individuals amongst our community have constantly kept; the subject before the public, and their persistency, backed by the probabilities of success which they have been able to adduce, seems likely to lead to a fair trial being made. During the past; week the matter, has been taken up, with

renewed interest. Several meetings have been held, and tbe result is that something definite has been accomplished towards the object in view. A prospectus has been drawn up for the formation of a company, with a- nominal capital of £500, in one hundred shares, £1 on allocation of the shares, and' monthly calls of a similar sum if necessary. Although the list was only opened a few weeks ago, we learn that already the greater portion of the shares are taken up, and there is a likelihood that it will have to be considerably extended, so great is the favor with which the enterpriseis regarded. The Provisional Committee includes the names of most of our leading business men. a sufficient guarantee that the scheme wiP. be economically and energetically conducted. On 24th ult., a deputation consisting of Messrs W. H. Peabson, R. Buchanan, J. W. Mitchell, P. "W. Wade, and J. Kingsland, waited by appointment upon the Government, to ascertain what assistance and protection they might rely upon from the Executive. His Honob received them most cordially, and assured them that the proposed company was one whose objects specially recommended it to the Government, that every facility for the prosecution of the scheme which he could offer Would be most willingly accorded, and that the largest reserves allowed would be made as soon as the site of operations was selected. Tbe original idea was to prospect for gold only, at the old Wakatip outlet, Glenquoich. This was considered the most suitable locality for a first attempt, but it has ultimately been determined not to confine the efforts of the company to gold discovery alone, but to include boring for coal, iron, and other minerals. Operations will in the meantime be commenced in the locality indicated in the case of gold ; and in that of coal, near Winton. There can be no doubt that minerals exist m this province in great plenty. Gold, coal, iron, and lime have all been discovered in places widely apart, while other minerals, of which traces have not yet been observed, may safely be presumed to exist in abundance. But even supposing our underground resources to be confined to the four minerals named, or even to any of them, it would still afford ample scope for the employment of both capital and skill to properly develop them. The imperative necessity of something being done to increase our exports is becoming daily more painfully apparent. Wool, the great staple of the country, is less valuable, less remunerative, and will continue to decrease, unless some new means of consumption is devised, or the existing market largely increases its demands. This is the inevitable result in the case of any product which attracts too exclusively tbe attention of capitalists. The same effect may be witnessed in other commodities on a small scale in our owa neighborhood. When farmers universally devote their efforts to the production of one kind of crop, to the neglect of all others, they adopt a course which ensures its own defeat. In that article the market is soon glutted, and they have no other product upon which to fall back. Thus it is with countries also which depend for their prosperity on the value of one kind of produce or one description of manufacture. Stagnation in trade, or decline in that particular commodity, is inexorably followed by commercial crisis and general distress. Theonly true method of escaping these evils is by a judicious division of ourinveatments. In our case it requires no very acute powers of perception to foresee that, unless some means are devised to counterbalance the continual drain importation makes upon our capital, the circulation of money will gradually decrease. The process of exhaustion must of necessity, ultimately reduce us to absolute distress; or a rude existence upon such of the necessaries of life as may be locally obtainable by a return to the primitive but inconvenient system of barter. With a cessation of immigration, and no immediate prospect of any perceptible influx of capital, in the shape of land purchases, it indeed behoves our merchants and all the settlers in the province, to give their earnest attention to the deve lopment of the resources which lie within pur own borders. .•;-'. ♦ ■ ■ ■