THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. THURSDAY, DECEMBER 16, 1880.

Thames Star, Volume XI, Issue 3737, 16 December 1880, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. THURSDAY, DECEMBER 16, 1880.

It is to be feared that thp geological formation of the earth in our neighbourhood is but little known, and less cared about. The great passion of speculators here is for gold, and no matter what bogus or absurd companies are formed, there are always plenty of men to risk their money in uncertain ventures. Almost any other 'mdu^trj^bnt-'jihat.of/goldvqaimnjg^'.meets; with! but little / encouragement from Thames capitalists, and to this fact we shall in future look back with regret. It is necessary that the Thames should have something on which to fall back, as the gold mining industry is a very uncertain one. Of late the mines have not produced so much gold, and the result hasfcjeri depressed trade and a glut in the labour market. This should be sufficient to show that it is necessary we should have some other means of existence than gold mining. It will no£,however, do to have "too many irons in the fire," but by a judicious use of common sense and reason it is quite possible that the mineral resources of the Thames may be much more developed than they are at present. Indeed, it may ba asserted as a positive^ fact that the people of the Thames are as a whole totally ignorant of the amount of wealth that underlies the surface of the hills at the rear of the town. At Tax'aru there is an inexhaustible supply of iron ore, and experts have affirmed that the ore is very valuable and could be turned to good account. The place is eminently suited for a blast furnace and rolling mills, and from the fact that there is deep water close,to the beach there could be no difficulty in shipping the iron to Auckland and other commercial centres. Over 90 per cent, of the raw material is at present imported, and if iron could be produced here at from £5 to £10 per ton it would make a vast difference in the price of machinery, and would create a new indnstry. Messrs Praser and Tinne, and Mr George Perry, a gentleman from England have viewed the hematite ore, and are convinced that a permanent industryjjjrould result.' There are numerous Au<M£iid^capitalists who are ready to embark in a scheme for developing the mineral resources in this particular, and we should think that the energy of Thames speculators is at a low ebb if they allow Auckland men to have all the "pickings" without having an interest in the formation of the company themselves. A capital of £4,000 is required to commence operations^, and we have little doubt the amount will be rapidly subscribed, and if the Thames people remain lethargic in regard to the scheme, they will find Aucklanders benefitting by what they have the first right to.