OLD PETER PIPER.

Tuapeka Times, Volume I, Issue 11, 25 April 1868, Page 3

OLD PETER PIPER.

(To the Editor of the Tuapeka Times). Sib, — I must leave the interesting event of last Monday evening to my friend the " Rambler," and have no doubt he will use an extra " dip " for tho occasion, and give it to the world as a thing of life and " twice as natural." I must beg a share of your space to make a few remarks upon the subject of your last leader, and I confess there is no subject so dry, or so difficult to handle as cash ; it is difficult to get, and still more difficult to hold. But, aB I have been asked to give a contribution to the scheme, and as I am supposed to know everything, and a few other things besides, I will not shrink from the duty, though I shall perhaps not be able to throw any more light on tho matter in question than to make " darkness visible." My first impression of the writer was this, that a " Star of the first magnitude " had arisen upon the horizon of our destinies, but as I looked into the matter more closely (for it will bear looking into), I discovered that whatever merit it may possess it is too highly speculative to enter upon as a Banking Company, I hope my brethren of the " Shovel and tin dish " will pause, before they are inveigled into the " bog" by a treacherous and transient meteor, which possibly might prove a " Will-o'-the-wisp." I quite agree with a pretty generally conceived opinion, that our goldfields have not received that attention at the hands of the Government which their importance very justly demands, and to give them a larger development will repay us for an expenditure of a few thousands a-year to assist in such development, but I am not like come who lose no opportunity in laying at the door of the Provincial Government all the failings, all the mistakes, and all tho blunders which have hindered us in the search for the precious ore. Your readers are well aware of the mixed Government and- the many conflicts with the higher powers without bringing them forward in this letter. There are many miners in this locality who are able to bring home the blame of many of our drawbacks, and lay them upon the shoulders of the right party, but then we are notorious for discernment in many things. I should like to see the proceeds of the industrious miner utilised, and should be ready to give a feasible scheme all tho support which could be expected from one in my position, but I fear very much whether this can be done in the manner indicated. To make a joint stock company of this kind remunerative to the shareholder, great care would have to be taken not to expend the money of the shareholders iv princely Balaries, palatial buildings, and every thing else, on the same grand and gigantic principle of the present Banking Companies; and this would have to be done in order to compete with them, and to secure any payable share of the business usually done by other Banks, premises would have to be built or rented in, say, ftt least ten centres of our goldfields population, a large number of managers, with their clerks, secretary, &c, would be necessary. Look at the amazing amount of money which would be laid out, if not squandered, before tho shareholder could receive any dividend. By our inertness and want of foresight, we have invited foreign capital to take the lead in the banking business; had the merchants and wealthy capitalists of this Province been alive to their own interests, they would never have iuffered the banks of the sister colonies to get .the lion's share. It is very vexatious to think that the splendid dividends go to the shareholders in Australia and New South Wales, but they are well entitled to their dividends, large though they be, for the manner in which they have served us as bankers. They are well established, and we cannot compete with them. I would go this far, however, with your correspondent, in establishing a joint stock company, so many shares at, the matter as regards the amount to be afterwards considered. The machinery of Buch a company would be more simple, and with a competent directory could not fail to be advantageous to the mining interest, and give a respectable dividend to the shareholder. I trust your correspondent will modify his plan, so as to reduce it to a possibility. From the conversation I have had with some who are interested to a degree, we are afraid that it is one of those magnificent bubbles which some of us have suffered by and which glitter for a time, and then vanish. However, any well devised plan by which our goldfields can receive a fuller development, and the miner benefitted, will receive the hearty support of the miner and others interested in their success. This matter will no doubt, receive a little ventilation.— l remain, yours, faithfully, Old Pbtkb Pipbb. Wetherstones Braea, April 15, 1868.