The Waikato Times. UNKNOWN.

Waikato Times, Volume III, Issue 138, 27 March 1873, Page 2

The Waikato Times. UNKNOWN.

TIIUESDAY, MARCH 127, 1573.

It is unfortunate tint we colonists cannot convince the ownets of almost unemployed capital — we mean capital invested ,11 Consols or other Government stock — that there is almost untold wealth to be acquired by judicious investment in this colony. We have ail hoard of the South Sea bubble and other equally airy speculations that have constantly attracted the gold of capitalists from that time to this. The facilities, however, for gaining accurate information from all parts of the world have greatly reduced the chance of success to the unprincipled getter-up of companies, and as a natural sequence have diminished the chances of being swindled to the investing public. The foundation of New Zealand's greatness will, without doubt, be based ujmi lioi 1 mineral reaourced. Gold has already done much tor her , Otago consequent on its discovery has become one of the most wealthy provinces in the colony ; and Auckland has been raised by its means fiom a state of commercial depression to one of uffiuence and prosperity. These changes have not beeu brought about, except to a limited extent, by the yield of gold itself, but rather in consequence of tim population attracted to the colony by its means Capital of course accompanied or followed the influx of population. We believe that we are right in stating that every ounce of gold obtained from the earth has cost the producers more than ! its market value — by the producers we mean all diggers and capitalists engaged in the industry. Gold mining is a species of lottery, each man engaged in it risks a little for the chance of gaining a large prize — the mnjoiity ate necessarily losers. Gold, although intrinsically of greater value than any other metal, does not conduce to the wealth of a people to the aamo extent as the baser metals and coal. The discovery of coal and iron in close proxi. mity would in a fuw years entitle New Zealand to be called the .Britain of the South ; the same causes as established the commercial greatness o the one will have placed the child in a position to rival its progenitors. These are days of concentrated thought, rapid intercom se, and rapid action. That which was once the work of centuries is now only that of an equal number of decades. We have thus generalised with the objeel of calling attention to the mineral and coal resources of this district. There is an almost inexLaustable supply of coal in the "Waikato, it cm be proouied cheaply, and perhaps with less labour than in any country in the world ; it crops out from the side of hills as if inviting the miner to avail himself of its siams. JNature has clone much for us, but wo are truly ungrateful for ita bounties, an it is little that we j ha\o utteniptod to do for dursclvss. Those | who have undertaken to work one of our almost liinumiM'abSo leaders have done what they could, but having too many iroiib in thu lire, their onterpribo has been limited for the want of fire in ] the &hapt) of capital to keep their irons warm, It j must bo remembered that tho coal exists on the banks of a magnificent ri\er, with 11 11 ordinarily safe and commodious haibour at its mouth, a harbour very little out of the courco of vessels rtturuing m ballast lo the nouth of this port ur to booie port in iho neighbouring colonies. If tie chance <>1 yeti ng a cargo of co.il at the Wai'-al > ' Lea 1 , wtr., I'o.lutcJ to a ctr

tciijity, i.i place vi rostwg an at piesent on the bus- is of tbc mo&t flimsy probability, the coal trade of the Wuikalo would speedily grow into proportions tli it would astonish those at present engaged in it. The enterpiise it» m the people of the WaiLito to develop the reiource^i of the magnificent country that it has fallon to their lot to settle ; want of money, however, prevents their doing' so. It behoves the government and every man who hda the welfare of the country at lieait to fapeak the ttuih with regard lo thu district, nothing wore is required or asked, and a mine of, wealth cannot fail to be opened by means of miported capital.

IConm: " 0 X " Tup n. — Ncmt )i no a uoock-n l<?g nude uf uAjbuLiii-e tli 1 " 1 uK i .ipt 1m |mo lii'. 1 , d-fjiu.