The Evening Star: WITH WHICH ARE INCORPORATED The Evening News, Morning News, and Echo. FRIDAY, MAY 10, 1895.

Auckland Star, Volume XXVI, Issue 111, 10 May 1895, Page 2

The Evening Star: WITH WHICH ARE INCORPORATED The Evening News, Morning News, and Echo.

FRIDAY, MAY 10, 1895.

For tlie causa that laita asßistanea, lor the -vrrong that, needs reslatenoo, For tie futare in tho distanoa. And the eood that ire can do.

Some'twelve months ago, when 1895 lay yet in the dim, undiscovered future, those who profess to interpret the signs of the times kindled our highest hopes by the promise that the present year would, in all probability, mark the close of the acute depression which, for the last ten years, has affecled all the world more or less. These comforting prophets gave ample reasons for the faith that was in them, and one of these reasons- was the revival in the goldraining industry. Whenever the output of gold has been largest, said they, prosperity* has been most largely diffused among all classes. We do not know whether it is an established axiom that when the gold mines of the world are yielding the precious metal in abundance then everyone has plenty of money in his pocket: but it is an undeniable fact' that the great gold discoveries ha,ve been coincident with revivals in trade.

The re-awakening of the mining industry, which was chiefly apparent in South Africa when these pleasant predictions were made, has since- extended to America and New Zealand, and is of a nature to inspire us with the greatest hope if we have any belief in the good effects of gold production on commerce and industry generally. But whether we in New Zealand entertain such a belief or not, we are none of us blind to the immediate benefit to be derived from the development of one of our great natural sources of wealth, and to the effect which that development must necessarily have in promoting a healthier tone in other industries. And even apart irom any actual material advantage, the awakening of the spirit of enterprise in one quarter invariably begets the same spirit ,in another, and the whole commercial, and industrial life of the people is inspired wilh new hope and energy. For the spirit of enterprise is mosl! contagious and spreads with an amazing rapidity. Nor should we desire it to be otherwise so long as it is controlled by prudence and foresight.

It is true that where enterprise has been very actively displayed in connec- 1 .tion with goldmining in the past, whether in this or in other countries, it has too often degenerated into mere reckless gambling, seducing men from the less attractive paths of life to follow an ignis fatuus. In such cases it can hardly be said to have brought anything but disasfer to the community at large,-but where it has been prudently directed* in goldmining just as in other industries, it has wrought wonderfully beneficial results.

If there is one thing more than any other which we regard as a most desirable leatur'e in the present goldmining revival in Auckland, it is the natural and quiet way in which it has come about. We honestly believe that there has been no organised attempt at booming, and that the inflow of English capital for the working of our mines is simply the result of the discovery on the part of the English capitalist of the existence in New Zealand of a really - profitable investment for his mpney. Far from booming, we appear to have been in blissful ignorance of the value of our mines till a few months ago. Accustomed to getting the precious metal in a concentrated form, we did not realise what a wealth, might exist in these rocks where the eve could not detect it.

If we had had our eyes open we would have reamed a lesson from the South African miners. In the districts of Johannesberg and Heidelberg, where enormous . fortunes have been made, the treatment of lean ores has been reduced to a science. The average yield there is not, over i2^dwt to the ton, but it pays handsomely under the conditions j which capital and enterprise have.: introduced there. To the African miner our goldfields would,: most j probably 6eem rich where ■we ,h'avej looked orj tbena ag poor,. Already »

is whispered that the capitalists of the Dark Continent are looking across to New Zealand with the intention of placing their mori^y in some of our mining properties. It is very certain that they would never.-think of such a thing unless^ they. had excellent relsons . for believing that in New Zealand there is undeveloped wealth only awaiting skill and money to win it from the soil.

This speedy recognition of the value of our resources by capitalists in other parts of the world, who could have no possible motive to invest their money in this corner of the globe if they were not persuaded they would reap an adequate reward, should fill us with confidence: In fact, it is almost enough;to turn bur heads. But, as we said before, one of the most agreeable features of this revival in goldmining is that it has not turned pur heads. Of course* an immensely' increased interest has been taken in mining matters, as was to be expected, but the wild spirit of gambling and speculation has not taken hold of the people as it used to do of old in other affairs besides goldmining. fcraye learned prudence by painful experience. We will not be made party to a boom that can enrich only a few, . .

The enterprise how manifest on the goldfields is of the-,most legitimate nature, and not destined to perish like ,its gambling counterfeit. For that reason we must welcome it with all our hearts, and trust that the development of our mines which it is bound to effect will react on other channels of industry and bring prosperity to them all. We hope most sincerely, and we have a very strong belief, that this revival is but the forerunner Qf a_rnuch more extensive revival, which will affect the whole colony. Already we have seen many signs of the unlimited confidence which the 4 people of the Old Country have in New Zealand. ■It only requires that we should do everything to merit that confidence, and the prosperity of the colony, insofar as the development of its resources is concerned, is assured.