GOLD MINING.

Auckland Star, Volume LXVII, Issue 151, 27 June 1936, Page 16

GOLD MINING.

CONFIDENCE &EEDED. ' f-:. . , MINISTERS ATTITUDE. BIG WEST COAST PROJECT. (®.J Telegraph.—Press Association.) DUNEDIN, Friday. The Importance of inspiring confidence in the investing public with regard to goldmining in New Zealand was stressed by the Minister of Mines, the Hon. P. C. Webb, when speaking to-night at a civic reception in his honour. He stated that a person who took up claims simply to "play around" with titles would receive no mercy from the Government. "I will do my best to assist goldmining as much as possible," said the Minister, "but it will take some work to inspire confidence in the investing public. Nowadays it seems as though the nearer an investor is to a goldmine, or a so-called goldmine, the harder it is to get him to put his money into it." Mr. Webb referred to one company, not in. the South Island, which had taken up certain mining rights for about £5000. Later it had passed these on to another company for £100,000, and finally the area had come into the possession of a syndicate in the Old Country, which had formed a company with a capital of £400,000. The Government did not. wish to have mining carried on by those methods, but it intended to give every assistance possible to practical mining. "A company with a capital of more than £1,000,000 will probably be in operation on the West Coast within the next year," said the Minister, "and its output will probably be about 15,0000z to 20,0000z of gold for each of its dredges annually. I do not think' one of the dredges would be a failure, because the company spent thousands and thousands of pounds in prospecting .and testing the ground. When that is done it makes mining almost as good as the best .gilt-edged security. ; ; "We do iiot want 'sharp-shooters' who -will take options and load them up," Mr. Webb added. "They are destroying public interest in mining. What we want are people who will get down to work and prospect properly, so that they will be able to. make reasonable profits. The man who merely wants to play with, titles will get no mercy. ■ from-; .lis. ifisu : have; either to work your ground or get .off it. I believe it is the Government's and the Mines Department's duty." to encourage' overseas investors to put' their money into the. development of gold mining in New 'Zealand.""