MINING.

Press, Volume LXVII, Issue 14110, 1 August 1911, Page 9

MINING.

A MINING CENSOR BUREAU.

(SPECIAI. TO "THB PBESS.")

j AUCKLAND, July 31. Mr Leslie \V. A. McArthur, F.G.fj., who has had a. lengthy experience in lmnin? matters, and wiio is visitinn New Zealand to report to English tod other oversea capitalists interesting themselves in tho development ri mining properties in A'cw Zealand, in tho ooiirt-o of an interview on company promotion, said:—"My experience is that the share market has moro than tended 10 kill tha jpoee that deeired to lay the jjolden eg% in Australia, and possibly— though 1 cwinot yet apeak with certainty— in New Zealand. I have found that the 'bulls and bears' of tho Exchange make cruet public sport with genuine investors, practically making v gsunWo in tho rise and fall of shares, -whilst not caring a how-do-you-do as to the legitimate development of the property they operate upon." Mr McArthur "was ready with a remedy for this state of things. "Recently." he said, "J drafted a Bill for the Victorian legislature, with a view to instituting a mining censor bureau, the objects of which would be not only to protect the investing public, but also directly tejid to restore the confidence of oversea capitalists supporting the development of the mineral resources of the country." The modus operand: of euch a bureau, ho explained, waa simple in the extreme. A prospector or lessee would report to the Government the details of his mining , propsrty, indicating that ho desired to place it upon the share nrerket for company or syndicate financial support. Upon mifficiently substantial proof being submitted that prirna facie, the property nas bon.i fide, a Government Inspector would endorse the representations made and then the prospectus would be "earmerked by tie Government, an giving genuine information ac to tho property. Hi» experience was thai certainty seven out of ten proerectnsea sent overnee for c»-pitai were Mm "pildfd" beyond fosrnition of tho property, and ecme EToesly deceptive.