NEW ZEALAND'S GOLD

Press, Volume LXX, Issue 21285, 3 October 1934, Page 13

NEW ZEALAND'S GOLD

OVERSEAS GROlii'S INTERESTED DEVELOPMENT PKOI's! ESIK!) Fnilli in the great possibilities o[ gold mining in Now Zealand, if conducted by persons with sniir.cii'iit capital and knowledge, wr.s expressed by Mr W. G. W. Barnaul, of I.ondon, in an interview with "The Tress" yesterday. Mr Barnard, who is visiting the country on behalf «;l' big interest:'. in England, is engaged in studying mining conditions throughout New Zealand, and has readied the conclusion that the present is tiie psychological moment for a consiJjrabie development of the industry. Mr Barnard was emphatic in statin;: that no return should be expected from the cost of preliminary in vest ie.at ion.--. Investment in the early fUit:e:> was i:i the nature of a gamble, and the invevtor should be prepared to 10.,e the money. It would prove either I ha; the area tester! could be profitably mined or that additional expenditure would be usele~s. The attitude of inves'ors in New Zealand, who had earned their money by hard work and the e::' reise of sound judgment, differed from thai of persons who had mad;; thousand.-, by speculation. When this hardearned money was lost m minim; ventures they decrird the industry, effected not so much by the actual monetary loss as by wounded pride in having their judgment proved at fault. The bad name mining had in New Zealand was due' to those who confused lack of capital and poor management with lack of gold in the area mined as reasons for the failure of the venture. "It is the flabbier in minim,' who has killed a lucrative industry." said Mr Barnard. Several big interests, hj" continued, were conducting invest ligations in New Zealand, not being satisfied will) the common beliefs on the subject. When one or two of these groups actually commenced work, with capital commensurate; with the importance el' the project, the result wou'd brim,' confidence to mining people all over the globe Future Development "The old dilUcnTies of transport, roads, and water supply," continued: Mr Barnard, "are not nearly so great t now, and in these days of unernpluy- j ment there is plenty of Uibour avail-l able for the work. Gold is the metal i most needed, and New Zealand lias it: : other persons are taking advantage of! the fact. The industry has suffered in i New Zealand through share gambling. | insufficient capitalisation, and lack of j knowledges' ; Mr Barnard nave as his opinion tha' , the Government should orercise some I supervision over the prospectus issued j

by any gold mining company. The exercise of this .supervision would not I imply any guarantee on the part of j the Government but v.-ouki indicate j that the prosncelus h'->d been, examined i by a competent authority. I In New Zealand on!y the surface; gold had been sought. The industry j had suffered from the causes outlined, and the moment was now ripe for great, j developments. One of the tir.st would j be dredging, undertaken by those who | thoroughly understood it. Outside! concerns, some willing to expend! £500,000, were on the point of opening | up the industry in the country. Mr; Barnard prophesied a great boom in j the gold-mining industry in the near • future. j SOUTH OTAGO FREEZING ; COMPANY j DIVIDKNI) OF K I'IlU CK.ST. j ItKCO.MMKN DEI) j I'EllaS ASSOC lATIOK rW.EUUASI.I DIJNEDIN, October •>. j The directors oi the South Otago Freezing Company, in the report for the year ended on August 31, stale that the number nf slock dealt with was as follows; — Sheep and lambs .. 2U">,30!) Cattle ■USB Pigs ■ • After making provision lor depreciation and transferring £1)000 to the reserve for income tax, and £SOOO to the general reserve, the profit remaining, including last year s balance, totals £14,202 4s sd. The directors recommend the payment oi a dividend at the rate of 3 per cent, per annum, absorbing £5304 Cs, and that the balance of £6807 10s Sd be carried forward. PROPERTY SALE Messrs N. H. McCrostie and Company report having sold at a satisfactory figure, on account of Mr T. Tay-i lor his three building sites of 30 j perches each, in Halton street, Papanui, to Mr Barlass.