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OUR MINES.

TO THE EDITOR. Sir, —As the correspondence re the Blue Spur mine is attracting much attention at present, perhaps you will allow an unbiassed person to say a few words. In the first place, does it not seem rather strange that mines like the Blue Spur and others, that are guaranteed to pay the investors such largo dividends, should be sent out of the colony ? There are no more speculative men in the world than there are in Dunedin; and anyone who knows anything about mining, is well aware of the fact that Otago and the \S est Coast are dotted over with mining failures that have been draining the very life-blood of Dunedin, Why, then, should mines like the O.P.Q. quartz reef at Waipori—guaranteed by such well-known and experienced mining experts as Professor Black and Mr Beal, C.E., to give L 70,000 per annum for twenty years or more—be placed on the London market for L 30,000 ? Why should the Blue Spur mine, guaranteed by a number of leading citizens, one of them said to lost for a lifetime, and to give a return of L 50.000 per annum from the tailings alone, leaving the mine from which all this gold has come to be still worked, be also sent to enrich English shareholders, for a comparatively small sum ? When we think of the thousands that have been invested in Reefton, Macetown (which is burrowed with deserted reefs), the Garrick Range, Welman’s dredge (sunk in the Molyneux River), and a host of other unremunerative enterprises, which have cost large sums of money, it seems to me to be very unpatriotic that such highly guaranteed mines should not have been placed in the Dunedin market. I think that he deserves well of his country who does anything to retain such wealth amongst ourselves.—l

am, etc., An Onlooker, Dunedin, May 20.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890520.2.25.6

Bibliographic details

OUR MINES., Evening Star, Issue 7911, 20 May 1889

Word Count
312

OUR MINES. Evening Star, Issue 7911, 20 May 1889

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