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TO THE EDITOB. Sib, —I have been astonished at the numerous mining companies which have seemingly been floated during the past few weeks, What on earth does it all mean? It is simply this : People with very little or no money are taking up claims all over the country in anticipation of making a rise. They immediately draw up an elaborate prospectus of a proposed company, reserving to themselves so many paid-up shares, and hoodwink the public to subscribe the capital necessary for working or testing the claims. Sir, it is a very bad state of things, and ought to be remedied by legislation in* stanter.

It is admitted on all hands that there is a fair field here for the legitimate employment of capital in the mining industry; but if claims are to bo granted to men who have not got capital to work them, it simply means that those who have got the wherewithal have to pay through the nose to buy out those who have monopolised valuable mineß in the district. Therefore, sir, I am of opinion that no claim should be granted to any individual or company unless thtt individual or company makes a declaration that he is or they are prepared with the requisite capital to test, work, and develop the claim applied for.—l am, etc., Bona Fide. Dunedin, September 5.

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Bibliographic details

MINING BOOM., Issue 8006, 7 September 1889, Supplement

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MINING BOOM. Issue 8006, 7 September 1889, Supplement

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