NEW ZEALAND MINES.

Hastings Standard, Issue 30, 1 June 1896, Page 2

NEW ZEALAND MINES.

The London financial papers are devoting more attention and more space to mining in New Zealand. The references to the gold-mining industry of this colony are mostly of a satisfactory character. The boom in South Africa and West Australia has, however, sobered the judgment of many of the writers; and, while they evince a keen interest in New Zealand mines, they very properly warn speculators against the mining frauds who, like spielers, batten on the speculating public. The Rialto, a weekly financial >■ journal, says " The public attention lately turned to New Zealand mines has led to the formation of several additional companies for the exploitation of reefs in that colony, and some have certainly very hopeful prospects.. I)oubtless there will be many more, and, as usual when interest is directed to a particular field, the unscrupulous promoter, whose energies are restricted to the appointment of dummy-do-nothing directors and the placing of shares, will find his opportunity. The character of every new enterprise should therefore be investigated ; but the speculator who takes care may find some excellent chances of profit by acquiring Now Zealand shares, for there are many excellent properties in the colony which have languished only from want of capital, and with this essential forthcoming from British pockets they may achieve great success." Another journal, the Saturday Review, says :—''New Zealand appears to be the next happy hunting ground of the promoter. It also appears that there is a good deal to hide in connection with gold-mining in New Zealand otherwise there would be 110 need for 'No Prospectus' companies. It is impossible to criticise the New Zealand Exploration Company (Limited), seeing that we know nothing whatever about it. Doubtless, however, the best possible criticism is provided by the fact that the promoters are unwilling to publish the most meagre particulars in regard to the scheme. The capital is stated at £'2-30,000, and we observe the directors, only four in number, are Messrs C. V. iehman, Percy Tarbutt, Edmund Davis, and W. F. Turner, all of whom are already connected with various other doubtful prospects. We also notice that Messrs Asburst, Morris, Crisp, and Co. figure as solicitors for the company. Despite their very pronounced opinions regarding the necessity of company law reform, Messrs Ashurst, Morris, Crisp, and Co. manage to associate themselves with a number of very indifferent enterprises." Unfortunately, it is this exploration company that Mr 11. A. Gordon and Mr James Park have thrown up their Civil Service appointments to join, and more unfortunate still, this is the company which the Premier has seen fit to associate himself with. The magnitude of Mr Seddon's blunder in accepting a seat on the directory of this company will, we think, be apparent to" everyone, but to none more than to the Premier himself.