The Hastings Standard Published Daily. WEDNESDAY, JULY 29, 1896. THE COLLAPSE OF COOLGARDIE

Hastings Standard, Issue 80, 29 July 1896, Page 2

The Hastings Standard Published Daily.

WEDNESDAY, JULY 29, 1896. THE COLLAPSE OF COOLGARDIE

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance, And the good that we can do.

The golden glitter of Coolgardie has been rubbed off by the plain and unvarnished statements of impartial and qualified experts. The report of the mining expert who is " doing " the fields for three Australian papers lets a stream of daylight into the boundless and impudent knavery of the mining boomers and the extreme credulity of the British capitalist. Carlyle was wonderfully correct when he made the sweeping assertion that the population of England was composed for the most part of fools. The confiding nature of the hungry British capitalist has not been sharpened by the crushing losses incurred in the South African fields, and there is not much hope of its being improved by the collapse of Coolgardie, and it is a collapse of a gigantic character. According to the special correspondent of the Australian papers, of the 200 companies with a share capital of ten millions sterling floated during the boom 196 of them are duffers. It has taken £2,200,000 to prove that there are only four mines worthy of consideration. The overcapitalisation of most of the companies will prevent the possibility of dividends even if some of the duffers prove to possess the yellow dust. And of Coolgardie with its mushroom growth it is sad to learn that its Sfestiny rests in becoming a wayside township. Some of the business sites of Coolgardie cost the owners a pretty penny, but this was when every claim was alleged to be a "jeweller's shop" and the rascally Londoaderry was reputed to be worth millions. The Westralian goldfields are rich, however, but only in patches, and the riches do not extend to any depth. The Westralian fields are not as good as the less boomed gold fields of New Zealand. The company promoter and mining expert have between them managed to focus the attention of speculators in Europe, and experts with the highest qualifications have been sent out to make general reports on these fields. Among the number so despatched was Herr Schmeisser, a capable Prussian official, and his report corroborates in the main the conclusions arrived at by the newspaper reporter alluded to above. Herr Schmeisser gives a graphic description of the common bind of mining expert of whom Westralia appears to have a special monopoly. He says " The Australian prospector is well acquainted with the fact that the surprisingly rich pockets frequently found at or near the outcrops of the reefs quickly disappear as depth is attained. He therefore tries to sell his find with as little loss of time as possible. The report of the

mining expert necessary for this is, of comse, a most brilliant one, if the socalled expert does not insist first of all on deeper trial shafts and developments in order to examine the deposits more carefully. Experts of very doubtful capacity and character undoubtedly exist in these goldfields. Members of all trades, formerly sailors, physicians, chemists, merchants, and book-keepers become mining experts with surprising rapidity. From the moment they breathe the air of the goldfields, and get a sight of the shining yellow metal in its natural state, the most extraordinary things take place, and Herr Schemeisser warns the European capitalist to " first weigh all the facts and statements in the most careful manner before too confidently rushing into speculations which have been recommended by some unknown gentleman." At the present time the New Zealand goldfields are being favorably noticed by the British capitalists, and those who are interested in the development of our mines should endeavour to act with a little honesty, if only because " honesty is the best policy." We are afraid, however, this is asking too much, for there is not the least doubt that the British speculator will be swindled into purchasing worthless New Zealand mining properties. It is only fair to say that there is apparently some care being taken to obtain reliable reports of the New Zealand mines, and that being so there is reason to hope that when the boom bursts a large proportion of the New Zealand ventures will be found profitable.