THE H. B. TRIBUNE TUESDAY, SEPTEMBER 18, 1934 HIDDEN TREASURE.

Hawke's Bay Tribune, Volume XXIV, Issue 236, 18 September 1934, Page 4

THE H. B. TRIBUNE TUESDAY, SEPTEMBER 18, 1934 HIDDEN TREASURE.

A Wellington message tells us to-day that "a project is afloat to rehabilitate on a big scale, with at least £2 million of British capital, the paralysed Onekaka iron ore industry at Golden Bay, ’ ’ in the Nelson provincial district. From what we learn the proposals are still merely in the stage of negotiation, which, however, has been carried fairly well forward, so that there is nothing visionary about them. A very great deal of investigation has been carried out on behalf of the British capitalists concerned, and so far with what appear to be satisfactory results. There is, however, still a lot of detail to be discussed, in which the Government will probably be concerned, before there can be any assurance that finality will be reached. Apart from that, however, it may be regarded as matter of gratification that we should have British capitalists even seriously considering the embarkation of so substantial an amount in the promotion in the Dominion of a big secondary industry the raw material for which will be of entirely local production.

For many years now we have attracted to this country but very little of British private capital excepting in the form of State and local body loans, of which, in truth, we have secured a good deal more than we can comfortably carry. Of what we may call real development capital that would explore and turn to account our many natural resources there has been scarcely any. To some extent tins has probably been our own fault. Our thoughts and energies have been so persistently and exclusively directed to pastoral and agricultural pursuits, and until recent years with such profitable results, that all else has been almost entirely overlooked. Now that wc find that, for the time being at any rate, some at least of our rural industries are a burden rather than a source of prosperity to the community, it is surely time that more attention should be directed to discovering and turning to profit the hitherto much neglected fountains of wealth that undoubtedly merely await a smiting of the rock by the rod of some capitalist Moses to make the waters flow abundantly. With regard to the Onekaka iron orc deposits—on whose exploitation by the way, many thousands of New Zealand money have already been spent—there seems to be a very good chance of the magic blow being struck to some effect.

This, however, should be regarded only as an encouragement to the promoting of like enterprises in other directions. What would seem really to be wanted is the institution in the Old Country of a company among whose members might be found the spirit o! adventure that animated the real founders of the Empire and started it towards the wonderful growth to which it has attained. On and under the earth there is as much, or more, to be revealed as has ever yet been found that will add to the real wealth of the world. Very much of it, too, lies within the many territories over which the Union Jack flies, and

not a little of it within our own small country. Would it not be well, therefore, if some steps were taken here to induce the formation at Home of some such exploration company as above suggested, to which could be submitted ventures giving prospect of more or less rich reward? We are all a little given to condemn the speculator, but, after all, it has been to those of this disposition tnat we owe very much of the material progress the world has made. In these days, too, with all the aids that science can bring to his assistance the risks even of the speculative capitalist are greatly reduced. Why not, then, make some move to get a band of venturesome British capitalists interested particularly in helping to unearth the treasure that at present lies buried from our sight?