GOLD MINING

Nelson Evening Mail, Volume LXVI, 5 September 1934, Page 9

GOLD MINING

REVIVAL AT BENDIGO INFLUX OF OVERSEA CAPITAL HIGH PRICE OF GOLD BENDIGO, 30th\August. “I believe that to-day you are on the threshold of a remarkable revival,” the Prime Minister (Mr Lyons) told an audience in the town hall at Bendigo to-night. “Not only is Bendigo enjoying the fruits of recent mining activity, but there are substantial promises of her being restored to h'er old proud position among the great gold producers of the world. “I am informed,” said Mr Lyons, “that new companies with substantial capital have taken up areas here, and I understand that some of the leading engineers of the world, both from Britain and America, are at present engaged upon options held by big interests, in an examination of the most searcliing and modern kind.” Mr Lyons said that everyone knew that expectations based on mining must always be viewed with caution, but he had.. reason to believe that hopes were running very high indeed on the Bendigo areas. Much of the impetus behind all the activity was the new price level for gold, hut nevertheless it was true that all of the activity and all of the investments of oversea money which had already occurred and which promised to be greatly increased in the near future, were based upon confidence in the continuance of a sound financial and economic policy in the business of the Commonwealth. Without this complete confidence the price of gold, however high, w'ould be insufficient to encourage continuance of the present wonderful inflow of oversea capital for mining. Without oversea money the gold revival which was now assuming most important dimensions would be a limping, limited thing. Mr Lyons added that the Council for Scientific and Industrial Research had co-opted the services of Messrs E. C. Clark, H. S. J. Somerset, and W. E. Wainwright to assist in carrying out extensive. research into minei-agraphic problems, including occurrences of gold deposits, methods of extractions, and the devising of means to obtain maximum recoveries. Ho reminded tlie audience also of the intention of the Government to carry out geophysical prospecting on a large scale in North Australia. ITlie most up-to-date methods would be employed and a highly skilled stall would be engaged on the work. Work of this character had not previously been undertaken in Australia, and if the methods were successful they would without doubt be applied to other likely areas throughout Australia. The present Government was determined to assist the industry by means of the most modern scientific methods, and it looked forward as its main objective to those methods eventually displacing haphazard and ill-conceived schemes of development.