AUCKLAND GOLDFIELDS.

New Zealand Herald, Volume XXV, Issue 9086, 21 June 1888, Page 6

AUCKLAND GOLDFIELDS.

HOW TO UTILISE OUR HIDDEN WEALTH.

No.' 6.

There Ist one feature of our mining industry so unique and yet so extraordinary, that it is matter for wonder that it has not ere this attracted attention and comment. We refer to the apparent want of confidence many of those connected with the industry, whether directly or indirectly, have in one another. We say apparent, because it is more by implication than by actual statement that we are led to infer there is this want of confidence. It is possible we are wrong, and we shall be glad if it is so, in our inference ; but judged by what is now almost a daily occurrence upon our Exchange, there is such a lack ot confidence shown that it is surprising the whole fabric of management in some cases has not collapsed. Let anyone, except the regular habitues, visit our exchange day by day for a week, and read the telegrams posted therein. If he has any idea of the importance of the mining industry, even in our own small way, he will be thunderstruck with the puerility of these wires. Let a stranger — one acquainted with quartz mining elsewhere—first visit our goldfields, examine our mines, see the extent of our operations, gain some knowledge of the amount of gold these mines have produced, ana their future resources, and then daily visit our exchange for a week or . two and merely read over the telegrams posted on the bulletin-boards, and we venture to say he will wonder whether those who have charge of this great and important industry are a pack of boys or a pack of imbeciles. There are occasions when we can understand that it is necessary for a mine manager to communicate promptly with his legal manager and directors, but these should be strictly confined to sudden changes in the mine having an important bearing upon the immediate future prospects of the company's property, but that he should be compelled or expected to daily advise the legal manager of every little detail, even to the securing of two or three pounds of picked stone from a thirteenth stope, to our mind savours too much of child's play. We do not believe such a thing would be tolerated in connection with any manufacturing or business undertaking of any description, and why it should be so freely applied to gold mining we are at a loss to conceive, unless it be as we have stated above, those engaged in the industry have not confidence in one another. Sometimes we have frequented the exchange, read over the telegrams, examined the share list, and we confess we have failed to see what possible influence information to the etlect that a few pounds of picked stone had been obtained from a stope, could have upon stock which was valued according to the market quotation' at from eight to ten thousand pounds. Under such a practice as has grown up of late years the wonder is that we have any real honest men among our mine managers, but notwithstanding the many temptations that have been placed in their way we know among them many men of sterling integrity, who value their good name above every consideration. That this is the case, however, is due more to their own high sense of honour than to the circumstances by which they are surrounded. That the situation is such as it is, we can hardly believe is the result of the deliberate intentions of those who are active participators in it, but rather the outcome of the demands of some who, while interested in mining shares, have no interest in the mine except as a means of inflating or depressing the market. We presume the object is to stimulate speculation, or otherwise shareholders would be quite content to wait for the mine manager's weekly report. Now, while we recognise cold mining cannot be conducted without a certain amount of speculation, and while we believe that healthy speculation is good in its effects as a stimulant, speculation based upon such paltry information as we have referred to must be vicious in the extreme, and tends to create that feeling of disgust in mining which so many express when discussing Thames reminiscences.

In. connection with this subject, too, there is another matter wliich deserves some attention. We refer to the attitude which some proprietors and mine managers assume towards the representatives of the Press. With these the sole business of the mining reporter is to report favourably of the mine. If he cannot do thin he must say nothing. On no pretence whatever must lie presume to indulge in an independent opinion. Such an assumption is radically wrong, and we believe is based upon the idea that the Press representative is merely the representative of the proprietors of the journal he represents. Now the real position of the mining reporter is that of representative not only of the great body of shareholders, but also of those who may become shareholders, and who trust to his reports to guide them as to the properties in which they shall invest their capital. To our mind, a heavy responsibility rests upon the shoulders of the mining reporter, and if he is to be successful, provided he is equal to his position, he should be free to express his opinion, whether favourable or unfavourable, upon every mine or mining property within his district that came upon the market ; and consequently he should have the confidence not only of his employers but also of every minemanager, and, as far as possible, of everyone interested in mining, whether shareholder or not. It should be his business to supply the little items of news contained in the paltry telegrams we have referred to above, and it should be done in such a way that it would be intelligible to the most ignorant reader. It should be his part to stimulate healthy speculation, which to some extent is the life of gold mining, while at the same time checking speculation which is not justified by the prospects of the mine. Indeed, so important do we consider the position of a press representative on a gold mining district, that we believe it would be to the interest of shareholders through their directors to join with the newspaper proprietors in providing the financial consideration necessary to secure a man of first-class abilities. We believe that our goldfields will ere long make rapid progress, but we are also of opinion that that progress would be hastened and stimulated were the resources and prospects of our mines, both on the old and new localities, clearly delineated by the pen of someone in whom all classes had full confidence.