CAPITAL FOR MINING

New Zealand Herald, Volume LXX, Issue 21467, 15 April 1933, Page 12

CAPITAL FOR MINING

Sir, —I am in agreement with "Wake Up." Why is it that Canada, South Africa, Western Australia, New Guinea and several other countries can get English capital to develop their mineral wealthy The reason is this: These coun-' tries give a far better security than New Zealand and London brokers and mining promoters will not recommend their clients to put money into properties where they have no securityIt has been tried before to their sadexperience. Their shareholders can sleep ■ soundly at night, instead of thinking that in the morning they may hear that their claim has been jumped. Take Canada, who receives the English capitalist with open arms, for she knows that opening up a mining area means that employment will be found for many. If a man goes to London with a mining proposition and calls on a broker the first question he asks is, Where is this property? You tell him New Zealand. What? Wo never put capital into New Zealand mines; no security for our clients. Good morning. And that is the end, and you may be lucky to find you still have the claim on 'your return. No fault is to be found with our officials or Wardens' Courts. They liavo to act according to the Mining Act. A prospector's job is not an easy one. Hf has spent many weeks looking for a. certain reef or lode that he feels exists. Having found the reef, he takes up nine acres. On this nine acres he is compelled to put on three men to hold the claim, himself counting one. He has spent most of his money in buying his food and tools, etc. How can he put on two extra men? If he tries to find outside capital, it may take him many weeks, as the claim is not proved. I hear from good authority that prospectors, finding good reefs ara covering them up, waiting for Ipetter days, leaving particulars of position with their families in case of death, as they can find it again, which no doubtis the best thing they can do. Peo Bono Publico.