DOMINION GOLDMINING

New Zealand Herald, Volume LXXII, Issue 22071, 29 March 1935, Page 15

DOMINION GOLDMINING

ove;r»confidence danger " WILD-CAT" SCHEME EVIL The d angel* of too great optimism about the prospects of a revival of the goldmining industry in New Zealand was eriiphasised in Christchurch by Mr. G. H: Hutton; formerly of Dunedin, but now a prominent mining engineer in . London." He is visiting New Zealand to; investigate, certain mining propositions on behalf of-the Anglo-Oriental Mining; Corporation and associated interests. , : , ;'

Mr. Hutton said that although ne believed it was possibly : goldminings in the Dominion might return to the prosperity of the few years at'fccr 1900, it was not wise to spread optimism. There was a danger of too many wild-Cat schemes being-put forward, and prices for .land were hkely to become unreasonable, killing what might otherwise be profitable projects. "Goldmining has been given juite an impetus by the rise in the price cf gold from approximately four guineas ,an ounce to nearly seven guineas," he said. ' 'Whether the' -price will remain so is problematical, but various authorities think , that it will. In considering propositions, however,'it is always safer to-base calculations on the former price,, four because of the present uncertainty in international affairs." Mr. Hutton was in New Zealand in 1927. He said that at that time he saw several propositions which attracted him, hut the visit had no material result, lie will stay in New Zealand for a few weeks.