CAPITAL FOR THE GOLDFIELDS (From Our Own Correspondent.)

Otago Witness, Issue 2199, 23 April 1896, Page 16

CAPITAL FOR THE GOLDFIELDS (From Our Own Correspondent.)

Auckland, April 16. | Mr Leo Myers,, who until recently was a ' member of the Johannesburg Sto*ck Esfhunge and a representative of a powerful South African financial corporation seeking Nt.v Zaalaod iuvettmente, is at present in -Auckland. 11 The reason for my present visit," said Mr Myers, in n ply to a qu«ry from a Herald reporter, "is in con-tequc-ce of the stagnation of mining matters in th» Transvaa.l, following on reoeut disturbances. Bouth African capitaliftv, hearing of the valuable mineral resources of New Zealand, came to the resolve to seek fresh spheres for investing some of the enormous sums of money lyiug at their disposal. Tbres of the we*lthiest and most influential mining firms in Johannesburg, therefore, formed therusjlves into thr> African Austral Syndicate, anasked mo to p-uc ed to New Zea'and to rtjn - sont them for the RcqaUitiou of any valuable mining p-operties that might be offering and to wok and fully develop which capital was v required. Ths syndicate is sending over the manager of one of the bi^gesb mines on the Rand, Mr Pasco, as expert. He will arrive in abxit a fortnight, and I hold a power of alto'nef to set for the syndicate in any mining mattes in AusLr.ilfS'a, Fiooa what has been learned in Johanneahurg there is a large I field qoqu hero, and ifc haa annexed tliero I

thftt the development of mining here hai been retftrded sfDopl* throagh l«ok of suffioieofc capital and a large enough supply of minfog talent!. Johanaesbur; haa been fortunate in securing some of the best mining men in tho world, for the very good reuons that) capitalists there are willing to pay for ifc, and if my mission be successful some of the ablest miners in the Band will be cent over. The main reef in the Trsnsvaal averages no more than lldwfc to 12dsyt to the ton,, bat by using the latest scientific appliances and the best engineering skill the highest results are achieved. The ore here, it is understood, is very much richer than that, consequently with similar appliances and skill the results doubtless should be quite equal to, if not bettor. The syndicate I represent will be quite prepared to take up virgin ground if reported on favourably by the expert, and the larger the minln g proposition the better the syndicate will be pleased. As far as has been gab. - d iv Johannesburg New Zealand mining has never had fair pl»r as far as capital is concerned, and South African capitalists arc prepared to give it now that opportunity it should have been tcorded yeivra ago, and which the South African fields have already received the benefit." Africa's misfortunes seem likely to prove New Zealand's golden opportunity, aud should tha present! troubles continue — as there is every indication of their continuing iv that unhappy country— our goldfields will receive such an impetus as must m&ko the future of the industry of tho colony assured. Mr W. N. FulfcoD^son of Mr« John, Fulton, of Cb.ristcb.urcb, who has been ia South Africa for -many years, has just arrived here. via. Australia, and is about to make a tour of inpection on the Auckland goldflalds, beginning at Kuaotunu, to report upon sercral properties for possible purchase In c ii'/i-rs-vtion with a, pre?s reporter he said h« served as a trooper with the Australian Horse in the Transvaal trouble, Leo Myers, now ia Auckland, having been a sergeant of the same corps. Mr Fulton it manager of odo of Barnato's mines in the Transvtw.l, and reported on several pronrrfcies through the Free State aud Southern Transvaal. "I came here," he said, in amwer to a queatioD, "because I consider the Transvaal trouble is likely to continue. Altb* ugh I had a good billet 1 thought ifc besfor to go" to AuUralia or to New Zealand. I was in New Zealand 12 years ago, Mid I have diplomas and other papors from the U^ivrrsity^School of Mines in Otago. I worked at WaUii for some time, and am well acquainted with tha character of the couivry both there, at W»it<- kauri, and elaewhere, and I am of opinion tint with the »do;jt'oo of modem goldsaviug appliance* much batter results will yet be obtained." A«i to his intention, Mr Fulton said :—": — " I havp worktd for eoms big firms in Bouth Africa, and I have no doubt if I am favourably impressed with auy of the properties to be got here I nhs.ll be able to get capital to tnki thi-m up."