LORD RANFURLY ON MINING AND BORROWING.

Otago Witness, Issue 2360, 18 May 1899, Page 21

LORD RANFURLY ON MINING AND BORROWING.

AUCKLAND, May 13.

At the special request of the residents of Karangahake, his Excellency the Governor broke his journey there to renew his acquaintance with the residents. His ' Excellency, in a short speech, after thank- i ing the people for their kindness and ex- \ pressions of loyalty to the Queen, went on to refer to the marked progress of the mining industry during the past few years, and particularly during the period he had resided in the colony. Although lie had only been in the colony, comparatively j speaking, a short time, the progress made i in this industry was such that he felt him- I self fully justified in making special reference to it. This particularly referred to the dredging industry of the south, which during last year had progressed in a manner that was quite remarkable. When he visited and inspected various dredging areas he had. been informed that 24 out of 27 companies were dividend-paying concerns. He could not say that in the North Island 24 out of 27 quartz mining companies were dividend payers, but he sincerely hoped that these companies would progress and prosper, as he believed they should, so that capital required for the development of the auriferous portions of the northern part of New Zealand would be available. It was all right enough to speak of adopting a borrowing policy, -but while he in a sense approved of that idea, in so far as it related to the borrowing of money for the construction of railways, the making of roads, and the opening up of the unsettled portions of the colony, a borrowing policy could not for many reasons be adopted for the purpose t>f opening up 'the goldfields of New Zealand, therefore they required the assistance of outside capital. In a young colony like New Zealand they could not possibly obtain sufficient capital for the proper and efficient development of goldiields, and he therefore hoped that by proving the value of their auriferous areas and ] by bringing the quartz mining industry to even a more prominent position than it now occupies the. confidence of outside investors^ would be secured, and the assistance of British capital obtained for the purpose i named. He again thanked them for their cordial welcome and kind attention. !