GENUINE WEALTH.

Colonist, Volume XX, Issue 3723, 22 March 1883, Page 2 (Supplement)

GENUINE WEALTH.

(From the 'Colonist,' March 17.) : £.0 little .excitement has : beea caused I both; iv Canterbury and Aucklaud by | statements that diamonds had been 'discovered, and that as Bocn as protection could be obtained from the I Waste Lands Boards operations would ;commence. There is something very •taking in thiß pleasing hope of gatherling -gems, as well as,-if not on1 "golden | Bands." There can be no doubt that the, well authenticated finding of even a few small specimens of the most' precious of all stones wduld crea.te,a rush that would be extremely profitable to those having rights over the ground, aud so ablo to exact heavy payment for claims and perhaps still more to the vendors of the maoy articles that the diggers would require If the South African Diamond i'jelds should be equalled in productiveness by some favored localities in .New Zaa. ' land, no person would say one word to stop the enterprise, t a yet the entire affair is of the most doubtful character, and even to speak of success as possible is premature. l?or all that, remembering Lord Beaconsfield's maxim, that" the unexpected always happens," scepticism may be carried too far. And what .if tne most sauguiue expectations'are realised ? The world willibe^lio richer.' The further means of adornment ' furnished to the vain {possessors of inordinate wealth is all that cau be accomplished. A ton of black diamonds can confer greater benefits thau all the glittering gewgaws that ever were found. Men would be drawn away from useful aod creditable 'employments to waste the health, .strength, and time that constitute the real riches of the community. They, or at any rate the great majority f|of them, would inevitably be demoral!ised, and the development of the country, to which they might have contributed, would be so far delayed. j So i much then for .the prospect; of '" Diamond Fields.' 1 No doubt- much ; the same drawbacks exist; as to gold mining-, which'produces, only material , for ostentioua displaj, or' for 'the manufacture of coin, even the latter being only a token o f, but in no true, sense, wealtu—a' convenient medium' of exchange, and no morr* In ' both caaes < t.hoa9. ; e|tnpJpy^d ; a l re_\engjftjg^>j|Q wl.nt' is' etricUy, unproductiye, labor,what they raise feeds, • clothes* -orluus'tf nti one. If wfagta were pro-' vided ,'or a number of men occupied in di^giug boles and 'filling them up again, .the: common stock'of property

would be, affected .in no worse w f ay| There would equally ■be artificially created markets for produce. Ami thore would be this advantage, that the exact waste of food and clothing could be .accurately counted, whereas iv extracting .-gold from the earih, there is good reason to beiieve that each ounce costs on the average more than'it will bring, and a3 to diamonds, there cannot be a, question that the result is still more unprofitable. Thus, these, tbe two. most attractive of tne earth's hidden mirierala, the two involving iLe greatest expenditure in proportion to the price to be obtained in their extraction, are of all others least profitable to Iheindividual seeker, while practically absolutely and entirely worthless, so far as 'their in^ flueuce on the welfare of the mass of the people is concerned. Were the progress of New Zealand dependent on gems and gold, it would be a sorry prospect. Ifc has other, per'ecc!) legitimate aud in every respect sound foundations whereon to build. All that is needed for opening and developing its resources will be supplied in time by the^ energy and intelligence of its genuine settlers, who know that skill and labor judiciously applying capital can alone bring, and sooner are later are sure to bring prosperity. The latest, and beyond all question one of the most important steps ever taken by the Colony in the path of progress is the successful reduction of ironsand at Onehunga. For many years the.most sanguine hopes have been cherished that tbe vast deposits of iron sand, extending on the West Coast of the North Island from Hokianga to Cape Egmont—they also exist in our own dittrict—would form the basis of an extensive and lucrative industry. In Taranaki costly expriments hare been made, consuming thousands of pounds without even a prospect of return. Similar deposits occur in several parts of the world, and long since attracted the attention of English manufacturers, whose report invariably was, that excellent as the product undoubtedly was the expense of obtaining it waaso great as to shut out any chance of profit. In the United btatea, sums, that in the light of our moderate means seem fabulous, have been expended in endeavors to bring this material into use. Withiu the last few years a new process has been adopted there which overcame completely difficulties previously seeming to be insurmountable, and now give* promise of a brilliant future for this branch of the great iron industry. So complete is the success of the trials made at Onehunga, that the firm undertaking them has at once entered into arrangements for erecting extensive works, at which operations will be conducted op a scale sufficient, ' not only to supply all the demand in New Zealand, for the clashes ot iron it is intended to manufacture, but also to export. Others are'already auxioaa to enter the field. They, however, will be dependent on the 'original firm, which has secured the patent rights for this Colony, and. Australia. Soon there will, in all pcobab Isty, be i a market large enough for all, as the pr/cc at which iron can be produced by the new process, v%ith the sand easily procured and plenty of cheap colonial coal, will enable the manufacturers to hold thei-: own in every market. Thus a metal, really far more precious than gold, will employ large numbers of men, and'oui iron and coal, worth more to the world than all the diamonds in i^ will" alone be used in the manufacture. The excess of our i&ports over our exports has long been a sore affliction to the minds of many. Here is another help to-' wards redres^ino- the inequality. It is nol too much to expect that in a.short time the colonial outlay forj imported iron will be lessened by -aquarter of a million, nor tbc£tr in' lime there will be an equal value sent away., Tue Colony will have reason to be proud and thankful for its, treasures of coal and iron long after the quest of diamonds has been abandoned, aud gold mining ha 9 become a minor industiy.