THE ROADHOUSE HISTORY FILES: Money, and how it has been raised and spent throughout the history of the Goldfields has been subject to conjecture from an early stage.
THE KALGOORLIE MINER
TUESDAY, SEPTEMBER 17, 1895.
It has been suggested that as the easiest and most profitable method of making these vast interior goldfields of the colony as successful as nature intended them to be, the Government should borrow largely, and lend money to the holders of the mines at 10 per cent.
If Sir John Forrest were to go to London with a request for £25,000,000 at 4 per cent, for the purpose of opening up these fields, the very vastness of the scheme would carry it through.
The British public would be taken by the bait of a gamble in mining with 4 per cent. per annum guaranteed by the State, and money is now so plentiful that it is almost certain that the loan would be subscribed many times over.
With this money it would be possible to lend to each mine or group of mines, on a 10 per cent. basis, sufficient capital to sink for water, and erect machinery.
The owners of each group could jointly guarantee the amount expended on the work of obtaining water and putting up a mill, and the plants could be run on the system recommended by the Government Geologist as Customs works.
There is no doubt the most wasteful system of mining in the world is that in vogue in our midst of erecting expensive plants on each individual mine in the locality.
In the case of the Boulder, Lake View and Brown Hill, and a few others, this enormous expense is fully justified, but in the outside districts especially it is nonsensical to incur this expenditure on 12 acre blocks, through which runs a 3ft quartz lode.
As Geologist Goczel points out the money needed for these plants has to be raised from capitalists, and in the endeavor to satisfy their usurous demands all the energy available for the conduct of mining enterprises becomes absorbed in efforts towards the attainment of monetary results.
Under these conditions no provision can be made for preparatory work as commended by experience.
Either the bulk of the mines must be handed over entirely to the English capitalists, who will invest on the conditions mentioned above, or the Government must come to the aid of the fields by lending money on the basis suggested.
Such a loan as that mentioned would be the greatest advertisement it is possible to give the colony and its great goldfields, and the scheme will no doubt receive from the Government the attention it deserves.
If it were carried out the Esperance Bay water scheme could be at once put in hand, and a certain supply secured for at least a few of our biggest mines.
There is every indication of a terrible drought visiting the Eastern Colonies, and as Nature invariably balances things this should mean that the arid West has every prospect of a wet summer following on the heels of a very wet winter.
Fortune has so far favored the fields, and probably has even choicer smiles in store for us.
IN OTHER NEWS…
The first meeting of the Stock Exchange of Kalgoorlie was held on Monday at noon, and meetings will now be held every day at the same hour.
It has been decided to admit fifteen additional members on payment of an entrance fee of £20.
The meetings are held in Geoghegan’s Buildings.
The election of the new members will take place on September 26.
It will be seen by our advertising columns that applications are being invited for the position of secretary to the Exchange at a salary of £175 per year with the right of private practice.