Checking “Wildcats”

Comment on Fiji Position

ON page 20 there is an article entitled “Fiji Wildcats Checked.” Since that article was put into type our Suva cor respondent has supplied us with the fol lowing interesting comment upon the mining situation in Fiji.

SUVA, March 1.

The Koroere and the Loloma flotations in Mel bourne put Tavua as a whole right in the centre of the speculative stage in Melbourne, and a scramble took place to secure any old sort of option on any so-called claim on the Tavua field.

Our recent visitors include well-known men. Sir Charles Marr and Mr. Napthali represented Tavua Options for whom Mr. Weekly has been examin ing three areas for some months. Mr. Campbell represented the Fiji Prospecting Syndicate, cf which Messrs. Victor, Jaffrey and Wallace-Smith, of Melbourne, are directors. Mr. Boyd came to look us over on behalf of Messrs. J. C. Were and Sons, of Melbourne; and Mr. Thomas was investigating for another Melbourne group.

By mid-February, Fiji local folk who held areas on Tavua began to dream of great wealth. The price of Tavua options soared, as the 10/- shares of Koroere and Loloma (paid to only 3/-) sky rocketed in Melbourne to 17/- and 29/- respec tively. Current gossip here in Suva is that W. G.

Lawler, who paid £25 for the Loloma area, is now worth something like £60,000; whilst the Pat Cos tello interest in Koroere was valued at £30,000; the Theodore group received shares in both co.’s, upon which the share market put a valuation of £100,000.

The Governor viewed all this speculative activity with some concern, and it was then that, in order to check the wildcats and protect the good name of Fiji, he issued his statement of policy. It came like a dash of cold water to those who had contented themselves with putting four pegs in the ground and then sitting back to await the profits.

On the Tavua field the original prospecting licence over 400 acres was given to Pat Costello, later being transferred to Mr. E. G. Theodore, who had meanwhile taken out a similar licence over an adjoining block of 400 acres. No difficulty was made as to the granting of licences at that time, and altogether 16 prospecting licences covering about 6000/7000 acres were issued. More would have been issued had not Sir Murchison Fletcher, at that time on leave in London, decided firmly on a policy of restriction of licences until the original prospectors had proved, or disproved, the existence of gold. A number of optimists took out mere prospectors’ rights, put in their pegs, and made applications, to be told they could not be considered at that stage. It was the offering for sale at large figures of these non-existent rights which really stirred the Governor, and caused a plain declaration that under no circumstances would alleged transfers be recognised.

The Governor, in his statement, after explain ing the position under the Fiji Mining Ordinance, said that only one mining lease had so far been justified on the Tavua field. The reference, of course, was to E. G. Theodore’s Emperor Gold Mining Co. He then pointed out that of the sixteen prospecting licences granted, four had already expired and the remainder were due to expire on May 31.

It is known that the Government has referred the whole subject of goldmining in Fiji to the Secretary of State for the Colonies, and some instructions from that quarter are expected at an early date.

Mr. E. Lane Poole, of the Common wealth Forestry Department, returned to Australia by the Macdhui on March 5, after investigating the timber resources of the Mandated Territory.

Mr. A. V. Leggo, of Melbourne, has been appointed to the board of directors of the Upper Sepik Gold Syndicate N.L., formed recently in Victoria.

Mr. J. Kidnie, of Gizo, returned to the Solomon Islands by the Malaita from Sydney on March 9.