Speculative Fijian

Shares

Indications of a Slump

f TTHE gold industry in Fiji is not going so well —for the speculators, that Is.

The following appeared in the Sydney Bulletin of October 9:—- Fiji gold shares continue speculative, a pro nounced weakening in market support being: noticeable last week. Emperors, which had been up to around 30/-, fell back to 22/-, recovering" to 24/- on Friday; and Lolomas, selling at 50/two or three weeks ago, were weak at 38/-.

Kororeres have also seen much higher than last Friday’s 18/-; Nasivis, at £57 some time ago, were changing hands at 15/-. Tavua Develop ments, selling at 15/6 a month ago, are down to 6/8, and Vees United, which went to 2/- a little while back, are around 9d. Speculators who have a fancy for a particular show don’t like being put off it; but the prices paid for some Fiji propositions over the past few months have been, ridiculous, considering the amount of develop ment work towards proving ore-bodies.

Mount Kasi, on the other large island (Vanua Levu) in the Fiji group, at this stage is the safest mining proposition in Fiji. It has been working unobtrusively for two or three years, and a large body of about lOdwt. ore seems to have been definitely established. It is free milling ore, and extraction of the metal is turning out to be inexpensive, with small losses in the: tailings. The 3/- (paid) shares are around 18/6, giving the undertaking a valuation of £300,000.

That figure seems to be well covered by ore re serves.

This development is merely a confirma tion of what this journal has been urgingr for many months—namely, that there may be and probably is a body of gold-bearing ore in Tavua, sufficiently rich to justify the establishment of a gold industry, but that the enterprise has been surrounded by so much lunatic speculation and semi-roguery that the infant industry may be smothered, before it begins properly to breathe.

The fault does not lie with the Govern ment of Fiji. That wise institution has done everything possible to discourage speculation and encourage legitimate enter prise. Grave fault, however, does lie with the Australian authorities, who have per mitted the most outrageous things to be done in Pitt Street and Collins Street in the name of Fiji goldmining.

The Australian Stock Exchange specu lators who eventually are left with the scrip probably will be heavy losers; but a s we look over the record of stock exchange transactions during the past six months we can only reflect that they will receive no more than they deserve. The genuine mining men—the prospectors and the mining engineers—have done their duty properly and legitimately, and for the most part all of what has been written has been justified.

Most of the trouble, and all of the bad smell, have been caused by greedy people in Sydney and Melbourne who have been trying to get something for nothing.

Mr. R. Lane, of Lami, Fiji, returned to the Colony from a visit to Australia by the September Monowai.