ENGLISH CAPITAL FOR THE NORTHERN TERRITORY.

Inangahua Times, Volume II, Issue II, 17 October 1881, Page 2

ENGLISH CAPITAL FOR THE NORTHERN TERRITORY.

[s.A. BEGISTEB, 20TH SEPTEMBER.]

The recent auriferous discoveries in India have been the means of bringing about considerable speculation on the London Stock Exchange in gold mining ventures in that country, the shop win* dowg about Cheapside and Cornhtll frequently exhibiting samples of the gold, jucf as is done in any Australian town ; and when Mr J. G. Pitcher went among the English capitalists with reference to the transcontinental railway, and produced for their information the latest Government records of tho auriferous and other prospects of the Northern Territory, it occurred to some of these gentlemen that they miijht secure and profitably work some of the mineral properties there, Mr Pitcher informs us that when he produced a copy of the land regulations from the Agent'General'a office, and showed them the cosy terms on which they could obtain mineral leases, they were astonished, as, to secure them elsewhere, they usually had to pay high. "Without any advocacy on his part, a sum of £100.00,0 was subscribed in the following twenty-four hours for investment in the IS nr thern Trrrifmr. r»nH at the wish of the investors Mr Pitcher — who undertook the duty cheerfully for the benefit of the country— telegraphed at onoe to Port Dr.rwin to secure a r Iniui

to shrt work upon. Within a woek n roply was receive! stating that the claim known as the Viryinm lieef had been bought for £1500. Tins claim is eilua'ed about forty milts from and has been producing cold remi'arly f>r some time. Other claims are now under offVr to the com piny, which will probaMy be accepted. The investors propo?« to register the company, end a felfgiain stating Hut /the registration lias been effected is expected daily by Mr Pitcher, who, acting for the prrsrnt only as their agent, has purchnyei the Union Company's lottery, which is now in'ing carted to Vircinia reef. The question of lal'^r has been considered in the mattfr. Cornish miners wil! be selected here topi to the Territory, and, if they cannot; stand the climate, then tlie company will fall back on coolie labor. This under* taking for tho English capitalists is a plucky on<\ and deserve* all the success that can follow, and, if success do follow, the impetus which will be uiven to coM mining in the iVortliern Territory— do*, pite past failures — will be hard to overestimate.