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one month, and well-defined lodes were proved for miles in a south-easterly direction. The White Feather district was notable for a patch of cement, from which considerable gold was obtained. The North Coolgardie Goldfield was declared on 29th May, 1895, and had Menzies as its administrative centre; Niagara and Edjudina were its other most promising districts. Because of its remoteness the progress of this goldfield was not as pronounced in 1895 as that of more southern fields. The Dundas Goldfield did not even yet receive the attention it merited, although rich corporations began systematic work in some of its mines. Norseman became the favourite centre. The Government in 1895 declared townships at Kurnalpi (25th January), Norseman (24th May), Dundas (24th May), Goongarrie (14th June), Menzies (23rd August), Londonderry (30th August), and Bulong (29th 2ovember). At Kimberley only three mines were in actual operation—Mount Bradley, Ruby Queen, and St. Lawrence. The population was less than 200. The population of the Pilbarra Goldfield was about 1,000, and was divided among such settlements as Marble Bar, Bamboo Creek, Nullagine, Talga, Western Shaw, Croydon, Mallina, Tamboura, and Egina. A few rich alluvial finds were made near Roebourne. The Ashburton Goldfield was almost deserted. A township was declared at Bamboo on 14th June. The total gold output of the colony was 231,513 ozs., valued at £879,748. There was a considerable diminution in the returns from alluvial, hence the yield was not greatly in excess of that of 1894. The eastern goldfields held first place with 125,106 ozs., Murchison fields second with 65,475 ozs., Yilgarn third with 19,747 ozs., Pilbarra fourth with 19,522 ozs.; then came Kimberley, 877 ozs.; Ashburton, 541 ozs.; and Dundas, 242 ozs. There were 19,310 quartz miners in the colony, and 2,150 alluvial. Some 89,861 acres were held under lease, subject to labour conditions, and there were 75 batteries, 831 stampers, 19 other crushing plants, and 4 cyanide plants—two at Murchison, one at Coolgardie, and one at Dundas. The gross receipts in mining revenue amounted to £78,043 7s. 2d., and the net receipts to £77,885 6s. 2d.

The sensational discoveries of 1894 precipitated a "boom" in Western Australian mining stocks of such magnitude as has seldom been approached in Australian history. Perhaps on no previous occasion were so many Australian mines eagerly purchased in London as in 1895. England apparently had more money than she knew what to do with. Western Australia had innumerable quartz reefs, some of which deserved to be developed; others of which were comparatively valueless. There were many promoters of mining companies who could obtain glowing reports concerning this or that claim. The promoter purchased a lease from the prospector, obtained reports upon it, and proceeded to England to sell it. He was received with open arms, was feasted, and gave feasts, and quickly sold his property at an enormous advance on the original price. The purchasers in England (or the vendor himself) floated the concern on the London market at a still greater advance. Through the conduit pipe thus liberally provided millions of English capital flowed monthly. Unfortunately, the mines often suffered, and the promoters (English and Australian) gained exceedingly. The mine was over-capitalised, and would need to be phenomenally rich to pay dividends on the enormous capital. Although it may have been floated for two or three hundred thousand pounds, perhaps only a tenth of the amount was used for development. The sums which entered the pockets of the vendors and other parties were enormous. There could be but one climax to such a system.

Western Australia was not unique in this respect; every quartz field in the world of any pretensions has suffered from such an unhealthy inflation. The system is decidedly bad, and is sometimes fatal to the immediate development of the field. As each month of 1895 progressed, larger and larger flotations took place. Within the first six months about seventy-three Western Australian companies were floated in England at a capital aggregating £7,743,200. In Western Australia and in the Eastern colonies scores of companies were successfully placed on the market within the same period. It was not always necessary to issue a prospectus for the mine; the money was subscribed privately. The flotations increased phenomenally towards the end of the year. The money subscribed in England up to the end of 1895, according to the annum report of the Department of Mines, approached to £50,000,000. Powers of attorney numbering 194 were registered in 1895, and thirty-nine local companies were registered. To a certain extent it might be said that the actual value of a mine was, allowing for all circumstances, not greatly above the price paid the prospector, which ranged from £50 to £15,000; larger sums were, of course, paid for claims showing phenomenally rich stone. The disparity between these amounts and the £25,000 to £100,000 and upwards, at which the companies were capitalised, exhibits the incubus under which the industry was made to labour. But it might also be said that if ten, or even five, per cent, of such mines become dividend-paying the goldfields would yet be perhaps the largest on the globe. In some cases mines of value, giving promise of permanence, must collapse because of the impossibility of their paying interest on the declared capital. In other cases, claims of small value have been floated for enormous sums.

But many Western Australian mines have risen superior to the heaviest burdens, and, with a minimum of working capital originally, have become dividend-paying. The ore from the beginning has been of a high grade, and let there be but sufficient money to defray the cost of machinery and a few months working expenses, and the mine will pay its way. A pleasing feature is found in the number of legitimate wealthy mining corporations which carry on operations in the colony. Many of the leading mine-owners in the old hemisphere have purchased largely in Western Australia. They have not as a rule purchase for flotation purposes, but proceed immediately to prove the property. Gold-mining men of world-wide experience are engaged to supervise the local management of these wealthy corporations, and they encourage development, increase the output, employ labour extensively, circulate capital, and supply an object lesson useful to all who are interested in the industry. Happily, too, many mines were not over-capitalised, and they are generally enjoying a lucrative career. The Western Australian quartz-mining "boom" was useful in attracting capital to the colony, and in advertising its invaluable resources throughout the world. It will long be remembered. As one promoter put it: when the hay was in the field, and the sun shone, he would be foolish who did not gather.

The far-reaching nature of the mining excitement drew men from all over the world in 1895. People immigrated from Africa and America, Great Britain and Europe, China and India, New Zealand and the South Sea Islands, and from mining centres in Queensland, New South Wales, Victoria, Tasmania, and South