New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-10

less injurious the capitalist At last II has ig-
unanimously collapsed. ending in ruin all around:
The fishing industries have now to BE- reorganized
and placed on honest cash basis Credit must
be- at once vastly curtailed and finally abolished.
As one consequence Of the supplying system. not
less than 100000 was lost annually by inc Dad
curing of fish, which rendered US unable - COM
pete with the Norwegian. IcelaEdic and French
cured fish in foreign markets. There Is only one
remedy for this. Instead Of having the men VINO
catch the fish employed also In curing tnenl' We
mus: IN future a lO0t the Norwegian plan-Sepa-
rate the catching o.. .sh entirely rom me curing
pay the fisherman in cash Cor his tlsh wheA green
and have experienced hands. under the eyes OF
an expert, 10 cure thom. Then the lshetman
viii work hard and catch far more hsh, oelnS
paid fairly In cash. and q vast Improvement IN
the cure will follow. The risks OF the merchant
viii thus be reduced u a minimum. and the fish,
crman Will WORK with renewed life ana energy
The exporting merchant can have his hsh cured
T. suit different markets. having the work under
his own control This - ne principle that UNDER
les all reform in conducting our fisheries.
The question may be asked Where VIII ire
capital BE- found for carrying on the fisheries II
tha antiquated "truck" system is abolished?
There will sill BE- some individual capitalists;
but the chances are that joint-stock companies
will largely take the place Of the supplying meI-
chants greatly 10 the advantage OF all concerned.
There could hardly be "A more promising opening
Tor the investment of capital than Is thus pre-.
scented in connection With the Newfoundiand
fisheries.
Thus worked IN an honest basis. our great in
dustries will obtain new lease OF NE Ihess
scientific principles and protected The old reck-
less destructive methods II fishing would be
abolished and exhausted waters would be re-
stocked by the artificial propagation OF coz ana
holsters, in which we are no" Ieaclng me "otii,
having attained greater success than any other
country. r. i no eNsCgeraton - say that II the
splendid fisheries Of Newfoundland were properly
worked and cared for they would alone sustain
twice its present population in comfort.
~ an illustration II the undeveloped resources
If the island the recent discovery al one OF the
most valuable iron mines "A the world II Bele
Isle may be mentioned. II Is AT conception
Rav. only dozen miles from s. johns. Last
fail fisherman belonging 10 Belle Isle CHANGED
10 ballast his lttle craft with some blocks OK
this ore which had fallen from the clin To tho
beach l. attracted the attention ~ some one az
the wharf i'm ST. JOINS. who had II ana!yzed.
and on receiving very favorable report ne at
once took out 4 mining license which covered the
whole area. Specimens were sent II the Ferrond
Iron ana Coal Company. New-GlasSoW, Nova
Scotia which at once sent down "A mining eX-
pert to survey and report. The ore turned OUT
70 be the finest hematate IRON ore; containing
S9is per cent Of iron. The extent Of the deposit
IS enormous |. IS tUO and one-half miles IN
length 500 feet IN breadth and thirty feet IN
thickness The stratum ~ ore lies horizontally,
without dip md only three or four rect peIoW
tho surface The facilities for working are un-
cqualled II will be rather quarrying than MIN
ing and the cost will thus be small. TWO p.ers
for shipping Il are Al that viii b. required. Ihe
expert calculates that the deposit contains co.,
Ogo 900 tons so that century Will not exhaust
IT, IL occurs either In a Clmbrian formation or
ono OF the lowest members ~ the Siurian sys-
tenn The New-G.asSoW Company has ootalnrd
a splendid bargain. paying the proprietor StVVo
q voar and \ ROYALTY OF only cents ton.
Proparat.ons or working on an extensive scale
when spring opens are now going on The MIN
ing capabilities u the Island are far greater
than IS suspected. ana in value are next 10 the
fisheries As yet mining is in its infancy.