 Bruce paid two further visits to Spitsbergen , in 1912 and 1914 , but the outbreak of war prevented further immediate developments . However , early in 1919 the old syndicate was replaced by a larger and better @-@ financed company . Bruce had now fixed his main hopes on the discovery of oil , but scientific expeditions in 1919 and 1920 failed to provide evidence of its presence , although substantial new deposits of coal and iron ore were discovered . Thereafter Bruce was too ill to continue with his involvement . The new company had expended most of its capital on these prospecting ventures , and although it continued to exist , under various ownerships , until 1952 , there is no record of profitable extraction . Its assets and claims were finally acquired by a rival concern . 
