VICTORIA.

Grey River Argus, Volume IX, Issue 704, 23 July 1870, Page 1 (Supplement)

VICTORIA.

Work has been resumed at the Hope mine, Wood's Point, at fifty shillings per week of eight hours a day. The Toobarac Mining Company, Heathcote, does not appear to be in a very flourishing condition, for at an extraordinary, meeting held on Friday, 24th ult. , in Market street, it was decided to wind up the company. The Franklin Gold Mining Company washed up on Saturday last 220 tons. The yield of gold from it is 29005. The new ground on the bankß of

j Yackandandah Creek, in the vicinity of the town, to which a small rush took place a week or two back, is turning out very well, says ;ijhe Ovens Advertiser. Campbell and party, who first set in, have had a partial washing up, and obtained a return of 48oz of gold for three weeks' work for six men. Four other parties havo . bottomed on payable gold. The ground now being worked has beeu walked over for about eight years without ever being tried, a fact which ought to lead to other likely-looking localities receiving a thorough prospecting. The correspondent of the 0. and M. Advertiser writes— "No very favorable accounts have been received from the new .rush. A line of holes has been sunk across the prospectors gully, but only a few specks of gold were found. A very serious drawback is experienced in the scarcity of water. A party who returned from the rush last night mentioned that a general impression prevailed that unless other gullies turned oug more favorably the place would soon be abandoned. . " The Corner on Saturday," writes the Ballarai Courier^ "was at least the shadow, if not the substance, of its former self. All day long Hepburn stocks were j vigorously changing 'hands, and towards evening, Victoria, Gordon, came into strong demand. Latterly, a shareholder i out on the flags after dark has been as rare a commodity as a church-going cabman, but on Saturday night, until eight or nine o'clock, the Verandah was resonant with the voices of dealers in scrip. This buzz in the all but deserted hive is quite refreshing. Does it prognosticate another ' swarming ?' " ■ "Recently," writes the Ballarat Star, " we referred to hurried sales by banks of mining plants mortgaged to them, and on Saturday there AVas another example of this unreasonable haste to sell a mining plant. A sale of the property of the Great Wheel Clunes Company was advertised in the evening papers of Friday, in the Star of Saturday, and dunes paper of Saturday, to be held at the claim, about four miles north of Clunes, at twelve noon, of that day. In this case it would be impossible for any Ballarat buyer to be ' present and prepared with the necessary ! cash, for the sale was first advertised after bank hours on Friday, and the claim could not be reached in the two hours between" the opening of the bank on Saturday morning and the time of sale. Clunes people had only an hoxir or two to prepare. The result was that the plant, which cost over LllOO, and is worth LSOO to remove, was knocked down at L 360, and the the sheriff's sale realised Ll2 more. Messrs T. Davey and Co., the buyers, acted on behalf of the National Bank of Australasia, the mortgagees who had advanced L4OO on the plant. We are informed that the sale was made in consequence of a small creditor getting an order in the police court against the company, and hence the Bank had to protect its interests. As the Bank had a bill of sale over the whole plant, and in addition judgment had been obtained under a writ, there does not, seem to have been any great reason for rushing on a sale in a manner that iaust'/have .been, prejudicial alike to the Bank and the Company. This lack of notice lias become quite the custom in realising on plants, and people have ceased to be surprised to learn, when reading their paper at breakfast that a claim in which they are heavily interested, and which is some thirty miles away, will be sold off at noon."