PERSEVERANCE COMPANY.

Nelson Evening Mail, Volume V, Issue 166, 16 July 1870, Page 2

PERSEVERANCE COMPANY.

j The first half-yearly meeting of the shareholders was held at the Assembly Rooms last night, Mr. Hugh Stafford in the chair. The report of the Directors was read by Mr. H. E. Curtis, the legal manager, nod a report of the working of the mine was also read by Mr. Burnett who illustrated it by referring to a plan of the company's ground which he had prepared. Several questions having been put and satisfactorily answered by Mr. Burnett, the legal manager read a statement of the Accounts which, on the. motion of Mr. Sharp, seconded by Mr. Maclean, was, together with the report, adopted unauimously. Mr. Haddow expressed an opinion that the existing qualification for directors was too high and suggested that it should be reduced from twenty to ten shares, but it being irregular to discuss the subject at the present meeting, the matter dropped. The following gentlemen were then proposed as Directors for the ensuing year : — Messrs. Sclanders, A. J. Richmond, T. Adams, J. C. Richmond, Buruelf, Baly, Simmons, Squires, Goulstone, Milner, M'Donald, G. Thompson, and Wells. Ou the motion of Mr. H. D. Jackson, seconded by Mr. Buruett it was resolved " That tiie uames of the gentlemeu who have beeu nominated Directors be printed as speedily as possible, aud that the election tuke place on Monday next, between the hours of ten and four, at the office of the Company in the presence of two scrutators, tq be now appointed." A vote of thanks to the retiring Direclors was on the motion of Mr. Mabin, seconded by Mr. Wilson, carried unauimously.

Mining Shares. — Mr H. J. L. Augarde quotes Perseverance shares, 30s. paid, at 40s. Culliford, 375. 6d. paid, at par. Business done this day.

Harmonic Society. — We understand that the Society proposes to give its next concert on Thursday, the 28th inst., on which occasion the first part will consist of Mozart's Twelfth Mass.

The Derby. — Strange to say, in the late telegrams no reference whatever was made to the greatest sporting event of the year beyond a statement that some lucky newspaper editor had won £10,000 in a sweepstake on the race. We are now, however able to give the names of the four- first horses which we find ma Wellington paper of Thursday 1-st. They aro — Kingcraft, 1; Palmerston, 2; Masquer,. 3 ; Macgregor, 4.

Pioneer Company. — We have to express our regret that an error should havo appeared in a paragraph ia our yesterday's issue to the effect that the call to be mado by this Compauy was reduced from £2 to £1. The mistake arose from a misinterpretation of the advertisement, aud we wish to take the earliest opportunity of. correcting Jhe error into which wa had fallen. The first call ot £1 waa payable yesterday, and those who have uot yet responded to it are requested to do so without delay.

The Wairau Diggings. — The news from Bartlett's Creek, continues much the same, parties generally are doing fairly, but no very extraordinary finds are made. Pike and party, which cousists of six, gofc about 18 ounces of gold last week, amongst which was a nugget weighing 3ozs 15dwt ; aud another party was said to have obtainod 11 ounces. New ground has heen found in the Onamulutu, where it is said the colour can be got anywhere. There is one store in that locality aud ahout 30 men are working. Walton and party bottomed a hole and got about 1 i ounce in a tin disb, it is nuggety and of a dark appearauce, similar to the Wakamariua gold. On the other side ofthe hill from where Walton's party is at work, a splendid sample has been obtaiued ; it is also nuggety aad of a bright colour This was shown to our informant by Mr. Birss, the storekeeper at Onamulutu. — Marlborough Neios, July 13th.

H.M.S. Rosario arrived in Wellington on Tuesday morning from tha Bounty Islands, whither she has been ou a cruise to see if any traces of the Ma'toaka were to be discovered. Nothing was seen of either wreck or castaways. The Blanche is now on the same errand at the Auckland Islands, and may be expected here in a. short time.

For remainder of News see Fourth page

! The Duke, of Edinburgh is expected tp arrive at Sydney .ip. the course of next mouth. Mr. A. Young, late of Gilchrist, Watt, and Co., has accepted the Gener! Managership for the colonies of "the' English, Scottish, aud Australian Bank. A Volcano.— The 'following telegram has been received by the Geueral Government from Taupo: — :Ton<_ariro has been in active op ration for about two months. Rumbling,, like distant thunder, is heard a, short intervals, accompanied by very slight trembling of the earth. During the day dense columns of black smoke are emitted, sometimes in puffs to a great, height. At night, as many as three streams of fire have been seen descending (be mountain side from the crater to a considerable distance. The prospect cf this mountain ou a clear night is very grand. That which appears to be smoke during the day is seen as a column of fire at night, lighting up the whole mountain ; part of the mountain has fallen in. The Financial Scheme. — At a largely attended meeting held iv Dunedin on Thursday last the following resolution was carried: — "That this meeting, without committing itself to an approval of details, is of opinion that the financial proposals of the government embody a scheme which is calculated to promote the settlement and permanent prosperity of the Colony by the adoption of a general and comprehensive system of immigration and public works of a reproductive character, which, judiciously carried out, will tend to devolope the great mineral resources ofthe conntry, and raise it from that depression which at present exists." Gems of Debate. — We take the following from the Evening Post : — The financial debate wiis resumed by Mr. Carrington. Placing his elbows on his desk, aud leaning gracefully forward, he commenced an easy conversational speech by announcing his intention to support the Government scheme, as for more than 30 years he had been impressed with the great necessity for people and roads ia this colouy. He then commeuced an autobiographical speech, containing sketches of his wanderings in Canada, America, India, China, Japan, England, Wales, Scotland, Ireland, the Isle of Man, Fiji, Nova Zembla, and most other localities in Europe, Asia, Africa, and America, incidentally introducing a history of the Taranaki Iron Sand, which, he said, was equal in ;value to some kind of peculiar iron of which "5000 tons a-year were imported to England for the manufacture of surgical instruments only. His personal history was enlivened by a variety of quotations from letters he had at various periods addressed to various noble personages — from Lord Grey downwards — and the answers.he had received, the object of the quotations . being apparently to prove that the hon. gentleman had been gifted with almost prophetic insight in regard to New Zealand affairs ; but that, like most prophets, he had not received due honor in his own country! After reading an extract from a speech made in the House of Commons by his son-in-law's uncle, the hon. member frankly admitted he had not had time to read the financial statement, but .'still -he approved of i*t, and thought a million and. a half. "of a loan to each Island, or perhaps a little more to the South, would put -the Colony on its lege. The House was in a roar of laughter during the time Mr. Carrington was talking. Mr. Wilson thought immigration and public works were desirable things, but they might be purchased at too high a price. It would be dishonest to borrow money "when' there was no prospect of being able, to pay it,, but this was what was proposed. He believed his constituents would be aghast at tlie scheme, and he wouid not vote for borrowing a-shilling until he had consulted them. Me wanted to know who was to have the spending of the money — was it the present Government? The whole scheme was a-repeti-tion of the South Sea bubble, and future historians might be expected to uotice ifc in sucb terms as tbis: — "The Yogel Bubble — The most ruinous speculation of modern times. It was dishonestly conceived in 1870 by Julius YogeL It was recklessly managed, and exploded in 1880, when the cashier,' Mr. Smith, absconded with £100,000."

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