MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 167, 18 July 1870, Page 2

MINING INTELLIGENCE.

o MR. H. J. L. AUGARDE'S WEEKLY REPORT. Our Share Market bas received an impetus from the large yield of the Perseverance mine, which caused shares in this company to rise from ss. discount to 10s. premium. ''"'...,.. Perseverance Shares, £1 10a paid. A good many shares changed hands at an advance of 15s M on the receipt of the good news, and a little business was doue at 455. The meeting. held on the 15th iust. also aided to confirm matters. A clear and succinct balance sheet was submitted to the shareholders, which was adopted, and gave general satisfaction. The call of £l, previously announced, for next mouth, is reduced to 105.,— --but the Directors have, the power to call another 10s. in September jf required. Shares are firm at 40s. Culliford Shares, £1 17s. 6d. paid. A few shares passed at par ; this was un investment bf foreign capital, an event so much to be desired. As Mr. Thompson has returned we M hopesoon to hear ot some action being taken relative to machinery. The drive, let to Mr. Bray, is being proIsecutedrwith vigourfaud success. 7 Pioneer /Shares,. £7 paid. We ,bave po.bu§i^^B9;t9 o: r.eoQrd,,bu!i r JQQay state

that the call is being well responded to. The contract for the further sinking is not : yet taken, but soon willbe. We hope ere long to see this little company come to the front. Luckt Hit Shares, £7 10s paid. [ No uews of importance this week except , some good stoue come to hand. Drive j not yet fiuished. Masonic Shares, £10 10s paid.. No transactions iu shares to record. A| . meeting is called for Monday the 18th ■ inst. Some good gold- bearing stone has ■ been received, but no decision as to action has beeu arrived at yet. Commercial Shares, £15 15s. paid. ■ Nothing doing, shares heavy and on hand. Our shaie market, though of a limited . character, has had a great mauy importaut I ; events to agitate it this week. The • meeting of shareholders in the PerI severance Company came off on the 15th inst. The 170 ounces of gold « exhibited to the shareholders, which came s from 50 tons of stone, was a pleasing fact not be denied. Tbis put holders in a k good humor and the clear manner iu which , the legal manager tendered the accounts { aud balance sheet, as well as the intelligible , mauner in which Mr. Burnett, the . mining manager, gave his report, together , with the thorough explanation rendered by him relative to the mine, tramway, , drives, &c, which were ably illustrated by ? a large map exhibited by that gentleman, gave universal satisfaction. The fact of a return of about £800 worth of gold arriving from a mine which has only been in formatiou about ten months speaks well for Nelson. We , only want the same action in the Wangapeka district, and people wouJd soon take heart, and our business prospects would advance. Only show our monied population that a handsome interest for money can be obtained from our mine, and capi'al will be forthcomming. Our mining interest is suffering from want of capitai and want of confidence, this can only he remedied by action. The calls are always well responded to. The Persoverance can boast of having a deficit of only £28 10*. out of £3,480 called up; therefore, there is no want of confidence in this instance. The prosperous state of this mine it is hoped will cause the Lucky Hit, Masonic, Commercial, and . Pioneer Companies to be looked on favori ably, and stimulate their directors and i managers to take active measures.