The Nelson Evening Mail. FRIDAY, AUGUST 12, 1870.

Nelson Evening Mail, Volume V, Issue 189, 12 August 1870, Page 2

The Nelson Evening Mail. FRIDAY, AUGUST 12, 1870.

Nelson Regatta Club. — At a meeting of the club last night it was decided to bold the annual Regatta on Boxing Day. A number of new members were proposed which, will greatly strengthen the club. We understand there are already two yachts building in Nelson to compete for the Challenge Cup this year. It behoves our yachting men to bestir themselves as in case the Red Jacket wins the cup again this year, she becomes the possessor of it and takes it away from Nelson altogether. Motl'Eka River Diggings. — These diggings, we learn, are still turning out well, there being some six or seven parlies at work, the distance from the village of Motueka ranging from 12 to 22 miles. The gold is found in the river beaches at a depth of from eighteen inches to three feet, and the men are most of them making good wages, one of the parties consisting of two men taking out about half-an-ounce a day. A water race of about a mile in length, which has taken some three months in construction has jusfc been completed by a party of two men who have admitted a third partner on the payment of £100. We are informed by a gentleman who has just returned from there that he tried the beach in one or two places and succeeded in obtaining about half-a-grain to the dish. Unfortunately there is not room for any large number of mcD, but the mere fact of the gold being found in payable quantities in the riverbed shows that there must be a rich store of it in the surrounding country. Cullifokd Company. — The adjourned meeting of the shareholders in this company was held last night, Dr. Williams in the chair, when the accounts as amended were read. Acting on the advice of the solicitor the directors had transferred charges to the amount of about £350, consisting chiefly of preliminary expenses, from the profit and loss to the capital account. The question was then raised whether these charges should not be gradually written off, but the opinion of the solicitor was that they should remain on the books as permanent capital. The supplementary report of the directors stated that they had decided, in accordance with the opinion of the solicitor, that for the future the charges of working the mine, and the general expenses of the company should at once be debited to profit and loss, and be paid out of the proceeds of the mine, and not from capital or calls. The report was adopted on the motion of Mr. Drew, and Messrs. Percy, Hibble, and Jackson were re-appointed auditors for the next six months. Perseverance Company. — Great was the disappointment experienced by the expectant shareholders on the arrival of the Lady Barkly this morning. Three hundred ounces was the least that could possibly result from a fortnight's crushing — such was the impression of the least sanguine, while others rather ridiculed the idea of a return so trifling ; the golden visions that have been floating before the eyes of the expectants since the receipt of the last cleaning up, varying in intensity according to the temperaments of the individuals indulging in them. From these delightful dreams they have been awakened with a rude shock. The fall from 3| ounces to 11 dwts. has been simply crushing, and the news that 150 tons have only produced 82 ozs., has created a commotion quite equal to that caused by the yellow cake so lately displayed in the window of the company's office, but bardly of so pleasant a nature. But, withal, there is no occasion to give way to despondency, for the average of the four crushings has been sufficient to show that the mine will pay a good interest on the money expended, and if the glowing antici-

pations of quickly gotten wealth in which . some have been revelling are laid aside, and the shareholders are contented to receive a moderate return for their invest- ! ment, we shall be much mistaken if all their requirements are not amply fulfilled by their Collingwood property.