MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 192, 16 August 1870, Page 2

MINING INTELLIGENCE.

O MR. 11. J. L. AUGARDE'S WEEKLY REPORT. There has been but little speculation in shares this week. Perseverance Shares, £2 paid. Few purchases of shares were effected in this mine prior to Thursday. On the arrival of the Lady Barkly, bringing news of 150 to 160 tons of quartz crushed, yielding S2ozs of gold and giving an average of lOdwts to the ton, the sharemarket assumed a gloomy appearance. This , return seems to have greatly disappointed many j holders, yet reflection must cause a re-action. ! The four crushings yielded about £1200 worth of ! gold, a large return, proving that the mine is i working steadily and well. An average of lOdwts | to the ton will pay interest at the rate of 48 per cent, and as soon as this is convincingly proved, the mine will find favor with the public for investment. Culliford Shares, £1 17s. 6d. paid. The j market for these shares is most inactive. The | advertised meeting passed oiE satisfactorily; the amended form of accounts was agreed on, and the capital account is avoided as much as possible. The directors seem quite alive to this important point and certainly deserve the thanks of the shareholders for the amount of time bestowed by them on the late questions at issue. We shall soon be looking for news of the four-stamper battery. I Pioneer Shares, £7 paid. Inactive. The 1 contract for further sinking is at last taken by ; Mr. .Bray for £5 per foot; working measure 1 ? I will be adopted at once. The second call of £1 !is extended, as regards time for payment, till I September. It is presumed that the long-talked of company will ere long be formed. Lucky Hit Shares, £7 10s. paid. Dori mant. There is a call of £2 10s. agreed to be | made; the report of Mr. Turner gave satisfac- ■ tion, the suggestions of this gentleman were I agreed to, and work will be pushed forward at I once. j Commercial Shares, £17 paid. ~No business. I Market quiet. Certain work agreed to be done | which will be vigorously carried on. j Masonic Shakes, £1L paid. Nothing new to record. Our share market has not much to record this J week in the shape of business, many elements are lat work but dealings few anJ far between. Ihe Perseverance mine being the only one at work, causes too much to bo expected from it It is absurd to imagine that this mine will give 3 or 4ozs of gold j>er ton every crushing, if so fortunes would be realised quickly, and the reef would be | worth a million sterling if compared with the I purchase made by Messrs. Rothschild of a reef in California, viz, £150,000 for a mine giving odwts to the ton. Shareholders as a rule are inexperienced in these matters, and consequently expect too much. An average of 1 'dwts to the ton gives a return of 4S per ci-nt, a good investment j tor money. It is unfair to judge any mine by four crushings. After G months' working, should the crushings not equal expectations then surely wib be time enough to despond. When the Culliford battery arrives and is at work, as well as the two-stamper battery of Faweett's, the long locked up resources of the Wangapeka will be developed and attention will be divided. The results of the crushings of the Perseverance can then be compared with others, md thus be i relieved from the prevailing pressure of too much I expectancy.