MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 203, 29 August 1870, Page 2

MINING INTELLIGENCE.

0 MR. 11. J. L. AL'GARDE'S "WEEKLY REPORT. The anticipation that the Lady Barkly would have brought over the results of the fifth crushing from the Perseverance Company's mine, caused a slight excitement, and a iew buyers came into the market, but no cleaniug up having taken place shares became dull and iuactive. Culliford Shares, £1 17s. 6d. paid. In the absence of machinery, there is little or nothing to record; shares are heavy. The Company pushiug for the last call of 12s. 6d., which has not been paid on some few shares, tends to keep them down, because forfeiture is threatened, thereby showing that some forfeited shares may be thrown on the market, but not to he sold hy auction it is hoped. Perseverance Shares, £2 paid. No returns of the fifth crushing coming to hand. Shares receded to 355. to 365. 6d. The next trips of the Barkly will bring us the news. Some splended specimens were brought over from the lower drive by Mr. Buckeridge, which are to be seen at Mr. H. J. L. Augarde's Office. The uews from the mine is satisfactory; they are 50 feet in the lower drive, and the reef has increased in thickness from 2 feet to 6 feet. Pioneer Shares, £7 paid. Nothing new to record; shareholders waiting the results of the last cou tract Lucky Hit Shares, £10 paid. Inactive, a few shares on the market. Masonic Shares, £11 paid. The meeting of last week was adjourned, aud one called for this week. Shares dormant. Commercial Shares, £18 paid. A meeting called for Monday (this day); beyond this nothing new. Many shareholders inquire why shares are so inactive, and why Perseverance shares are at a discount. When a large amount of gold has been obtained, say £1200, in four crushings, there are two palpable reasons: the public expect too much from the first mine at work, and have yet to learn what will and what will not pay j the next "is the large amount of

capital already absorbed iv our mining transactions, say in round numbers £11,000. This is being felt in every branch of business, which should cause directors to economise management as much as possible, and not intimidate shareholders by threatening them with forfeiture ; the public of Nelson have responded well to the many calls made on them, especially when the present state of affairs is taken into consideration; and by forfeiting shares the market is not likely to be improved. The Culliford Company have a balance of money in hand; and when the long looked for machinery arrives, iind the shareholders see positive aciiou taken, they will come to the front and pay their money. Fawcett's two-sramper battery may he soon expected to beat work; the sidhll amount of capital required has been obtained. There seems to be a good chance of obtaining our short line of railway to Foxhill, which will aid our mines in the Wangapeka and Upper Buller Districts, by lessening tbe cost of carriage. A Government guarant* c of 6-V per cent, will find favor with our capitalists as being more secure than mortgages ou laud. By diverting capitalist's attention from the old and only source of investment, they will gradually begin to notice our mines, and thus aid to develop tbe great resources of our mineral country.