MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 257, 1 November 1870, Page 4

MINING INTELLIGENCE.

Q MR. H. J. L. AUGARDE'S WEEKLY REPORT. Culliford Shares, £ 1 17s. 6d. paid. A few shares changed hands at 30s this week, beyond this, business is inactive. The machinery had arrived at the edge of the bush. Perseverance Shares, £2 paid. A few shares Isave changed hands at par, the disposition to sell is still persevered in. The report of J. C. Richmond, Esq., has appeared, and shows clearly (he difficulty the Company is in relative to water. A general meeting of shareholders is called for the 21st November. Pioneer Shares, £8 paid. Inactive. A meeting of shareholders is called for the 2nd November to receive Captain Cock's report on the mine, which is believed to be satisfactory. Oollingwood Coal Company's Shares, £120 paid. No business to record ; one share on the market. This Company have agreed to enlarge their shares to £140, which they cau do after giving the proper notice &c, to the Warden for registration. Masonic Shares, £12 10s. paid. No business. Commercial Shares, £19 10s. paid. Dcrmant. The 5 tons of stuff obtained long since did not go through the Perseverance battery. The remaining 5 tons is ready also and awaits the testing.

< Lucky Hit Shares, £10 paid. No business.

Waimea Sotjtii Quartz Crushing Company, ss. paid. Business nil. Machinery shortly expected.

Mount Orniit Shares, £9 paid. luactive ; 8£ tons of cement have gone threugh the Perseverauce battery giving an average of 8 pennyweights of gold to the ton. Considering the practicable position of this mine, the ease with which it can be worked, and the malleability of the stuff, there can be no doubt about its being made to pay a handsome interest. The only thing is to have thorough investigation and prove the quantity of cement, in the grouud, as near as possible; this done there is no doubt that 10 pennyweights will pay well. The Company consists of nine shareholders, and a capital of £108.

Our Share Market is dull and inactive this week. The report on the Perseverance mine has opened the question of insufficient power. This has long been felt, or else 10 stampers would not have taken a month to crush 250 tons of quartz. That the mine is patchy and not a defined reef, is also understood, and that, from the formation, the whole must go through the machine is a certainty, therefore large appliances must be resorted to. The question of the cheapest mode of action is the point. Steam power means expense in such a place, and the thing is to increase water. Let the shareholders look to their own mine and to economising their own motive power, and never mind the other claims. Shareholders are gloomy, but if they reflect, their position is nothing to despond about. The floating shareholders have paid only £2, and their position stands thus : — 2320 shares issued to subscribers, £4640 ; £2600 from crushings, £7240 ; paid to promoters, £600 ; balance, £6600. £1500 for machinery and £5100, less working expenses, the amount of which will be known at the meeting.

Fawcett's two stamper battery is putting through two|tons per day, without night work. The Culliford machinery will be on the ground next week.