MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 268, 15 November 1870, Page 2

MINING INTELLIGENCE.

MR. h; j. l. augarde' s weekly report. Culliford Shares, £2 10s. paid. A few shares changed hands at £2 5s — £1 17s. 6d.paid. Work progressing. Mr. Henry's Report will be published this week. Tbe machinery is fully expected to have arrived on the ground ere this, but nothing positive is known. It is anticipated that a crushing will be obtained before 1870 expires. A full call must be looked for, as the working^expenses are beginning to tell. s^ rr r

Perseverance Shares, £2 paid. No disposition for business. Indeed until the shareholders' meeting, called for the 21st instant, comes off, none need be expected. The Lady Barkly arrived on Saturday afternoon, bringing gold, but not from the Perseverance. Tho mine was being worked. The next trip of the steamer will bring the returns of the eighth crushing. Pioseer Shares, £8 paid. Inactive. The report of Captain Cock is in print. It is a careful exposition of the mine He says that a deal of experimental work has to be done to satisfactorily prove the mine, which will require money. _. Under existing circumstances this mine will most likely have to lay by for some time. Our money market being limited we must look to foreign capital. Lucky Hit Shares, £10 paid. Business nil. Collingwood Coal Company Shares, £140. Inactive. Weekly arrivals and ready sale. Masonic Shares, £12 10s. paid. Nothing new. Commercial Shares, £18 paid. Dormant, awaiting returns from the ten tons of stuff to go through the Perseverance battery. Mount Ophir, Shares, £9 paid. Inactive. j Awaiting future action. Waimea South Quartz Crushing Company, 5s paid. Call of 5s due on the 15th. Waiting arrival of machinery. Our Share market does not offer any inducement to investors this week. The Pioneer report is issued. To prove the mine before you can put the matter in such a business form as | will induce foreign capitalists to speculate therein I will require money, which the present proprietors do not seem inclined to part with. This is to be deplored, as £8 per share is already paid, representing a capital ot £1200, which surely will not be allowed to be uselessly sunk, and so shelve the Company. We cannot expect strangers to assist us unless we help ourselves, and it is no use seeking aid from business men unless we ask in a business form. As the mine stands, what would be the use of putting it on the stock exchange in London? The London market has had enough of the Dun Mountain Company. Any Company seeking aid from the London market must have something more substantial and with a greater amount of development than the Pioneer mine, as it stands at present. The return of the eighth crushing from the Perseverance mine we shall have over about the 16th instant, which will bring the returns up to £3000 or over, on an outlay of called-up capital of £4640. This is a pleasing fact, and proves that the mine gives a fair return, whaterer errors there may be in management. The great question of insufficiency of the waterpower comes on at the next meeting. A difficulty having arisen between the promoters and shareholders concerning the water supply stated in the prospectus, it will no doubt ba best to at once appeal to the shareholders. It is not a question of law, it is a question of equity, the deed of association saying nothing about the quantity of water. It is clear that an equitable arrangement will have to be arrived at. Wangapeka is looking well. The Culliford Company is hard at work ; a crushing may be looked for this year. Fawcett's two-stamper battery is working well, with what results is at present unknown. On the arrival of the dailyexpected machinery, our inland reefs will be proved, and the resources of the country better known.