MINING INTELLIGENCE.

Nelson Evening Mail, Volume V, Issue 274, 21 November 1870, Page 2

MINING INTELLIGENCE.

, o MR. H. J. L. AUGAKDE'S WEEKLY REPORT. Culliford Shares, £2 10s. paid. N<» transactions to record; machinery nearly.all on the ground. Work in hand progressing favorably.

Perseverance Shares, £2 paid. Business none. The Lady Barkly brought i over the results of the eighth crushing, ; viz., 102ozs. 6dwts. of gold, making about : £3000 worth received from this mine. , The extraordinary general meeting of i shareholders takes place this evening to i elect a director, lo take steps to develop /the mine, and to decide on its future action. Pioneer Shares, £8 paid. Inactive. ■ Nothiug new; no measures taken relative. iO further proving the mine. Lucky Hit Shares, £10 paid. Unaltered. Masonic Shares, £12 10s. paid. Business nil. Commercial Shares, £19 10s. paid. Shares heavy. The ten tons of stuff obtaiued, not yet gone through the Perseverance battery, owing to the limited quantiiy of water. Mount Ophir Shares, £9 paid. No business; nothing new to report. Collingwood Coal Company's Shares, i £140 paid. Beyond the reductiou in ; price of coal at the wharf at Collingwood , to 16s. 6d. there is nothiug to report. Waimea South -Quartz Crushing '■ Company, 5s paid. Transactions none. Legal Manager daily expected with machinery. Our Share market exhibits excessive dulness, wliich is attributable to a desire to sell, a total absence of speculation, and a general distrust in mining matters, in "addition to an unmistakeable lightness of money. People as a rule have embarked as far as their means will allow. The length of time required in mining investments, before a return can be looked for, tends to dishearten bona fide capitalists. Our speculative population being limited no great business can be looked for. Time, money, and patience are the only requisites required. This evening the meeting of Perseverance shareholders comes off, when the question of water, management, and workins exDenses will be brought forward. It is to be hoped that the dissatisfied feeling now existing on the part of the shareholders will be allayed, when a thorough explanation is given. Shareholders are annoyed that the water supply has not beeu up to specification, and no doubt many things were taken for granted which should have been thoroughly scrutinized. This scheme being but tbe second in tha field, and the shareholders as well as the directors not being thoroughly au fait in the matter, errors might be expected to creep in. Still no one will think for a moment that thegentlemen who compose the direction, can have acted otherwise than in good faith ; there has been no speculation, uor fluctuations whereby money could be made. It is hoped that as this miue is the first from which a return (whether payable or not, has yet to he proved) has been received, viz., £3000 from eight crushings, some course of action may be taken to economise the working management. -Let some thoroughly practical miniug engineer (surely one can be found) be sent over, to see and show how money can be saved. Of course if tbe working expenses eat up the produce, there's an end of the matter. Managing a mine requires no more talent than any other business, let business be the basis and then all difficulties will cease.