MINING INTELLIGENCE.

Nelson Evening Mail, Volume VI, Issue 19, 23 January 1871, Page 2

MINING INTELLIGENCE.

MR. H. J. L. ATJGARDE'S WEEKLY REPORT. Culliford Shares, £3 10s. Several shares on the market, but no disposition to invest. The machinery has arrived safely afc the edge of the hush, but not at the machine site. The Government cdutraUs for making and improving the roads are being carried out, and will tend to lessen the difficulties in getting everything on to the ground. Perseverance Shares, £2 . paid. Inactive; Several shares ou the market. The mine is at work, .and a -washing-up wili take place at the end oftbe month The Lady Barkly brought no gold over this time.. At the half-yearly meeting held on Monday last, a collision, occurred between the Directors, only three of whom > were, present, and the Legal Manager, relative to the finaucial positiou of the mine as regards assets, &c. -Mr. Curtis added au estimate to the statement of accounts which was not ", authorised by the directors, aud of which Mr. Sclanders, in a short speech, denied all knowledge. This has led to a direct split between the legal manager anil the board of directors, upon which Mr., Curtis has sent in: his. resignation. This places. .the directors iv a fix, as if they accept it, it is tantamount to a censure on Mr. Curtis' past actions, and if they compromise matters tbey forfeit their position and power. Now what is the position of lhe directors ? They are gentlemen* iv .whom the shareholders have implicit faith, they are at the head of the affairs of the company, they give orders, decide upon all action, and are responsible, legally as well as morally. A legal manager is* the instrument by whom their wishes are carried out. He can sue or be sued .on" -behalf of the company, carries out: all.nionetary transactions under the iorders: of: the directors,/ and is v also, a secretary.! who can make suggestions,, but not take action without ;the sanction, of the directors. He has plenty ;pf . work to: do for a salary of £100 per annum. A- man who passes largo sums of money through his.hands in calls, -.dividends, paying contracts, &c.,is in a responsible posi- • tion, and forwhich a responsible man should be selected, as well as well: paid. TheSecretaries to large Companies, . say, Gas 'Companies,., Railways^ " &c., in Eugland receive from £300 to £2000 per annum. Then the whole of their time is devofced. ; solely to the company's interest^ Such" "a 'man is hound' to find large security, or he is not admissible. . Such a .course would be the best to adopt' here. Pay a man well, comrnaud all his* ti.me,,and then -he could go backwards and "forwards to the mine, see what the worjniig manageris about, and overlook himj as well as the contracts. Ifc is hot' necessary 'that he should he a miner, but : a good; business man. Then he would be. able-, to I report errors to the Directors, 1 .which would be . soon corrected,, whereas 7 "the "present system only allows errors tb'be" known at the r half-yearly meeting. A mine wants * looking' after as- well as any oiher business. Mr. Adams has resigned his position as a director,' "as, what is 'the use. of being a director if '"a "'man cannot attend? A'--working manager should be at the mine,,. 'live there; and devote all his time' to ufc ; pay h| m well, apd if he. is not. competent, get auofher. ' This mine has been at work some time and. about £3 200 : received, yet, after yielding 10. pennyweights to the ton, it is in debt;, how ig;tliis? r , Management is the cause. Try- a different course of , working, let the mine on tribute, or breakup the Company-- The shareholders,, jas a body are most dissatisfied.'' :;':; - Collingwood Coal Company's Shares, £140 paid. Beybnd :; the : extraordinary general meeting" called for 1 ; oh the : :Bth • .February,. 1871- There is nothing ,,'ne*w-— it is-hoped-sonie-plau wiiLhiEf .adopted, by which this really bona fide meahs "of in** vestment,' ' will be taken and improved .UpOn'i-, •'; /•;;•;.; .*;;.•, '. ■ '■'..'■ . ..,.■ ',; ', 'j ' • ', ., Waimea South Quartz Cru^ing !Cqmpan;y's Shares, lbs paid. \ Machinery still at the edge of the Bush — Directors Should push and make the ; most of'thesummer, and * get , tb^ battery; , '6H the •' ground. .. *. . " "'. '.'-'•__..;..,'. ,^r | : Doran's 1 Goldmining ' Company's Shares, £1 paid. Machinery is in a ; state of" forwardness, and Mr. ;Moii_ray is pushing a-head with it. ; , Th 6 Legal Manager has gone to Auckland Jto seek information relative to wire tramways, : &c. ; Mr. Henry wen U'or the same purpose some time since/ oh; ;b,ehalf : of the .Cuiliford '. Compkby.' Gould ho; statistjes ;; be/ .obtained in. Njelson ? ;;; \ . Sutherland Goldmining (i C6MPANi?J S^ares^' £V paid. '' A_ ,! . l^stampeF battery, shafting for additional stampe(s|l : { iron wheel 36 . feet, in diameter, Bee, purchased from the Auckland Foundry, for £980. ' Tlie ilnichinSry is placed on theground aiid 'erected oh ; 'the machine site for the money, the Company only pay

carting from Blenheim to the site. This Company has amended the charges on transfer of shares, and now 2s. 6d. covers ; all fees on any transfer of shares. Pioneer 'Shakes, £8 paid. Lucky Hit Shares, £10 paid. , Masonic Shares, £12 10s. paid. Mount Ophir Shares, £9 paid, and Commercial Shares, £19 15s. paid. Nothing doing. Nothing to record in shares. The chief matter of interest is Mr. Curtis's resignation of the legal .managership of tbe'Perseverance mine, which if accepted, will lead no doubt to a modified management of mining companies generally. Shareholders are gettiug dissatisfied with all our companies, as the calls are telling, aod shares becoming heavier on hand.