THE PERSEVERANCE COMPANY.

Nelson Evening Mail, Volume VI, Issue 26, 30 January 1872, Page 4

THE PERSEVERANCE COMPANY.

To The Editok of the Nelson Evening Mail. Sißrr-The directors of the Perseverance Mining Company, in their last report, after stating the number of tons of quartz that were available, and the quantity

crushed, aud that the remainder was not worth crushing, say : — "But several of the late crushings were so unfavorable lhafc. they not only absorbed all surplus from previous OQee, but have entailed a large overdraft at the bank." The accounts as published clearly show this statement to be incorrect. The balance due to the bank at the end of the last half-year was £467 1 9s. Id, this half-year it is £770 I9s. od. Take the Dr. and Cr. side ot Profit | and Loss account, as follows ; —

It wll! be seen that all the items that can be fairly charged against minioe and crushing the quartz that yielded £3179 6s. 2d. worth of gold amount to £2765 4s. 7d., and a profit of £414 Is. 7d. is shown instead of a loss. Working materials, amounting to £214 6s. 3d., I have put down in the expense of mining and crushing the quartz, but without further information it is impossible to say if it is right to do so, for instance, there is no mention in the assets of any working materials on hand, and there must be, I should think, nearly this amount in value always on hand. The statement above referred to should read : — "lnduced by favorable crushings, your directors resolved to increase the battery by ten additional stampers, and the payment in connection therewith, amounting to £568 sa, 7d., entailed an increase of the overdraft at the bank." Have the Company no stationery, books, stamped forms of orders, or other property on hand that should appear in the assets ? The directors' report really gives us uo information, and the very appearance of the accounts as published shows that the books of the company must be kept on a wrong principle. If from other engagements, or want of knowledge, the directors cannot look after our affairs any better then they have hitherto done, they should follow the example of Mr. J. C. Richmond and resign as soon as possible, and not by neglect or incompetence induce persons to part with their shares in what may be, for all the directors seem to know or seem disposed to find out, a very valuable property. They would do well to remodel the accounts and reports, and to see that the one is a true statement of "tbe affairs of the company, and that the other contains some information that the shareholders can depend upon. I* am, &c, A Shabeholdbk.

Drought. — Several rivers in Otajro have disappeared, owiotr to the drought. The Kakauui can be stepped across, and ihere is no water in the Sliasr except at the fish ponds. The Otepopo and Waianakarua may be crossed dryshod. The Big Kuri, Sbag, and Kuhalo have long ceaseJ to run. Don't bother editors wheu they are busy. Quilp stepped in to the Imperial sanctum this morning to ask what he'd better write about. "Write about?" growled the disgusted chief; "I think you had better right-about-face ! " — and ] he diJ.

£ s. d. . Balance from last half-year ... 2688 18 3 Expenses fairly chargeable to raining and crushing quartz: — £ s. d. Working materials 214 6 3 Timber 119 14 9 Wages and salaries 569 0 1 Stoping quartz ... 1416 10 II Truckage of do 132 3 9 Miscellaneous expenses 119 17 4 Maintenance of water supply ... 19311 6 £2765 4 7 Expenses not chargeable to raining and crushing quartz : — £ s. a. Depreciation for half-year in mining plant 158 11 0 Do., do, do 36 18 0 Half-yearlydeduction on preliminary expenses 11 9 6 Rent of mine for one year ... 15 0 0 Bain, for surveys 18 18 0 Balance on increase of water supply ... 220 5 6 Winze, No. 3 Drive 10 12 0 471 14 0 Total £5925 16 10