THE GREAT NORTHERN COPPER COM-

Colonist, Volume III, Issue 243, 17 February 1860, Page 3

THE GREAT NORTHERN COPPER COM-

PANY OF SOUTH AUSTRALIA. In reference to this undertaking the Sydney Morning Herald has the following, leading article:— " Among the commercial items of intelligence brought by the last mail! is the fact that, contemporaneously with the successful placing of nearly half a million's worth of Victoria bonds, a further sura of money was enlisted in Australian adventure in, the shape of capital subscribed, for the Great Northern Copper Company of South Australia; but the scheme seems to have been launched under circumstances which have expited:a good deal of discussion in: money circles in London, and to have engaged the attention of the Times. South Australia has long been noted for its richness in copper ore. The celebrated Burra Burra mine, the five pounds shares of which were at one time easily saleable' for two hundred pounds, and which still yield four dividends a year of cent per cent each, was the means of redeeming the colony from its early embarrasment. But this very success created a reaction; scores of mushroom mining companies were started, in all directions, and the scanty and much-needed capital of the colonists was withdrawn from trade, and sunk in unremunerative shafts. Then came the gold-diggings, with the absorption of labor in mining for a more precious metal than copper; and the greater attention bestowed upon agriculture threw the once popular mining enterprises into the shade. But of late, under the influence of bad harvests and fluctuating prices for flour the old spirit of mining adventure revived. Local capital has been attracted to the resumption of the workings in neglected_rnines of modest repute* and one or two attempts have been made to get up English companies. A successful attempt of this sort was lately made by the sale of a mineral estate of alleged richness to a company called the North Rhine Copper Mining Company, and the ease witli which this feat was effected has perhaps encouraged the second effort in the same line. And the sellers of the Great Northern Copper Mine have been equally fortunate in finding purchasers for their rights. For some time past it has been known that the indications of copper mines were not confined to the settled districts of South Australia, but that far northward, among the distant runs of squatters signs of similar wealth were to be seen. The Government, in order to encourage prospecting on the part of intelligent miners, had passed -an act for leasing mineral lands to discoverers who applied for them, for experience had shown that if a section rumored to be mineral were put up in the usual way, the price would be run up by competition to an extravagant amount. Mr. Chambers, a northern squatter, in company with Mr. Firike, took out leases for mining sections at a spot one hundred and forty miles to the north of Port Augusta, the shipping place at the head of Spencer's gulf, and it is these leases which an English company has now been got up to purchase. Some notoriety was attached to these leases from the fact that as soon as they were issued an excabinet minister who had resigned his seat vanishe<d to England for the purpose of negotiating the sale, and that no sooner was he off than it was found that the Minister for Lands who had granted the leases, and who now figures as one of-the colonial directors of the concern, had i^ued them in an illegal form, granting greater privileges in the length of term and the conditions of renewal than it was at all the intention of Parliament to confer. There was a hubbub in the General Assembly about it, the error was clearly proved, and the Cabinet was obliged to sacrifice their offending brother* Messages and telegrams were despatched by the succeeding mail to the Colonial Agent in England, enjoining him to advertise at once the illegality of the leases, and warning all people to have nothing to do with them. But prompt as this action was, the seller had a month's start, .and took good care not to let the grass grow under his feet, and the colonists were not a little surprised to hear that very soon after he landed he had negotiated the sale of the land for the heavy sum of £70,000. The announcement by the Government agent that the leases were illegal, of course, led to a long correspondence in the local press, in which insinuations of sharp practice on the one side, and of repudiation on the other, were not wanting. The quarrel, however, was finally settled by the lessees succumbing and agreeing to surrender their titles, and accept fresh leases according to the act, and on this basis the sale of ithe property appears tojhave beenjcompleted. The leases comprise eleven sections ;x>£ 80 acres each, the term of the lease being fourteen years, renewable for a similar term on payment of a fine. The price given to the lessees for their right is £70,000, of which £25,000 is given in cash, and £45,000 in shares. The company's capital is fixed at £160,000, in shares of £2, but nothing more than a call of 10s. a share, will it is said, be wanted.

A " South Australian," of eighteen years' colonial experience, and who has had much to do with mining matters there, writes to the Times, protesting against the thoughtless and random way in whicn the money for this enterprise has been subscribed. Nothing is known, he says, as to the/real value of the mine, or the cost of working it, and if the property is really so valuable and yet only wants £40,000 to work it, the colonists might have managed to scrape up that amount amongst them, and keep the profits amongst themselves. To this it was replied that the Burra Burra Company had made a large offer foe the property, and had leased a con;iguqus section; but it appears that the offer they made was not to half the amount asked in London, and it would seem to be a fair inference that if they who v/ere on the spot, and who were experienced in colonial mining, and who ia<s probably Qausjed the ground tQ be

carefully inspected, would not offer beyond a certain sum, that the English capitalists who,gave:twice as much, have paid rather too dear for their whistle. It may turn out that high as -is the price they gave, they may after all have' made a good bargain. Mining is proverbially a very uncertain pursuit, and now and then turns out splejaded prizes to contrast with the too numerous blanks. But, however this may be, the fact still remains,' as " South Australian" has stated, that the purchase has been made in the dark. The only detailed report of the mines is that furnished by one of the sellers, which was displayed in all its glory in the, prospectus. ** South Australian" suggests that before English companies are so ready to purchase colonial properties taken to London for sale, that they, should send out trustworthy agents to inquire, respect, and report, and * ascertain not only the truth as to the richness of mines, but as to all the other considerations which go to affect dividends, such as the cost of carriage and fuel, and the price of labor.

Certain it is that ignorance is the great obstacle to the judicious investment of English capital in these colonies. 1 Boria fide investments of real worth and utility often go begging in vain, while more plausible, but at the same time more dubious, speculations, carry off the prize. And every such venture that turns' out unsuccessful increases the suspicious reaction against everything colonial, so that, instead of a steady, flow of capital from the old country to the new," commensurate ,with the growing development of the colony, we see only an alternation of exaggerated and unreasonable anticipations, and of equally unreasonable suspicion. There is indefinite scope for the application of foreign capital in the opening up the resources of these colonies; but to effect this judiciously, and with profit to both parties; requires intelligence on the one side, as well as honesty on the other.

Fearful Accident in Sydney.—The recent election has been signalised by a catastrophe of so alarming a character that it will long be remembered by the citizens of Sydney. As soon as the state of the poll had been declared yesterday evening at the hustings erected on the race-course, a few of the more ardent supporters of Mr. Faucett harnessed themselves to, that gentleman's vehicle, determining to giv« him a triumphal progress to his committee rooms. Upon arriving at Mr. Fox's public house, at the corner of Castlereagh and King streets, Mr. Faucett, followed by a number of gentlemen, proceeded to the balcony of the house, and addressed the assemblage outside. The balcony was most inconveniently crowded, and there could not have been less.than sixty people upon it. Mr. Faucett having just concluded hia address, had just retired, when Mr. R. Scott Boss proceeded to commence a speech. He had not uttered half a dozen words before the balcony gave way, and the whole of the people on it were precipitated into the street beneath. The scene for a few moments beggars description. The lookers on appeared for a brief time paralyzed, and many turned away too much frightened to attempt to render any assistance to the sufferers. Some of those who thus unexpectedly, found themselves on terra firma walked away with only a few bruises others were too much injured to rise without assistance; *In the midst of the excitement an apparently drunkenman drove up in a gig at a rapid rate amongst the'crowd, dispersing them in all directions. His recklessness was,' however, we believe, productive of no accident. It is difficult to arrive at an approximation of the exact number of people injured, as some, were taken at once to their homes, and others were slightly hurt, being in a position to walk away after the occurrence. About half-a dozen were received into the Infirmary, two of whom are very severely injured. One ,of these, a woman, whose. name we could not ascertain was standing under the balcony at the time of the occurrence. Some of the wounded were taken into Mr. Fox's public house, and there received medical treatment; others were taken to Mr. Kirschenbaum's, the apothecary, whose shop adjoins the Prince of Wales Theatre. One little boy whose leg was.broken, we beard was taken to Dr. Bland's residence1 where his wounds were dressed. Mr. Roberts, the solicitor, was amongst those on the balcony at the time of the accident, but escape;! apparently wilh : comparatively slight injuries, Mr. J\if'Keon was one of the party precipitated into the street, and received some severe hurts from others falling upon him. No deaths have as yet resulted from the accident but, from all we could learn, the woman above referred to is in a very precarious condition. The greatest excitement prevailsd in the neighborhood of the accident during the whole of last evening, and the crowd did not disperse until a late hour.— Era, January 21,