THE Thames Guardian AND MINING RECORD. TUESDAY, JANUARY 16, 1872.

Thames Guardian and Mining Record, Volume I, Issue 84, 16 January 1872, Page 2

THE Thames Guardian AND MINING RECORD. TUESDAY , JANUARY 16, 1872.

We arc informed that many of tlic shareholders in tire Alburnia G.M.C. are not very well pleased with the proposal to call up the balance of capital —some £2,700, or 13s (id per share—and they not unnaturally ask what is going to be done w.itli the money, and what will become of the mine ? The proceeds of the call, after paying oft the company’s liabilities, will leave only £,'(oo in hand, and if gold is not struck in paying quantities, that sum will not last long. It is not very long ago that Mr John Rowe, the manager, was going about with a lot of specimens in his pocket, telling people that the Alburnia was about the most splendid thing on the field, second only to the Caledonian ; and on the strength of his specimens and his eloquence, many persons bought in. He himself said be had bought in to the extent of his last shilling', or words to that effect. All that was wanting, Mr Rowe said, was “ machinery,” and machinery was accordingly erected. The working of the mine was still proceeded with, and good looking stuff was obtained. We arc informed that for some reason or other thev commenced, crushing poorer stuff —at this time they had plenty of water ; now it is scarce. Mr Rowe, we understand, says very rich stuff that at that time they had to grass, which is now being tested at the“ Herald” battery with a very good result, and that il they went on crushing they would soon have enough to pay off all the company’s liabilities, and probable to pay a dividend as well. Xow, if this is correct it certainly seems z.n odd thing to be calling up ail the capital ; and the shareholders—many of them at all events — say it is bringing the mine to the door of the Official Agent’s Office to be wound up and sold; and they ask if we arc going to have another edition of what happened next door to them not long ago in the Ballarat and Clunes business ? Tim directors say they haAO made this call with great reluctance, and as the circular says, “ only when they saw no other course open : the great scarcity of water during this unusually dry season has prevented the company deriving'the full benefit they expected from the recently erected much in erv. The scarcity of water and the appointment of a new manager,. Mr ■lames dribble, to take* charge ot the works in about three weeks’ time, has induced.the directors to suspend operations in the mine until Mr Gribble takes charge.” This certainly cannot be regarded as a, satisfactory explanation, why not suspend operations until they have water? We arc not at all surprised that it has caused considerable grumbling amongst the shareholders. Those who believe the property to be a good one do not like the prospect before tiiem ol being swallowed up by some speculator as was their unfortunate neighbor! r—the Ballarat not long ago. It is for the public good that this matter should have full publicity, for it is .of the utmost importance that all mining matters should bo tra.nasacted “on the square” as far as possible. The credit of the field has suffered not a little in the eves of Australian capitalists in consequence of the many “ugly” things that have been done here and in Auckland —especially in Auckland—in reference fo mining interests on the Thames. We should t be sorry to see the shareholders’ pi operty in this or any other mine need lesslv brought to hammer, and that thi; 5 will be the proliable result of the calling up of the capital on the Alburn ia appears not at all unlikely. The c all, wo observe, is made payable on the oOtli instant, but probably it is not too late for the Directors to alter tliei rdecission if they find it adverse to tin ? wishes and interests of the shard lohlers, and prejudicial to the interests of the mine. Several letters have appeared in the newspapers on the subject, written evidently by -bona fide” shareholders, and one ami all condemn the proposal as suicidal to the interests ol the Alburnia. We have not seen one letter in support of the movement. We trust that the publicity we have given to the matter will stir up the j shareholders to look after their own j interests vigorously, and induce the | Directors to pause ere they commit an j act which will in all probability lead to the speedv winding up of Alburnia Gold Mining Company.