THE WEEK.

Thames Star, Volume VII, Issue 2111, 9 October 1875, Page 2

THE WEEK.

As a consequence of there being nothing else of an exciting or even interesting character in the mining world this week, the stoppage of the Bright Smile has monpolised a large share of attention. After last week's review was in type a meeting of creditors of the Bright Smile Company was held, and after discussing the position and prospects of the company it was almost unanimusly agreed that the wisest course to pursue was to let the Bank—or rather the Loan and.Mercantile Company—take possession of the mine and battery, the said company being by far the largest creditor. The total amount of the liabilities of the company is put down at £21,000 in round numbers. A large sum for a company to owe, but really small if the prospects of the mine are what, ? they have been represented, especially when it is considered that the greater part of these liabilities have been incurred in the erection of the battery, tramway, and other works, which ought to be now good assets, unless there has been displayed a culpable want of judgment in the expenditure. But, assuming that the expenditure has been judicious (and the corporation which supplied the funds ought to be responsible for this), making every allowance for ordinary depreciation, the property of the Bright Smile Company ought to be of such a valuable nature that creditors should not suffer to any great extent. Without taking the mine resources into consideration, the working plant ought to be worth nearly as much as it cost, because it is quite new. Then if the mine should be again worked with present appliances, and with economy, the product ought to go far towards recouping shareholders besides paying off present liabilities. All these points have been canvassed over and over again, and there are those who say the company can be reinstated in its former position if the management should be conducted wisely. But all admit that the present crisis is one which will force the settlement of the drainage question. On a former occasion when the'pump was stopped the Bright Smile directors yielded to the pressure of public opinion and resumed pumping operations before any definite arrangement had been come to for contributions from adjoining mines, and some say that had the directors remained firm then and refused to recommence pumping until their terms had been agreed to, they would not have found themselves in the position they occupy at present. It is more than probable that if the adjoining or surrounding claims had met them in a more liberal spirit—or even acted up to the letter of the agreement entered into, the Bright Smile would have been much better off to-day. But it is useless speculating on probabilities. The mine and its management are now in the hands of those who will not be influenced by considerations of a local nature, and who will be obdurate to tho representations of public opinion. Until proper arrangements are completed for a fair contribution from the parties interested towards the pumping expenses, very little hopes can be entertained that tho pumping will be resumed. The consequences of a lengthened stoppage of these works will be almost calamitous, and at present there is no definite ! plan proposed to avert these consequences. The mine and works are being made snug and secure ; the "party in possession " evidently mean to bide their time ; and when the time comes that they can enforce their terms they will doubtless be much harder than if a fair arrangement had been ! come to with the Bright Smile Company. I Meantime shareholders of the latter may . find consolation in the knowledge that if the worst shall come they have a liability of twelve and sixpence per share hanging over their heads, every penny of which will no doubt be exacted to make up any deficiency which may arise from depreciation of their property by a lengthened suspension and probable forced sale. Would it not be better to face the difficulty at once and see if an arrangement cannot be come to satisfactory to all parties ? In general mining there' has been little this week to call for notice. The sharemarket quotations and the gold returns are a very good index to the state of mining, and to-day neither report is of a very favorable character. All descriptions of stock have been depressed, and but for the monthly returns of one or two companies coming into this week's returns, the latter

would make a poor show. The following are the GOLD EETUKNS.

tfAiro of Company. oz. dwt. grs. Black Angel (No. 3 Tribute) 9 9 0 Little Lizzie 35 10 6 Waiotahi 88 5 0 Last Chance 12 8 0 SoldenAge (tribute) ... 11 12 0 Dauntless and Sink to liise (Tribute) 91 0. 0 Abolition 1 12 0 Cure 583 7 0 Una (Tribute) 44 8 0 A.lbion 116 6 0 Red, White and Blue (Tribute) 43 8 0 Queen of the May 52 7 0 Windsor Castle (Cooney's Tribute) 29 5 0 Bendfgo Independent (Trib.) 9 3 0 South Devon (Tribute) ... 916 0 Moanatairi 177 16 0 Total 1315 12 6