The Sun.
London, England, 1852-10-30 00:00:00

We have the pleasure to inform you that, last
evening, while the board was sitting, we received a
dispatch from Sir H. Huntley, relative to the Dicksburg
property (dated the 15th of Sept.), announcing the gra-
ti!ying fact of the completion of the purchase. The fol-
lowing extract from the dispatch will be received with
much satisfaction by the shareholders:—' The whole
property was examined by Captain Davies, and the
quartz of every lode tried. Each trial gave a satis-
factory result, and some of them were extremely rich.'
There :can be no doubt that the Anglo-Californian
Curnpar:l have now a location vieond to none in di&
count:y it is held under the best tenure existing,
namely, property purchased from American citizens,
who have recorded their possession of it according to
the mining rules of the district ; and these rules are
supported by legislative enactment, and are recognized
by the courts of law throughout the state. Of the
apparent richness of the lodes Mr. Davies has already
given his report, and it is only necessary to say that
his opinions are founded upon forty years' experience in
the mines of three different nations."

A SIIAREITOLDER—Is the Dieksburg property pur-
chased in fee?

The CHAIRMAN replied in the affirmative.

The SHAREHOLDER—That is so far satisfactory.
A SHAREHOLDER observed that the other lands in the

possession of the company had only been obtained for a

period of five years. He wished to know if there was

any right of renewal, as the company might be put to
great expense in erecting buildings and machinery on
the land ?

The CHAIRMAN said Sir H. Huntley had found that it
was impossible to bind the American company for a
longer period, but than was this advantage that at the

end of the five years they were perfectly free, and could
givo up the mines if unsuccessful; while, if the contrary

should happen, in all probability they would have an
opportunity of either purchasing the land, or of renew-
ing the lease for a much longer term. (Hear.)
The SHAREHOLDER said it appeared from the accounts
received from California, that great hopes were enter-
tained that the local legislature would abolish the re-
striction limiting the duration of leases in their next
session.

The CHAIRMAN said, whatever that might be, ho had
❑o doubt that satisfactory terms would be made with the
American company at tho expiration of the term. On
the whole, he thought the directors had to present to
the shareholders a most satisfactory state of things, and
not the least ground for congratulation was the fact that
this company was established under the salutary provi-
sions of the Joint Stock Company's Act, which afforded
a great protection to the shareholders. Some of the ad-
vantages of being registered under that Act, it might be
right to mention. The shares could be transferred with-
out the slightest difficulty, and no shareholder could be
made responsible for the liabilities, except in company
with all the others. Then the management of the whole
affairs of the Society were virtually placed in the hands
of the Shareholders, the Directors forming merely the
executive to carry out their commands, and if they did
not fulfil the requirements of the Act they would be
subject to the pains and penalties of misdemeanour.
Every transaction was carefully entered in the Company'.
hooks, 'and if any of the shareholders entertained any

doubt as:to the conduct of the Directory, all they had to
do was to summon a special roLetine and h^vn all tho
books placed before them. Those, ho conceived, were
♦ery great advantages. There might bo some who
thought that unnecessary delay had taken place in com-
mencing mining operations in California; but on that
head he considered the details in the report wore suffi

cient to satisfy any reasanablo person. It sometimes
happened, thlt most fallacious ideas wore entertained in
rogard to gold mining in California. It was supposed by
many, that as soon as the machinery was landed, the

yield of gold would commence. That was, however, a
mistake. Many things had to be done before they could
begin crushing rock. First, the land had to be selected, and
ready money sent out for its purchase. Then a great
deal of legal matter had to bo got through, which oc-
cupied as much time in California as in this country;

and finally, the necessary buildings had to be erected
for carrying on their operations. He had no doubt that
at the time ho now spoke, everything was complete,
and that in November, or as soon as the weather per-
mitted, the crushing of rock and the other proceedings
would go on with the same rapidity as in the mining
districts of England. At the outset, they (the Directors)
thought the delays that had taken place would be preju-
dicial to the company; but a change had since come over
their minds, for they were of opinion that if they had
had commenced crushing quartz, instead of, in the first
instance, looking about for a property which the com-
pany could call its own, they would now have been in a
mush less favourable position. (Hear.) The purchase
of the Dicksburg estate had been a most successful trans-
action. Comparisons were said to be odious; but, with-
out wishing to act invidiously, he could not refrain from
drawing a comparison between this and two other mining
companies in California—the Nouveaux Monde and the
Carson's Creek Companies. He was quite satisfied that
these companies would be most successful, though dif-
ferently constituted to the Anglo-Saxon Company; but
while he said this, he was equally convinced that the
latter company would he much more successful.
A SHAREHOLDER—For the reason that we have no
American shareholders to divide the proceeds with us.
The CHAIRMAN said the hon. proprietor was perfectly
correct. Take, for example, the Carson's Creek Com-
pany. When they acquired any gold, 40 per cent. had
to be given to the English, and 60 per cent to the Ameri-
can shareholders. Now, by making an absolute pur-
chase. of the Dieksbarg property, the whole of the pro-
fits would go to the shareholders in this company.
A SHAREHOLDER asked if the land was subject to any
royalty ?
The CHAIRMAN.—None whatever. The Carson's
Creek Company, and he believed with perfect truth,
anticipated making 78,000/. a year by their mining
operations; of that 38,0004 would go to the shareholders
in England, and the remaining 40,0001. to the American
shareholders. The calculations made by that company
were bused on the number of tons they could crush in the
year, and the average yield of gold in each ton. The
yield varied from 30oz to 2oz a ton. We estimated that
the Anglo-Saxon Company, after paying for the Dicks-
burg estate, would have nine-tenths of the profits left for
division among the proprietors. The Nouveaux Monde
Company, by the terms of their arrangement, would
have to pay the American Company, from whom they
held their land, 30,0001 a year before they could declare
any dividend. Bat this company was not fettered by
such a partnership, and theretore, after paying the ex-
penses of working, the remainder, as he before intimated,
would be entirely their own. (Cheers.) He attributed
their good fortune in obtaining the Dickshurg preperty
would
not
entirely to the zeal and activity of Sir H. Huntley, to
his undoubted high character, and to his long experience
in California. (Cheers.) It he (the Chairman) were
wholly misinformed, in less than two years, the property
would be worth at least 50,000/, which sum they
have no difficulty in getting, should they be disposed to
sell the land. (Cheers.) He concluded by moving the
adoption of the report.
Mr. ASHTON seconded the motion.
Mr. RICHARD BARKER, of Whitohaven, congratulated
the shareholders upon the satisfactory nature of the
report. For twenty years ho had been more or less en-
gaged upon mining speculations in Cumberland, and he
could, therefore, speak from experience upon many
points connected with this company. He was rejoiced to
hear that the machinery was rapidly approaching com-
pletion, for that circumstance would enable them to crush
for others as well as themselves. He came now to the
question of royalty. He was glad to hear that the tenure
of their mines was fixed and certain, and he had but
little doubt that with honest and energetic managers, the
property would ultimately prove highly remunerative.
According to the best calculations, the yield of gold in
quartz varied from 3d. to3s. Id., but he would take the
lowest figure, and, allowing 50 tons a day by the ma-
chinery, with 200 working days in the year, they would
get an annual return of 320,0001. That might appear
to be a large sum; but, according to the best authorities,
Californian quartz yields from four to 25 pounds of gold
in a ton, and if they took the lowest of these figures as
the basis of their calculations, the profit would be eque
to 40,000/. a year. There could be no question, however,
that the gold improved as the mines got deep( r into the
earth ; in fact it extended even to veins—and, from let-
ters which he had received from California, he was con-
vinced the return of profit, would be much greater than
ho had just estimated. (Cheers.) Ho, therefore, con-
gratulated the shareholders upon the state of their pros-
pects, and thanked the directors meat heart, for the