The Sun.
London, England, 1853-04-09 00:00:00

MINING INTELLIGENCE.

(From the Mining Journal of this day.)
There has been a better market this week for shares
' generally, and during the last day or two some very
' heavy transactions have taken place—Alfred Consols,
' West Providence, and Keswick having been the shares
most largely dealt in. Copper is not so firm, but we do
' not anticiplte any great fall at present ; for even with
the raking up of halvans and refuse at the different
mines, to swell the number of tons offered at the weekly
ticketings, the supply is very small, and would be much
more reduced were the price lessened, so as to render
the halvans valueless. The quantity of this refuse ore
being sold is very considerable, and the supply of
copper is very far short of the demand Lead is
not quite so firm. The new project of the
Chancellor of the Exchequer for issuing Treasury
Bonds at 2, per cent., and which it is generally
supposed will, sooner or later, end in a reduction of the
rate of interest in consols, is likely to have its influence
on the mining market, as some of the most influential
members of the Stock Exchange. we are informed, have
deternaii.e 1, if they can, to introduce and make a market
for dividend mines in the house. This, if carried out,
will have the effect of bringing more capitalists into the
market, and consequently of raising the price of shares.
We are glad to see this move in the right direction ;
for the conduct of the Stock Exchange in regard to
mining has always appeared to us somewhat anomalous.
They have for years admitted (not their " Official
List") foreign schemes of questionable character, and
the veriest bubbles of mining, but have seemed to ignore
the existence of the bond fide companies—stich as
Devon Great Consols, Basset, Buller, and others, pay-
ing the highest rate of interest of any known investment,
To judge of the effect likely to be produced on mining
property by this contemplated movement, we must look
at the present state and number of dividend mines, and
the manner in which shares are held ; and in doing so
we are disposed to think that it will be almost impossible
to get a regular market, such as we have for stocks and
and railway shares ; and for this reason,—in the latter
description of property there are always jobbers and
dealers, holding a large stock, and always ready to
t"onmake prices" with the brokers, and having no object-
i, as occasion may serve, to " bull" or "bear" a
little. Now, in dividend mines, having only 256 shares,
how is it possible to do this ? We can fancy the condi-
tion of the poor stockbroker, or jobber, with the temerity
to "bear" a Buller share, when at 1,3001. ! In the divi-
dend mine share-list, we have about 90 mines—of which
some 70 are paying. dividends, hi-monthly or quarterly.
The dividends on 15 of them for the month of March
amounted to 42,1851. The majority of these mines are
in 256, 512, and 1,024 shares, and held principally at
low prices, by private capitalists and country gentle-
men, who know little of mining, but purchased through
the recommendations of • the principal mining agents,
11 and through whom only it is but fair to assume will the
shares be obtainable, should any great demand arise,
It appears to us, therefore, that now is the time that an
arrangement, such as we advocated many months since,
should be come to between the leading dealers in the
mining market and the members of the Stock Exchange
—an arrangement which would facilitate business, ex-
tend the area of mining operations, and tend to encou-
rage truly legitimate speculation.
In the Bullion Market,—Dollars, 4s. llEd. per oz.
Bar silver, ss. 11d. per oz. standard. Bar silver holding
5 grs. gold, ss. 18 d. per oz. standard. Bar gold, 778. 9d.
per oz. standard. Fine cake silver, ss. 41. per oz.
In the Metal Market, during the week prices have
generally retrograded, as we intimated likely to be the
case in the Journal of the 26th March. Still there
is no occasion for alarm, should even a further re-
duction take place, for the advance has been so unpre-
cedently quick, that a reaction ought to be anticipated,
and the sooner we arrive at a steady market and
remunerative price, the better it will be for the miner,
manufacturer, and consumer. Copper ore at the Swan-
sea sale, on Tuesday last, sustained a fall of 7 per cent.
in the standard, and we hear of business doing at less
than the quoted rates, the demand for it at present being
considerably lessened. Tin and tin plates are also to be
purchased at a reduced price, probably from the approach
of the Dutch sale in August next—about the quantity
then to be brought forward there are very conflicting
statements. Transactions in lead and spelter are not
quite so numerous as they were—the latter article has
fallen 10s, per ton. Scotch pig-iron is ls. Bd. per ton
less than last week.

GOLD MlNES.—There has been a re-action this week
in gold mines; and, altogether, this description of stock
is regarded more favourably than for some period since.
Early in the week, Peel River Shares were flat, owing
to the large number which were in the market. The
supply of Great Nugget Vein Shares, combined with the
unfavourable news from the Port Philip Company, on
Monday, caused a general flatness in all stock—the only
exception being Anglo-Californians, which were better.
On the following day, Yuba River and Great Nugget
Vein were in favour, and an improvement was decidedly
felt throughout the market. This was further increased
on Wednesday, owing to the improved appearance of
other speculations in the Stock Exchange. Great Nug-
get Vein was up to 24 prem. ; Colonial Gold, 2k to 24
prem. ; and Peel River, 6i to 6i prem.