The Sun.
London, England, 1853-04-30 00:00:00

MINING

GENCE.

(Frontthe Mining Journal of this day.)

The general tone of the market has been better this
week, and upon the expectation that the smelters will
not lower the standard much below 130 at present,
there have been few buyers of dividend stocks, and also
of many of the first-class progressive mines. Amongst
the latter there has been a good demand for Sidneys, at
advanced prices, and also for Pen-y-Gelli, Uny, Herod-
scombe, and Tehidy. Many of the new concerns brought
out at high premiums are very fiat. United shares are
firmer in consequence of a new tin lode having been cut,
and reported worth 301. per fm. The Nova Scotia
scheme, with its reported 900,000/. worth of copper ores
discovered, and which was at once to flood us with
metal, and ruin many of our home mines, is reported
to have ended —in smoke. The " copper" ores
are said to have been condemned by Messrs
Jehu Hitchins and Petherick as of "no commercial
value." According to the Times, the company is to be
wound up, and the capital, less the expenses, returned
to the shareholders. On the other hand, this statement
is considered to be premature—it certainly wants con-
firmation : should it, however, prove partially true, it
will be but sorry consolation to many who, upon the
faith of the names published in the prospectus as trustees
and directors, were led to buy shares at 21. and 31.
prem., though we confess we feel but little sympathy for
those who seem to, ignore the existence of bona fide
speculations at home, but eagerly run after any foreign
scheme, when even the reports are so extravagantly
absurd that, to any one acquainted with mining opera-
tions, they would carry their own refutation with them.
It is singular, too, that all these wonderful mineral dis-
coveries abroad are always made when there is a furor
for speculation in England !

In the Bullion Market—Mexican and South Ameri-
can dollars, 4s. Hid. per oz. But silver containing
gold, all gold above five grains in the pound to be paid
for ss. 18d. per oz. standard. Bar silver without gold,
ss. 18d. per oz. standard. Bar gold, 775. 9d. per oz.
standard. American eagles, 765. per oz.
In the Metal Market, tin and pig iron have sustained
a further depreciation, the former article being reduced
nominally to 51. Bs. per cwt. for English block, and
Si. 9s. for bar, both under the quoted price of Banca
and Straits, and very little business doing in either, or
in plates. The stoppage of a large speculator (Mr.
Attwood) has brought Scotch pig down to 2/. 9s. per
ton in Glasgow, and created quite a panic. All other
descriptions of iron are in fair demand, and present rates
well supported.
The gold mining share market has been firmer this
week. So far as the Californian adventures are con-
cerned, there are great indications of a revival of acti-
vity. The successful progress of the Agua Fria Com-
pany has imparted a feeling of confidence, and the share-
holders are looking out for very favourable accounts.
In the Australian • mining market the feeling has
also been firmer, in sympathy ; but with the excep-
tion of Colonial Gold, which remains in much favour,
there is no particular inquiry. On Thursday, there was
greater activity displayed, and the more favourable
descriptions of stock were in demand— the market closing
with considerable firmness. This same healthy feeling
likewise extended over the whole of the operations yes-
terday, and it is presumed that it will be some time pre-
vious to any reaction taking place. The quantity of
gold, which it is computed has been raised from the
Oven's diggings, is not less than 200,000 ozs. The num-
ber of persons calculated to be on the entire diggings is
from 7,000 to 8,000 ; of these about 6,000 are on the
Upper and Lower Spring Creek. The first Government
escort left on the 3d November, and took with it about
2,500 ozs. That which started on the 12th January had
upwards of 15,000 ozs. At the Rocky River about 110
persons were at work, who were averaging from 1/. to
2/. perman per working day.