The Sun.
London, England, 1859-11-09 00:00:00

with 30 added. Three mileo.

Theodine (Land).....walked over.

AUSTRALIAN MINING COMPANIES.

The mining mania in Australia seems likely to
excel even English experience in such matters. The
reaction of companies at Melbourne shortly before
the departure of the last mail was at the rate of about
60 per fortnight, and the rush for shares was but in-
adequately met by that supply. Of course, in this
state of affairs most departments of sober industry
were regarded with scorn, and the banks in Australia
and the shipping houses here will do well to look to
the consequences. The excitement began from a
report that the Bendigo Waterworks Company, in
excavating for their reservoirs, had found the ground
richly auriferous. Their £5 shares, with £1 paid,
went to £ll premium, and under this influence the
professional concoctors of companies commenced
operations, and were immediately rewarded by the
unlimited confidence of a public who, probably, if
these gentlemen are like this class on this side,
would not have trusted them with a shilling had
they started in any honest and moderate occupation.
Accordingly, all the land that can be supposed to
resemble that of Bendigo is being parcelled out,
and the results, as far as the promoters are concerned,
will doubtless be manifested a year or two hence
by the arrival in London of a number of " influen-
tial" gentlemen prepared to enjoy in England the
vast results of their career of colonial enterprise.
Meanwhile they appear disposed, notwithstanding
the glut of gold they promise to open up, to invite
as many contributions of the precious metal as can
be obtained from the mother country. " The un-
limited field now offered for the investment of
capital cannot," it is said, " be long neglected by
English capitalists." As the production of capital
is the business in hand, the sending out of capital
to promote it can scarcely be necessary ; but there
will probably be found many investors to whom
this fact will not be apparent. Out of a list of 20
existing companies, the shares of which in the Mel-
bourne market, according to the last quotations,
ranged between 10 cent. and 900 per cent. pre-
mium on the amount paid up, only two are yet re-
ported as having made distributions to their pro-
prietors. One of these is called the Buninyong
Gold Mining Company (Co-operative), the shares
of which, only 40 in number, are nominally of £5OO
esch, with £125 paid up. In this instance the
distribution is handsome, being £2O per share per
week, but the price is £1,300 to £1,400. Whether
the yield is likely, to continue at the same rate is,
of course, a point of uncertainty. The other is the
Clunes. Quartz Mining Company (Co-operative),
which is divided into 100 shares of £l5, and pays
£2 10s. per week on each. The latest price of
these is £165 to £l7O. The company are con-
nected with the English concern called the Port
Philip, whose £1 shares at Melbourne have con-
sequently recovered to ss. discount. Among the
projects the returns of which are still but in
- prospect, the most attractive, judging from their
▪ market value, are the " Specimen Gully," the
" Bendigo Gold Washing and Steam Puddling," the
" Coliban," and the " Sandy-creek Poverty Reef."
These are mostly at about 100 per cent. premium
on the amounts paid up, but the latter is at about
700 or 800. The nominal capitals usually range
from £5,000 to £BO,OOO. In a useful list pre-
pared by Mr. Thomas Loader, of Melbourne, it is
remarked that, in addilion to those regularly quoted,
" hundreds of others might be inserted." He also
adds that in the mining districts there are nume-
rous respectable and affluent private companies, with
capitals of from £l,OOO to £20,000 each, possessing
steam engines and extensive plant, which &re
scarcely known beyond their immediate locality, and
the shares of which are seldom in the open market.
These, doubtless, are the concerns which, from their
paying character, are thought worthy of being held
- by their proprietors instead of being magnanimously
offered to the public at large. In speaking of their
_ proceedings Mr. Loader observes, " A large capital
is not necessary for a gold mining operation." With
reference to the other schemes, however, he seems
rather to depart from this view, and to think that,
in addition to the amount that may be available in
the colony, extensive contribution from England
would be desirable.—Times.

COAL IN VICTORIA.—Messrs. Stone and Davies
have recently arrived at Melbottrnt from the Cape Pater-
son coal fields. From the report given by them it appears
that the Victoria Coal Company have succeeded in finding
two scams of coal of a very superior quality—one of the
thickness of 1 foot 2 inches, 42 feet from the surface; and
another 2 feet 2 inches, at 50 feet from the surface. By
this discovery it is found that a large quantity of coal may
be raised without incurring the expense of sinking new
shafts.—Australian
NEW SOUTH WALES V. THE THAMES.—A chal-
lenge has been forwarded to England by the friends of Mr.
R. Green, the champion puller of Port Jackson, to pull any
man in England for from £5OO to £1,000; the acceptor to
receive £125 for his exp3uses in coming out. A gentleman
in London has been instructed to make the necessary
rangemeuts.—.lustralian