The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-03-23

prise have not been in vain but have resulted in esab
hshing the real intrinsic value of the mine.
This point being settled to the satisfaction OF the trus
tees the to be pursued by the self
evident To abandon the enterprise upon the OF
cess would be madness, other parties would most
suredy continue the work and reap reward almost
within your grasp The facilities for working this mine
are complete every part they caused heavy ex
pendture but further outlay is required except for
actual labor and moderate contingent expenses that
in q few months at comparatively small cost the re-
turns cannot fail to be very large
It is necessary however, that prompt measures be
adopted by clause in the lease Of the mine obtained
from Mr. Parish he take possession the property
for non pay ment OF arrears Of rent. These
due to him the first Of January last he has
extended the period of forfeiture to first Of April next
when, should nothing in the mean time be done by this
company eecually to prosecute the works. he will FORE
close, and all will be lost.
This address made by one who has deep interest
in the Of the enterprise who has held on to his
stock through good report and bad report and who is
required entertaining, he does, full confidence
that the property will not only be saved from present
foreclosure but that every reasonable org
nay entertained by the stockholders will thereby shortly
be realized
The following is the opinion of j. D. Whitney, United
States geologist:-
Such being the facts with regard to these veins it may
very properly asked how there can be- by any posi-
biity lack Of capital to carry on mining operation
already being crowned with sucoessf 70 TINS u
may replied that the shareholders in such enterprises
In this country are too frequently in this case,
tirey unacquanted with the real value OF mining
rerty. and unable to discriminate between valuable
and worthless mine. They are led to believe that
mine NAV be made to pay dividend enormous
fctitions capital within three months after commencing
operations and unless there exists power in the hands
OF The directors to the stock to be forfeited and
sold on which the assessments not paid unless
sufficiently large working capital has been paid
in at the start to open the mine and pus it in
paying condition. which rarely the case the enterprise
Is very likely to be abandoned by the original sharehod
ers perhaps, when just on the point Of succeeding:
known the stockholders in Of the most produc
tive mines Of the country, which selling at the
rate of half million Of dollars to refuse to pay
their stock and allow 1t to be forfeited, when
they owned in fee simple immense and tract
In of the richest mineral regions in the world.
few months only were sufficient to convince them OF their
folly.
The Coal Hill vein has extent in the set of nearly
mile in length and has been opened at various points,
The great object Of company possessed of sufi
cient MEANS should be to deveope the vein in length
well as depth as rapidly as possible On the whole a.
ment and economy, is almost, If not quite to
ward the shareholders for their investment.
The stockholders of the Great Northern will do we'll to
remember that the Cliff mine on Lake Superior, once
stood in the position theirs does Ten thou
sand dollars required to carry the work no
returns had yet been made the stockholders refused to
contribute The superintendent, convinced of the ul
mate result, said he would do without them, if they
would not pay; and shaken by his frmness they sub
scribed the money, and few days afterwards found
themselves the possessors of of the finest mining
properties in the country and the pioneers of the Lake
Superior copper country.
We announce with pleasure, the agreeable fact that
the Gold Hill Company have declared their third dividend
for the past sixty days. of two per cent and according
to the information of the President Mr. Isaac Smith, it is
confidently anticipated that the rate of dividends sue
ceedng the fourth which will be due the first of June,
there win be q handsome increase
The annexed statement exhibits the quantity and value
NJ tein tod Tho
week ending and including Saturday March 49, 1854 dis
tnguishing the destination and extent Of shipments to
each place =
COMMERCE. OF THE PORT OF New YoRK-WEEKLY EXPORTS.