The hydraulic press., 1859-10-29
IMPORTANT EVENT.


1t is very generally understood, that on
and after the first of January next, the Mid
die Yuba Canal Company will sell water at
the reduced price of 16S cents per inch, or
at the rate of six inches for one dollar. This
reduction has not been officially announced,
but there is no reason to doubt that it will
| be made at the time stated. 1t is only one
month since the Company made voluntary
reduction of water rates from 80 cents to 25.
The cause of this second abatement we do
not fully know, but it is undoubtedly to be
found in the rivalry of another water COM
pany. The Eureka Lake Ditch Company are
understood to have made propositions to the
principal claim holders for an introduction
into this vicinity of their water at the low
est price above stated, if they would enter
into bonds to take it from them at that rate
for the period of two years. There being
every probability that this proposition would
meet with general acceptance the Middle
Yuba Company could only avert such inju-
rious competition by making a reduction
themselves.
This will be the most important event to
the mining districts embracing North San
Juan, SebastopoI, Sweetland, Birchville,
French Corral and other localities at the end
of the Ridge, that has transpired since the
first introduction of water. Rich as are
many of the claims within the limits named
the actual profit to the owners has been
comparatively small, owing to the expen-
siveness of opening and the heavy cost of
water. AS an instance, we may mention
one mining company that during fourteen
months paid $lO,550 for water, and did not
realize for themselves a dollar of profit At
the present rate of 25 cents they could make
something, and at the rate of l6s cents the
profit for the period named would amount
to nearly $4,000. Other companies have
been even less fortunate, the gross yield of
their claims not sufficing to square water
bills. 1t is due to the Ditch Company to
say that their measurements have always
been liberal, that they have credited for
water for the opening of ground that could
not otherwise have been opened at all, and
that they have not been oppressive in the
collection OF accounts. In spite of all this
there have been many good claims that re-
ally afforded no profit to those who worked
them.
This reduction, then, is the cause of great
business man in our community. By its
means great body of ground will be made
profitable that has not heretofore been so,
and still larger body worked that has till
now been suffered to lie nearly idle. New
ground will be prospected and made produc-
tive, and wider field opened for labor
The general business of the community will
be conducted more nearly on a cash basis,
and enterprise stimulated to try new branches
of industry. Nor do we think, 1--WE should
be sorry to think that the Water Company
will suffer more than a temporary diminu-
tion of profit. Their enterprise has led to
the development of an extensive region,
has contributed to the enrichment of many
men built up our own town and maintained
the vitality of others. They have been well
rewarded thus far, and we believe will be so
hereafter. Their sales must increase very
much, and they will be able to collect for
all they SELL instead of having unsettled ac-
counts on their books amounting to SEQ, 900,
as it is asserted they have now. We think
the Company must view the matter in this
light themselves, and feel confident that not
a single shareholder would part with his
stock to day for less sum than he valued
it at a month ago.