New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-07-07
AMERICAN MINING PROJECTS IN ENGLAND.

AMERICAN MINING PROJECTS IN ENGLAND.
The London Times publishes a letter from
ex Minister j. Ross Browne in reference to the general
merits OF the various Pacific mining projects seek
ing capital in England, in which he says:
"since sls the mines OF the Pacific States and Terri
tories have yielded about S000O0OO0, Of which Great
Britain has received not less than s9OOO0OOOO The aver
shipments during the past 10 years have been about
100000 year. In Sis according To bank returns ana
csmates The amount OF gold and silver In the United
States sl2OO0O0 The amount estimated at present
To be in the Treasury and banks Is about OOOUOOOO
Very little In circulation, and the whole amount Of
treasure In the country including bullion, would not
probably exceed S3OGOO0000 Nearly all that has been
produced has been exported, and London, the
mercal center Of the world has received nnetenths OF
It. This accession OF wealth has stimulated the pro
ductve industry Of your country, promoted the interests
OF commerce, and contributed materially TO your ma
tiona prosperity. In the language OF SIR Archibald
which for % bad been wntng, eorrsnsy so%T9sn,
ros supplied by hand Of nature The contracted
a 'aa OF ep 70" Ss At an e s'F P % wages
advanced similar proportion exports and imports enormously IN
creased while crime aud misery 90 rapidly diminished
The treasures OF Australia lent their aid TO this bene
cent work. but sdrely England has cause to be dis
satisfied with the contributions made TO her wealth from
the Pacific coast, to discourage pursuit by which
she has become 'enrchedi Why do we come here for
captall is a very common question. II our mines are
80 productive, Why not enjoy the profits OF them
sevesi Let answer these questions Yankee fashion
If you can get per cent year at home Tor your money
why invest 1t in foreign securites II your domestic in
vesments are much safer, why not enjoy theml
Because do not get enough at home for onr money
and come here because we have To pay too much at
home for money. The last number of The San Fran
cisco Mining Press says: On this coast mine is not
considered unless it returns the enormous dv
dend of per cent month-at least, our capitalists
unwilling to invest at lower rates. The truth Is they
have not the capital to invest the demands for capital
TO open up good mining properties are far greater than
expensive machinery and skilled labor were not re-
qured but quartz mining requires both, and we are
compelled 10 seek for capital TO secure them where is
most abundant Many excellent mines, capable OF pro
ducing or 8 per cent month upon given capital
remain idle because the owners have far in open
ing them as their means will permit, and cannot borrow
chnery necessary work them with profit II great
mistake TO suppose that because eDterprises prom
for dlsposng OF it, such logic would put an end to ali
exchange OF commodities all traffic between individuals
all intercourse between nations.
81 contend that no business udiciOusy conducted Is
more profitable than mining With all the gambling in
tons, there never much confidence the value
and permaneDcy OF our mines there is at this time
lode, Nevada, has produced in years $40 100000 IL
has paid in dividends built up city and inn
yielded 100000, Of which s5COoOOO may be placed to
account Of PROFIT Cold H alone produced
sl,5oO0oo the Allison Rancho, sl,OOOOOO; Haynants
the Sierra Butes has paid In dividends over S2OOOO0
and various other mines in California and Nevada
producing dividends OF 30 to 40 year upon the
capital invested. have just completed an extended
tour through the most prominent districts and
the mines looking better or paying better with a
few millions sterling judicously invested in smelling
works and the development OF properties OF demon
strated value the product OF mineral regions might
be doubled within few years, and know OF invest
ment likely 10 pay better, and country that would
proht more directly by the increase than Great Britain"
The Times comments on the above follows:
Nearly every remark I'm the above letter OF Mr. Ross
Browne requires qualification. lie considers apparently
that the production Of the precious metals should be
especially fostered 10y British capitalists that this conn
try has been exceptionally benefited by the Californian
supplies that these supplies have reinedied previous
deficiency OF currency that any risk incurred In the
development of these advantages has been borne by
American citizens, and that the British people have
logically assumed from one instances OF fraud
that the mining business of California altogether To
be disrusted But why should the production of the
precious metals be especially by in
ence Ia other INDUSTRIES and In what have We been
exceptionally benefited by the Californian gohll Every
ounce OF gold sent hhcr has been paid for by something
which have sent o. California OF equal value, aud N
the uado with ChIV1nIa had IUt existed. those who