Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-01-23
THE RICHMOND MINING COM.
PANY.

We copy the following letter from
the London Mining Journal of Deem
Der 30, 1876:
Sir: Bei 1g a large shareholder in the Rich
mond mine, and, therefore,, deeply interested
in ell matters connected Herewith, l am
much disconnected and puzzled to think how
last annual meeting, have persisteutly and
steadily declined. 1t surely cannot be
through any shortcomings of the mine. for
the accounts from over the wator are as good
if not better, than can poss bly, DO expected
by any one acquainted with tho glorious un-
csrtainties of mining" neither can it be in
consequence of u decline in the weekly out
turn of bullion by the furnaces, which. from
Septem Der l up to Decem Der Is had, 1 find,
reached the very satisfactory sum OF S1I4,-
600, or fl54,S00, whereo', il we assume the n t
profit to be 1874 per c,n . only IA percentage
obtained from this average, results OF all fol-
mer years, and aftor duly deductiDg the t0
900 which had to be struck off from the re-
serve fund this year,, we may 8 t down t2e,-
25l US clear profit, although l know that this
is tar below tho mark, for our directors in
formed usin November that the net profit tor
September and October alone had been as
certaised to be $40 900 out Of a gross %out-turn
of fSi. 2oO. or at the ratio of nearly % pei
cent.
Now, If by December Is we had made,
even at my rate of calculation, t2S,2)l, we
may reasonably expect to turn out by r b.
raary /, at the SAME average rate of work ing
fll6,0O worth of bullion. and a MT prof 81
f2l 40, which, added t. the above f2S, 25l
and IS 900 which was at our credit on Au-
gust 81, make al aggregate CT f57 ~, from
which, it the 60 go paid away in dividends
on November 8 be deducted, there will r =
main a sum CT f57 40 available for a divi-
dond of rs. cd. in February. and leave ELL
80 to carry forward. But not only have We
these immediate profits in view, but there ure
tho magnificent developments which are
weekly NEUTRALITY-SUSPICIOUS. which only
those who, like myself, clear y follow the
history Of the mine can properly appreciate
but which, nevertheless, every shareholder
would do we'll to make himself acquainted
with before he parts with his shares at the
present forced. panic prices; and 1T is with a
view 10 assuring the timid, and eniightening
tho ignorant, that l have now taken up my
pen.
Tho reserves laid here are simply enor-
nous, and may. wi; bout the smallest exag-
geration, be set down at close upon a million
sterling. Besides this We have the following
brilliant prospects before US in the coming
First-A saving of $4,000 yearly owing to
the now contrast rates in haulage of ore from
mine to works.
Second-A large possible saving in the
cheaper rate ut which coke may be obtained
"a question which should not be lost sight
Of, and one which all shareholders should
press upon the directors, seeing II relates t.
q saving of from go 900 to f25,000 annually.
Third-rhe probable large saving in The
cost Of labor by q reduction in the miaers'
wages from 81 to S3E.
F~ourih-The saving by being no longer in
in debt to the bullion agent, and of fl,52O
through borrowing money on 10 per cent.
debentures in liou Of at IA per cent. from the
bullion agent
Fifth-lhe cheaper working of the mine
by improved machinery of sorts.
Sixth-The larger and more certain out
turn OF bullion by the furnaces, consequent
on the erection ere long Of q sixth furnaces
largo hydrocycle. AND finally, the savings
to be effected by careful management vari-
Gus other details, the enumeration of which
would extend this letter to too great a leng'b.
Taking all these facts into consideration it
does certainly seem quite incomprehonsible
how the shares should now be quoted at 81 to
SN, while in August last, when we were just
not the brilliant prospects and sound posi-
tion we now enjoy, they sold for l0H, ex div.
If some one connected with the ompany
would kindly give any explanation of this
anomaly, or you, by giving publicity to this.
give courage to the wavering, and rouse the
larger and more opulcnt OF tho eompany's
shareholders to band themselves against the
m 1chinatioAs Of q party evidently bent on
driving down the shares to as low q figure as
as they can. in order that they may getin at q
cheap figure, he will be doing q service, and
also greatly oblige
AN OLD AND LARGE SHAREHOLDER.
Southampton, Dec. q.