Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-01-11

roughly, is s240, 900, or so. O0Ol. II
Septe mber the profit was $6l 900; il
October 1t was S72, 900; and in Novem,
her we have a telegram stating the
profit to be $l20.OOO. Now, gentlemen
| hope you will not run away with the
idea thai we are going to get a profit Of
Sl20, 600 every month. The u has
been kept up marvelously, ard So far
as l know, there is no reaso why that
should not be kept up for a very long
time further; but all 1 say is this-do
not be dislieartened or dispirited ii you
see the value of the ores snelted drop
down to $780, 900 or S60,O 600. Do not,
therefore. imagine you bave got TO the
end OF this ore, for there might be an
accident to the machinery, or some
other cause to account for It. Our
profits, in round numbers, frcm Sep
tember to the present date, is $3.50 600.
A shareholder said: 1--WE are very
much astonished hat the run for this
last week should be identical with
what 1t was a week before; we cannot
make it out" Now, gentlemen, the
tact is this: The ~cablegram came i've
to us in these very words; il merely
said, "Returns the same as last week."
Shareholders will, of course, under
stand that these weekly returns are
only approximate; they have to be
made up every Saturday night in a
rough kind of way. The outturn Of
bullion every week is something like
200 tons. All that we can do is to get
samples assayed from that large guam
tity, and from the assays, taking them
on an average. arrive at the total value
of the whole bulk; and as you see the
returns are all stated in round mum
bers, moi an attempt at fractions, or
any attempt at extreme accuracy, they
are only as neal as can be obtained for
the information OF the shareholders
week by week.
THE FUTURE PoLICY.
Now is the time to state the general
policy of the Board. We are anxious
to see the properly put upon a firm
basis. Our wish is TO pay regularly
every three months a uniform dividend
of seven sbillings and six pence. We
think il An unwise policy to drain the
exchequer in paying dividends. We
never know what may happen; we are
generally having some surprises. Who.
for instance, this time IL months would
thought We were going to have a
la wsuit which would have the effect of
stopping all our works and consuming
all our realized profits in the payment
of law costs? We none OF us thought
hat a twelvemonth ago; we thought
we were on the v of very prosperous
times. Again, certainly none of Us
thought that we should, on our own
ground, aud within our OWL lines, de-
velop ore so valuable as these new ex-
tloraiions have laid bare. Except, as
Valance reminds me, Mr.. Ciar-
ence King led us to expect the discov
OF ore in the ground we are now
working, and we are very pleased to
find his prognostication has prove
correct. (Hear, hear.) Now. l rather
" isb To press this view upon the share
holders. and l hope they will approve
pf it.. Bear in mind, 1t is a mine after
all.
A GRAND NINE.
True, it is a grand mine and a grand
property. That, every one admits.
There is M doubt about that. Blu,
lose sight of the fact That you are
all embarked in a mining venture, and
AS such you should be prepared to
AXE all the fair and proper risks at
a mining venture, and we
you will iudorse the policy of the
in not dividing every penny OF
profits; but let US, after
paying our expenses and dlschsrging
our engagements. 80 steadily forward;
let us pay our dividends regularly and
nniInrta1r aud / fl.tnI IL ua a do
hat, no one will have much to com
of. Mr.. Valance reminds me
hat il is in that view we promised our
quarterly dividend. l may say that
are perfectly justified at the present
lime in promising a quarterly divi-
lend. What | am anxious 20 guard
he shareholders against, Is expecting
dividends more frequently than every
quarter, or larger than Is. Cd. Our
having been shut down last
year, we shall make "A point Of keeping
hem running as long as we can rea-
The winter there is much
ater than it is here. We generally
hut the furnaces down at the end OF
and | believe the Indictment
lasts through March and
April; but of this you may rest as.
,uItus We shall iuI ttlCti a. tohE as
Wa Tan with advantage, so as to make
up for the lost time we had during the
Now, l will just mention,
leaving this subject, that the
of our expenses IN connection
with these lawsuits are paid. 1t is
about the only satisfactory point in
connection with them. We have paid
all our debts, and we W nobody any
hing.
THE COMMITTEE.
The committee a Q on their way
aud will soon be here. MIR.
Pullbrook is already with us. When
The other members of the committee
arrive they will draw up their report,
will be considered by the gen,
eral committee, and they will, in their
turn, l take it, report to the Board. II
the subject matter of that report
be such as the Board can deal
they will, no doubt, deal with it;
If, on the other hand, it should contain
that should he brought to the
attention of the shareholders, we shall
to call you together by means of
a special meeting for that purpose.
But it is quite possible that it will not
be necessary to do that, and that We
mt haya occasion IN call Won to