SOUTH AUSTRALIA.

Daily Southern Cross, Volume XV, Issue 1201, 31 December 1858, Page 3

SOUTH AUSTRALIA.

We have Adelaide j urnals to the 6th instant, from which we make the following extracts: — We hasten, with the utmost pleasure, to inform our rcaderg that the whole of the necessary funds for carrying on the gold quartz-crushing at Echunga have %een raised, and that operations on a large scale will immediately commence. We have for several days past urgently recommended the prosecution of this enterprise; but our most sanguine expectations have been exceeded in respect of the spontaneous zeal of the 'public. It will be remembered that the Gold Quartz-Crushing Company at first proposed to raise £30,000 in shares, of which half were to be reserved for the lessees of the auriferous reef, and the other half to be offered to the public. This, however, did not meet with public favour, although much might be said in behalf of the proposition, were that our present duty. But another view of the matter has supervened. The lessees of the gold reef propose a new company, with 64 shares of £100 each, of which the lessees retain 32, and offer to the public the remaining 32 at par. The whole of this number was sold during yesterday and the day before, and the list of shareholders (which vre have seen) comprises tne names of some of the most influential, wealthy, and distinguished citizens. Hitherto the want of money was the only difficulty, now th*t difficulty has disappeared. The auriferous land will be immediately fenced in, and the machinery, nearly all of which can be had in Adelaide, will be put up with the least possible delay. We anticipate great good from this movement. Echunga will yet rank with the remunerative gold-fields of Australia; and our drooping trade revire and brighten at the approach of the universal enchanter.—Adrertiser.