GENERAL

Evening Post, Volume LXIII, Issue 87, 12 April 1902, Page 4 (Supplement)

GENERAL

Ohio! among the developments on the Bendigo field during the past week has been the discovery of a new formation at 1000 ft in the.Gardon Gully No. 1 shaft, and its further exploitation will be watched with a deal of interest. The stono is weii mineralised, i 3 of good appearance, and" a couple of colours of gold have been seen. It i 3 well (writes the Leader) that stock holders in the new Chillagoe Company" should clearly understand that tho deben-tures-holders in the old Chillagoe R. and ' M. havd no claim upon the new capital raised to further- develop the mines, but that the bhiilt has a claim on account of tho £50,000 lent to the old company in the foiin of an overdraft. Against this amount securities are held in tho form of £50,000 worth of debentures, and 100,000 Mungana shares. As in the course of tho quarter ended 28th February the net profit on the receipts from the Clim-lagoe-Mareeba railway was £4500, and tin Board aro 'of opinion returns from this Hource must largely increase when work is resumed on the field, it is not surpris ing the chairman should consider tt:t debt (imply secured by tho debentuiet lodged, and that ho should hold out hones that when operations are in full swing in June there should be a fair piospect of disposing of tho bonds at a price which will suffice to liquidate the bulk of the overdraft. The outlook in the copper market wa i the subject of reference in the compruheusive speech of Nv. J. T. Lcmpriere in moving the adoption «pf tho reports at tho half-yearly meeting of tho Mount Gaunel Freehold Company on 24th March. Mr. Lempriere observed:— A While not desiring to become .unduly prophatic, tho Board believe, from the information to bo gathered, that the present prices aio likely to stand for some time to come. Consumption of G.M.B. and best solect€sl copper appears to be steady, and unleKs the great- American combiues see fit to upset the order of things again, market confidence should soon bo restored, in which case an increase in price rather than a fall may reasonably be. anticipated. To show tho activity that has been displayed in the metal, we aro informed »hr.t the whole tfopper market is in the hands of tho Americans, and they can raise or lower the price entirely at their will. Ihey aro stated to have made colossal picnVs over the speculations in bearing copper stocks, and as soon as it pays them better to turn round and bull copper shares we shall, no doubt, see a big rise in tho price of the metal. The present situation is extremely unsatisfactory and disturbing, and has naturally seriously affected everybody having any connection with the metal trade." A strange fatality occurred at tho 80l den Horseshoe Mine on 20lh March. The night shift were knocking off, atid a party of miners were bejug brought to the surface from the 700 ft level. When neai No. 6 level it was noticed that one ot their number, a young man named Arthur Perkins, was looking ill. Before assjstasco could be given he fell out of thu eago to the bottom of the shaft. Death was instantaneous, his body being badly smashed, while his head was nearly Bivered from the trunk. The deceased was 26 years of age, and is believed to be a single man.

Queensland stock markets continue dull and depressed, the demand for both sheep and cattle being very limited.