Loading ...PREFACE BY THE AUTHOR OF THE BOOK
Having had, for some years, considerable experience in the management of the business of British Mines, and having devoted much attention to mining in this country, I have often been astonished at the mistaken opinions and the want of information, which prevail on the subject. There are a number of sound and legitimate mining undertakings in the United Kingdom; and it has appeared to me that an effort was required to induce the public to take correct views of such investments. In the absence of any more competent person undertaking the task, I have succeeded, with some exertion, in finding sufficient time to make the attempt; and I hope my labours may tend to remove some at least of the prejudice that exists.
CHAPTER I.
The Objections to British Mines considered, the nature of such Investments explained, and Remarks on the mode of conducting Mines.
The object of these pages is a slight attempt to afford reliable information, in a form readily accessible, to those who may be inclined to invest in British Mining Property, and, at the same time, to lay before the public generally, a succinct statement of facts, which may assist in gaining more correct conclusions regarding such investments. There prevails, no doubt, much prejudice against Mines, and I am desirous of promoting an appreciation of their respective merits, influenced more by justice and discrimination.
There are questions which have often been asked, but have never yet been satisfactorily answered, ” Why do influential men and capitalists lend their names and embark their money so readily in Foreign Mining Companies, and yet shun the very mention of a British Mine’?” ” Why do the public rush so eagerly after shares in the former at high premiums (such as in the Nova Scotia, Metcalfe, Agua Fria, Nouveau Monde, Colonial Gold, &c., &c., &c.,) and yet refuse to listen to the merits of a single home Mine?” The public have never embarked freely in British Mines; the number of those who do so is very limited, and beyond their sphere literally nothing is known of the real nature of such investments.
There has been a good deal said of “deception” practised in Cornish Mines, and money lost in them. But how many millions, including premiums, have been invested in Foreign Mines during the last three or four years, and all lost? I believe that the whole amount invested in Cornish and Devon Mines, dividend and non-dividend, productive and non-productive, is scarcely more than one-half the amount which has been thus lost. I think also it will now be admitted that ” misrepresentation” and ” deception,” can scarcely be deemed the peculiar attributes of the Cornish Miner. Indeed it is curious to observe that in many cases respectable mining captains have been selected by the Foreign Companies to go out and give reliable and trustworthy reports on the properties already purchased at large sums. And why cannot the same course be adopted with regard to home Mines’? The expense and the time required will differ very materially in the two cases, and certainly there are greater facilities for misrepresentation regarding foreign property, than where it is situate within a few hours distance of almost any individual in the kingdom, every report and statement about which can be almost immediately tested, and the merits of which a trifling expense and delay can thoroughly investigate.
If this plan were generally adopted it would be found that there are far more legitimate undertakings at home, offering much greater chances of success than a majority of the foreign schemes, which a comparatively small capital would fully carry out. It would be found even that not a few mines now in operation, with ample machinery erected, and the lodes in a fair way of being developed, are hampered from want of capital, it being most difficult in the present very depressed state of the money and share markets, (having greater effect from the limited class of persons who invest or speculate in mining property) to induce the shareholders to pay calls. This part of the subject I shall again refer to in another place, but I would here remark that much of the loss said to be incurred in British Mines arises from the circumscribed sphere from which the funds for carrying them on are drawn, which causes the abandonment of many concerns before they are properly developed. How many of the mines now paying dividends and others approaching a profitable state have been abandoned by at least one company from want of perseverance and capital, before they fell into the hands of the present fortunate proprietors’? By the time <£5,000 or .£6,000 have been expended by a company, the adventurers generally begin to ” grumble,” and almost despair of success. They are apt to be guided by the apparent outlay of some of the most successful mining enterprises, forgetting the sums spent on these properties by former companies, and of which the existing undertakings have had all the benefit. They seem to think that mining is a pursuit for the success of which the most moderate expenditure ought to suffice, and that no mine which requires more than £5,000 or £6,000 can ever pay! It would appear to be thought necessary only to erect the machinery, and set to work sending the ore to market at once in remunerative quantities, while, as regards copper at least, the mines do not generally become permanently and profitably productive until an average depth of fifty or sixty fathoms have been attained, and some of the most lastingly rich lodes have not yielded any ore until a good deal deeper, as at Phoenix Mine and others.
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