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Show FLAGSTAFF SILVER JllNB. It really wonld appear that out" of the chaoa of failuru and mis manage -mcnt of Aruerlcari enterprises, at least one genuine mine has been allowed to be developed by Eoglish capital. The Flagstaff not only baa fulfilled all the promises made in its prospectus, but ha3 every appearance of being a permanent per-manent dividend paying property. After tbe terrible experience we have had of American mines, we feel disposed dis-posed to look with 6u?picicn on every property situated on tho other side of the Atlantic; and have we not more than sufficient reason? Upon what appeared iudisputable authority, as to the enduring wealth of these mines, vast amounts of capital have been subscribed, sub-scribed, and the shares quickly run up by the impatience of the public to partial par-tial pate in adventures so promising. The secret of the failure of these mines arises not so much, however, from their inherent poverty as from the cx- ; travagant sums paid for them. The : enormous quantities of ore raised from the Ebi;rhardt and Aurora, from the 1 South Aurora, aud from many other of these A nlc-American enterprises, are facts well known, and ueed not further be enlarged upon. The expeuses of management have been too high, 't is true, but to pay remunerative dividends divi-dends upon the capitals which have been raised would have required the raiting of immense quantities of ore of unvarying high grade, t is at present prices (hat American mines alone are likely to pay tho investor, and more than one enterprise is worth looking after at prescHt depreciated quotations. The KiagstafF, in regard to the dimensions of its capital account will bear a favorable favor-able compatison with any of its compeers, com-peers, whilo aa to the results which have attended the development of the mine, they conic nearer those shadowed forth in the prospectus than any with which we have had to dea), not excepting ex-cepting the K mtu a mine itself. As a coDsequence the shares keep steady in the market, while the shares of o trior mines rise and fail with a rapidity bewildering be-wildering to the legitimate investor, who desires nothing beyond a remunerative remu-nerative income and a steadj market value for his investment. Since the formation of the company tho shareholders have received a regular regu-lar monthly dividend of 4. por lu. share, being equal to an annual dividend divi-dend of -4: per cent.' At tbe same timo the market value of the shared has improved to about 10., an advance in value of 60 per cent. no mean result re-sult when we consider that not twelve montha havo elapsed since the mine was first brought before the publio. We must attribute tbis result not only to the value of the mine itself, but even more bo to tha excellence of tLe management, both at the mino and ii London. Practical aud etficient, yet economical supervision,-has hitherto hither-to been the weak point in American mines. Not satUhed with ieceiviDg reports of regularly improving pros-peccs.tbedirectorsdeputed pros-peccs.tbedirectorsdeputed Mr. Francis, , ono of their number, to proceed to Utah and examine lor himself into the position and prospects of the mine. After a sojourn there of some weeks, and alter minute examination into . ovcry detail, that gentleman his now 1 returned. He gives most satisfactory , accounts of the company's property, and holds out the strongest hopes from what he has seen that the prosperity now attending tho enterprise is of a 1 permanent and enduring character. We understand thore is now a "block out," and ready to bo sloped, four , times the amount of ore than at the timfl the company took possession. The net profit during the past four weeks is estimated at IS.OOui., while the current monthly dividend (at the rate of 24 per cent, per annum) absorbs ab-sorbs only 6,mX. This must of necessity neces-sity give great encouragement to the shareholders, inasmuch as if the present pres-ent rate of progress is kept up a funhr distribution of profit will be made. At the same time we would suggest that steps should be taken to form a reserve fund, eventually to be augmented to an amount at least equivalent to one year's dividends. We are perenaded that such a fund would give muoh greater cocfidence, and would more enhance the value ot property than by giving higher dividends, divi-dends, for it must be admitted that a regular dividend of 24 per cent, per annum is a return handsome enough to satisfy the most exorbitant. It is also a question in our minds whether the ?ystem of paying monthly dividends is a correct one. It must of necessity entail great expense, especially in the case of the Kmma, whore a body ol 2,U00 shareholders is concerned. In our opinion quarterly dividends would be far more satisfactory both to shareholders share-holders and manag-emcnt Therefore, we would urce on the directors both of the Flagstaff and the Kmma, that when they have accumulated foods in hand sufficient to pay a quarter s dividend in advance (so as to silence any slanders slan-ders which wouid as?nrcd:y be made by certain parties interested in depreciating depre-ciating the prioe of tho shares as to the ability of the companies to pay the monthly dividends. ) they should consult con-sult the wishes of the sharcho'.ders in this particular. it is with no small mea'mre of satii-faction satii-faction that we see the F.ac-taff prospering pros-pering so exceedinely. as when it was introduced we advised our reader? to secure an inter?! in it. W e therefore congratniatc ihera oo the resales at tamed, and on the prospwu before them, aod above all we corjcratu.ate j j them on the excellent management oi ' Mr. Maxwell t the mine, and of the directors here. which has broueht about about so extent a position, view it from what side wc wi.L i. London "Mining World." |