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 the six months ending 30th September, 1847, 7,264 tons were raised within that period of a superior quality. During the six months ending the 31st March, 1848, 6,068 tons were raised. The large raising of the whole year, amounting to 13,533 tons, was produced from within the limits of the twenty-fathom level. All the ore discovered below that to the thirty fathoms was left for future raising, there being plenty of good ore-ground above the twenty-fathom level to employ the miners for some time to come.

The wages and cost of working the mine, including timber, fixed machinery, tools, &c., amounted to £74,030, and the cartage of the ore to £44,803.

In this year £83,106 was realised, out of which the expenses of working the mine and carting the ore were paid, but three further dividends were declared. By March, 1848, the original £5 shares had advanced up to £150; a sixth and seventh dividend of £10 each, in June and September, raised the prices to £200 and £210 for cash. A fall afterwards took place in consequence of the depreciation of the value of copper in Europe. But an important discovery was made of a valuable lode in the thirty-fathom level leading from Kingston to Graham's shaft. The lode was cut four fathoms below the water level, was solid, and from ten to eleven feet wide, composed of a compact green carbonate or malachite, producing upwards of 40 per cent, of copper. The lode was described as clearly defined, in easy working order, and dipping well into the mine.

In the half year ending the 30th September, 1848, 10,163 tons were raised, making a sum total for the ore raised during the first three years' working of the mine of 33,386 tons, equal to upwards of 10,000 tons of fine copper ore (at £70 per ton), £700,000. The cost of the mine for the year ending the 30th of September, 1848, was £81,491; of the cartage of ore, £31,445.

In the latter part of 1848 the miners struck for higher wages. The workings of the mine were suspended from November until February, 1849. In March the miners resumed work.

Further important discoveries were made—one of a lode in the thirty-fathom level, south-west from Graham's shaft, consisting of red oxide and malachite in great abundance; and the other of a lode two fathoms wide, yielding malachite of high produce. Only two pitches were set on these lodes, and twelve men produced in the first week eighty tons of the richest ores.

On the 5th of September, 1849, an eighth dividend of £5 per share was declared. In the year 1850 the £10 quarterly dividends were