labor can be profitably applied. A new and powerful steamengine was sent up last fall, and will shortly be in operation for hoisting and pumping purposes, thereby greatly facilitating the clearing of the mine, and the raising of the mineral. The quantity raised for several months past has averaged about 50 tons per month; and with the increased facilities thus afforded, a proportionate increase in production may be reasonably anticipated. At all events, we may very safely calculate upon a sustained production of 50 tons per month, at the lowest estimate; while in all probability it will reach if not exceed an aggregate of 750 tons for the next twelve months.

That this estimate is rather below than beyond the probable returns for 1853, will appear from the following table, showing the progressive increase and comparative cost of the Company's mining operations since their commencement in 1848, with the results realized from each year's business, viz.:

As to the present appearance of the mine in its different. openings, the condition of the works in progress under his direction, and the prospective results thereby indicated in his opinion, Mr. Roberts in his January and February letters, writes as follows, viz. :

"The thirty-fathom level below the adit (that is, at the depth of 266 feet), is looking generally as well as the levels above. We have been driving the adit level east, and find a very good lode, producing some considerable masses. We are yet cutting up the large mass I formerly advised you of. It is very fine and pure copper, and very thick, some of the cuts measuring nearly three feet, and will require some two months yet to complete. We have copper enough now down in the mine, to keep up the average return of 50 tons for two or three months to come. We are also getting, to all appearance, another fine mass, east of No. 2 shaft, above the adit. The south lode has improved since last month, and we are now driving by some considerable sheets of copper. In the third level, we are driving west on a good lode, and have blown off a mass of two tons from the top of the drift, which holds strong at the bottom. We have also reached in thirty-fathom level east of No. 1 shaft, a lode that fills up the entire drift, being at least six feet thick, and we are now working around it south. These highly favorable indications in our lowest level, have removed all doubts as to the continuance of our mine in depth; and in fact, the whole mine, in all its openings, never looked better or more promising than at present."

GENERAL STATISTICS OF THE MINE.

The real estate of the Company, constituting its mining location, comprises 1315 acres of land, containing a large extent of mineral veins besides those we are now working, sufficient, it is estimated, for the most extended operations of the Company for a century to come. The mining works in progress consist of 4 main shafts, and 4 drifts or levels, with several cross-cuts; and the amount of underground work that has been done, is shown by the extent to which these shafts and drifts have been opened, viz. :

No. 1 Shaft is sunk to the depth of 266 feet.

The agricultural land attached to the mine is of fine quality, of which about 20 acres are cleared annually, and 100 acres are now under cultivation, producing hay, oats, potatoes, turnips, &c., in great abundance and perfection. The other surface improvements are extensive and valuable, and of a substantial character. Upwards of 70 buildings have been erected for the accommodation of our business, including 33 dwelling-houses, and a new and comfortable building designed and regularly occupied as a church and school-house. At the landing on the river we have a good dock and warehouse, with a road of two miles length to the mines, and a road from the latter to the lake, a distance of 12 miles. We have also 1200 feet of surface, and 1100 feet of underground railroad connecting the different shafts.

The population resident on our location at present, and sustained by the Company's operations, consists of 312 persons, viz. : 212 men and boys, and 100 women and children. Of the former, 173 are employed in the mine, and 39 on the surface. A qualified physician and surgeon resides in the settlement; and to show the unusual salubrity of the climate, notwithstanding its severity in winter, it may be mentioned that only one death has occurred there from disease since the Company commenced operations in 1848. Good order and sobriety are strictly maintained by the judicious rules and regulations enforced by the Company's agent, who says in a recent letter, "We have no policeman or

justice of the peace nearer than the lake (13 miles), and we make no calls upon them so far." He adds--"I think, could the Directors and Stockholders only visit us, they would feel a just pride in the appearance, condition, and general arrangement of their buildings and works, and a full reliance on the ultimate value of their property."

Your Directors have thus communicated all the information necessary to enable the Stockholders to form a just estimate of the value of their interests, both immediate and prospective, in the MINNESOTA MINING COMPANY; and also, of the manner in which its operations have been conducted during the past year, under the direction of this Board. The details thus given, and the results announced, they trust will be acceptable and satisfactory to all concerned-and they cannot but express their own gratification at the highly prosperous and successful condition in which they are enabled to exhibit the Company's affairs.

REORGANIZATION OF THE COMPANY.

It has been the wish of many of the Stockholders, for some time past, to increase the number of shares in the Capital Stock of the Company, and your Directors were about applying to the Legislature of Michigan for an amendment of their charter to that effect; but a new General Act having been passed at the recent session, more liberal in some of its provisions than the special charters heretofore granted, it has been proposed to relinquish the present charter altogether, and reorganize the Company under the new law, with a capital stock of $500,000, divided into 20,000 shares of $25 each. It is argued, that we have already expended more than our present capital; and that even the proposed increase (which is limited by the provisions of the Act) would not adequately represent the intrinsic value of the stock, based on the real and personal property of the Company, and the well-established character of their mine for richness, extent, and productiveness. Its ability to pay a dividend of $30 to $40 per share from the surplus already accumulated, with the assurance of a continued and constantly increasing product in future, will doubtless establish the character of the stock as a safe, profitable, and desirable investment under either organization.

Should the proposed plan be adopted, the new shares may be issued as full stock, and the whole nominal capital considered as paid in, since it is certain no further calls for assessment will be required. This will also materially benefit such of the Stockholders as may wish to realize on the sale of any portion of their shares, for which a price equivalent to their intrinsic value cannot be readily obtained with the small number of shares and inadequate par value prescribed by our present charter.

Your Directors are disposed to think favorably of this proposition, and the grounds on which it is urged, provided a dividend of the surplus now shown to be on hand from last year's business, shall first be declared for the benefit of the present Stockholders. The following statement will show the prospect for a further dividend from the production of the ensuing season up to the middle of November next, being the usual limit of navigation on the upper lakes, viz. :

Balance of resources on hand, March 1st,
Deduct proposed dividend of $30 per share, on 3000
shares, .

125,245

90,000

35,245

Estimated product of mineral from March 1st to Nov.
15th, is 8 months, at 50 tons per month,
or 637,500 lbs. net, at 35 cents per lb.,

= 425 tons,

223,125

258,370

89,250

$169,120

Estimated surplus, Nov. 15, 1853,

Being fully 33 1-3 per cent. on $500,000 Capital, or over $8 per share on 20,000 shares.

The above calculation is based on the minimum estimate of product, and on the present market price of copper; but the probable increase of the former will leave sufficient margin for any possible decline that may take place in the latter.

It is a question for the Stockholders to decide, whether the advantages contemplated by the proposed change would justify the relinquishment of our present charter; and your Directors would recommend to this meeting an early consideration of the subject, with a view to such action as may be deemed expedient and advisable.

In conclusion, they would congratulate the Stockholders on the certainty of receiving a handsome dividend from the proceeds of last year's business, as soon as the mineral now on hand can be made available for that purpose (which they trust will be at an early day)—and also, on the highly favorable prospects of the Company for the ensuing year.

All of which is respectfully submitted.

NEW-YORK, March 9, 1853.

JOHN C. TUCKER,
WM. PEARSALL, JR.,
MOSES A. HOPPOCK,
WM. E. DODGE,
WILLIAM HICKOK,

DIRECTORS.

ART. VI.-ELEMENTARY GEOLOGY.*

GEOLOGY is one of those sciences which lies close at hand, easy to be investigated in its elements by every passer by, and offering seductive allurements which can impress the most uninformed minds, yet it is too often overlooked. The reason of this

is not to be found in the nature of the science itself, so much as in the conditions or circumstances under which it is presented; for whose eye has gazed upon the surface of the earth, and not detected a difference in the rocks at our feet? Their color, hardness, and stratified or unstratified character have been recognized by every one. Who does not know the appearance of quartz, and marble, and sandstone, and slate? This knowledge appertains to the elements of geology, and is common to all men. Enlarge it, embrace within its compass the important classes of rocks in which geologists have divided the masses found on the earth, describe the circumstances under which they are found, and their invariable incidents and attendants, and the glance has taken in the chief elements of the science. Then summon reason to your aid, ask the origin of what has been seen-the manner of its formation-and the period of time required for such results; trace out the remains of those unknown orders of animals, and reptiles, and fishes, which are found converted into the material of their rocky sepulchre; seek to explore that system of creation or development bearing upon its front such distinct symptoms of having been broken up or thrown into confusion, and you have entered among the most profound and interesting speculations of this science.

It is not requisite for a practical knowledge of geology, to be acquainted with the details of every one of the five hundred and more of minerals into which the materials composing the earth have been classed. Scarcely more than eight or ten are of leading importance. These so predominate they occupy such large portions of the earth in contrast with the remainder-that they command superior attention. We address those who have given little or no thought to this science. We would convince them that, by patient and gradual approaches, its entrances will prove easy and gratifying.

First of all minerals in extent is the quartz rock, which constitutes almost a half of the earth's crust. Its crystals are

* A Manual of Elementary Geology; or, the Ancient Changes of the Earth and its Inhabitants, as Illustrated by Geological Monuments. By Charles Lyell, M. A., F. R. S. Reprinted from the fourth and entirely revised edition. 8vo. pp. 512. New-York: D. Appleton & Co.