METALS AND THEIR ORES. 29 
true of any regions except the Ammonoosuc district, and the related 
rocks along the upper Ammonoosuc river and near the border of Can- 
ada. Several points of interest in this connection may be mentioned. 
First. It is not intended, when it is said the gold business ought to 
be remunerative, that a multitude of people can engage in it and become 
wealthy in a short period. A false impression prevails as to the nature 
of gold deposits. In California, persons have been fortunate enough to 
strike ‘‘pockets” of gold in the gravel containing many thousand dollars’ 
worth of metal. Those are the few and rare exceptions. Out of the 
hundreds of gold quartz mines wrought upon the Pacific side of the con- 
tinent, there are no instances of similar “finds.” The gold is obtained 
only through persevering, tiresome labor. Whatever will be obtained 
in our state, must come in the same way. No rich placer deposits have 
wer been discovered within our limits. Should any such be found, and 
the cost of their discovery be estimated, it will appear, as is the case with 
those in the West, that a fair proportion of labor has been expended for 
the result. 
Second. We must not expect to obtain profitable results in gold min- 
ing without the expenditure of considerable capital. This is like all other 
business pursuits. For example: a farmer must §$urchase land, build 
houses, barns, buy horses, cows, sheep, etc., procure implements of till- 
age, etc., before he can produce articles of merchandise. He may ex- 
pend, say, $6,000, which is his capital stock. He will not expect to real- 
ize from the sales of his produce the whole amount of his investment 
the first year. If he obtains produce worth one thousand dollars, he 
would do remarkably well. So in mining and milling gold, no one ought 
reasonably to expect to receive the first year a larger proportionate re- 
turn upon his investment than the farmer has received from his capital,— 
say 16 per cent. The nominal capital of the Dodge and Lisbon compa- 
nies is $123,000. During the ten years of their existence, $50,000 in 
gold has been obtained from them. This certainly represents more than 
the sum of actual payments in cash by the companies, and at the least 
showing would indicate a 4-per cent. annual dividend for the whole time. 
The question arises, What is the proper capital required to carry on 
successfully a single mining and milling establishment in New Hamp- 
shire? The first item is the cost of the land, by lease or fee simple. This 
