12 Sutro Tunnel Company.

other mining districts, in Spain , Hungary ,England, Germany , and other countries,though not at so great a depth or in sopromising a field. It was not, therefore,merely experimental, but a well-tested,thoroughly approved and generally knownmethod for attaining the foregoing objectsin the most feasible manner.

The first two of said objects, drain-age and ventilation, have already beenthoroughly accomplished. The third,transportation, which can be made profit-able only by erecting mills and building arailroad near the mouth of the tunnel,will require additional expenditure ofmoney for its attainment, and so also thefourth object, the greatest and mostpromising of all—the work of exploration.

The two last-named objects have beenrendered impossible so far, because whatrevenue the Company has derived, ormight have employed, in furtherance ofthe work of transportation and of explora-tion, has been wholly exhausted in trying