Private WithEvents m_PictureBox1 as PictureBox

Private Sub m_PictureBox1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)

End Sub

Public Sub Initialize(byval PictrueBoxContainer as PictureBox)
   Set m_PictureBox1 = PictrueBoxContainer 
End Sub

Dim Obj As MyClass
Obj.Initialize Picture1

Public Class Form1

   Private Class MyClass1
      Private WithEvents m_PictureBox1 As Windows.Forms.PictureBox
      Private m_Label1 As Label

      Public Sub New(ByVal PictureContainer As Windows.Forms.PictureBox)
         m_PictureBox1 = PictureContainer
         m_Label1 = New Label()
         m_Label1.Parent = m_PictureBox1
         m_Label1.Visible = True
         m_Label1.Location = New Point( 1 ,  1 )
         m_Label1.AutoSize = True
      End Sub

      Private Sub m_PictureBox1_MouseMove(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles m_PictureBox1.MouseMove
         m_Label1.Text = "X=" & e.X & vbCrLf & "Y=" & e.Y
      End Sub
   End Class

   Private m_PictureBox1 As PictureBox
   Private m_Object As MyClass1

   Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load
      m_PictureBox1 = New PictureBox
      m_PictureBox1.Parent = Me
      m_PictureBox1.Dock = DockStyle.Left
      m_PictureBox1.Width = Me.Width \  2 
      m_PictureBox1.BorderStyle = BorderStyle.FixedSingle
      m_PictureBox1.Visible = True
      m_Object = New MyClass1(m_PictureBox1)
   End Sub
End Class