What are you expecting to see that you are not seeing?
When you have a NetShare encrypted folder, and place a file in it, it is transparently encrypted; when you open a file from that folder, it is transparently decrypted. I'm not sure regarding any files that might have been in the folder at the time of encryption. I'm not really into NetShare, but the only thing I can think of that you might be able to see, is that if your do not have your key's passphrase cached when first accessing a file in that folder, it would seem that you would have to be prompted for the passphrase.