The Mining Boom: How Fortunes are Made.

Evening Star, Issue 7429, 26 January 1888, Page 4

The Mining Boom: How Fortunes are Made.

Most of the favorite investment stocks have (writes the ‘ Sydney Mail’s’ Melbourne correspondent) risen in value during the past year from 25 to 50 per cent., the total appreciation being estimated at LI2,000,000; and the brokers, most of whom are jobbers also, have done a lucrative business this year. One firm presented each of its clerks with LIOO, and its confidential clerk with L3OO as a Christmas-box. Many persons in this city have found themselves wealthy all of a sudden, owing to the wonderful richness of the Broken Hill Silver Mine. A promoter’s share of LIOO is now worth LI 75,000, on account of the shares in blocks 14, 15, and 16, to which each is entitled. All sorts of romantic stories are current with respect to the mere accidents upon which the loss or acquisition of a fortune in connection with this mine has turned. Hero is one, the accuracy of which I can vouch for. Two of our jemewe dorte were playing cards in a club which is rather noted for this sort of thing. One of them lost all his ready money to his opponent, and a good deal more in addition, which he did not exactly know how to meet. He said “ I have notningto oiler you but some shares in a silver mine in South Australia” “Which are probably worchless,” was the reply. After considerable demur, the winner consented to accept them in satisfaction of the debt of honor, not without serious misgivings as to future calls. At this moment they arc yielding their fortunate holder an income of LB,OOO per annum, and the mortification and chagrin of the unlucky card-player may be easily imagined.