MILLIONS MADE IN DIAMONDS.

New Zealand Herald, Volume XLIV, Issue 13390, 19 January 1907, Page 2 (Supplement)

MILLIONS MADE IN DIAMONDS.

PRECIOUS STONES TO OUTLAST THK CENTURY.

KiMiiKKi.t.Y. November Colonel Han is, presiding at the annual meeting of the De Beers Consolidated Mines this morning, said that the demand for diamonds, which had been strong for the last seven years, was increasing, and washing operations had been extended in order to cope with it. The year's diamonds had realised £5,607,717, an increase of £804,735. In spite of the larger output the average price was higher. The net profit had amounted to £2.103.536. an increase of £238.201. and £1,800,000 had been distributed in dividends. Referring to statements representing the De Beets and Kimberely mines as nearly worked out, Colonel Harris declared that they had actually in sight ground to a total of over sixtyfour million loads, enough to last, at the present rate of production, for eleven years, and representing an <-r"lhr>u<*><J output of six-ty-four millions worth of diamonds. He had no hesitation in saying that De Beers would be producing diamonds on a largescale at the end of the century.

Colonel Harris spoke strongly on the income tax decision, under which mines were assessed as though they were situated in England. They desired to continue I lie London office, for they wished to strengthen the commercial connection between the Cape and the United Kingdom, but it was too expensive ;i luxury to prolong its existence at a cost of £100.000 per annum in additional taxation.