THE BROKEN HILL SILVER MINES.

Otago Witness, Issue 1891, 17 February 1888, Page 12

THE BROKEN HILL SILVER MINES.

EXTRAORDINARY PROGRESS OF THE TOWN.

A VISIT OF INSPECTION TO THE MINES. (Special to Otago Daily Times.) Broken Hill, February 1. Having at your request paid a visit of inspection to the Broken Hill Proprietary and other mines in this wonderfully rich district, I send for tho information of your readers a few particulars that will prove of interest. Unquestionably tho Broken Hill is going to be one of the richoat silver mines iv the world. There will, of course, as has already been the case, be fluctuations iv the wheel of fortune, and fortunes will be mado and lost, but; the permanency and richness of the field is assured. Tho town of Broken Hill itself is an instance of magical development, and is truly a wonderful place. Within the short space of a year and a half it has accumulated a settled population of 10,000 people, and has now a railway right to its doors. Many men have, as if by magic, been transformed into silver kings. Shares in different mines that about a year since were going a-begging afc 4d and 6d each, are now selling at £11 to £15. In the great Broken Hill mine, whose progress has indeed been by "leans and bounds," to use the language of one of your prominent statesmen, an original share could at oue tim« have been got for a £10 note. It was afterwards floated into a company in £20 shares, aud on these £9 was paid up. They gradually rose, and most people khought speculators were mad when they gave £50 for them. At the time I «m writing they have reached £300, and will probably advance to £-100. At the present sbare value, the mine is worth £4,800,000. On the 10th October last ifc was valued at £3,000,000. The Broken Hill Central adjoins it, and I was down the latter luino yesterday and all rojinl the drive. The ruiue is literally bristling with pure native silver. Shares in the Central are now at £11, and a few months since they could have been bought at as many shillings. The estimated value of the mine to-day is £72,000. Shares in the Broken Hill South mine, Trhich adjoins

the Central, are now at £14 10s, and as yet they have not struck the lode. In October last they could have been bought at 28 or 3s. Their value is owing to the Central having struck it rich. The Broken Hill Proprietary's last week's return of 6ilver was 58,0000z. They originally had four blocks of land of 40 acres each. They floated two of the blocks lately in London at £1,000,000, which is divided pro rata among the present shareholders in cash. The two blocks floated in London are now called the British Company's blocks, and shares are at £2 premium. The Broken Hill Company have very extensive machinery at work, manufacturing bars of metal on the spot for shipment to London. It is an immense mine. They now have 1000 men at work. Their wages are 10s per day of eight hours, and the manager has a salary of £4000 per aunum. It is estimated that the wages paid on the field aggregate from £4000 to £5000 per week. The mines ate at the back of the township, and distant from five to 15 minutes walk. There are two newspapers published, and a third one starting. Their advertising columns are full of prospectuses and hosts of business notices of all sorts. In the town no one talks about anything else from morning till night but shares, shares, shares. Frontages in prominent positions in tho main street have now reached what I consider fabulous prices. No doubt there will be a check in this, as also in the speculation in shares, but the solidity and permanency of the mines is beyond question. We only reached here yesterday, arriving at about 3 a.m. We spent au hour wandering about before we could get a shakedown. Accommodation and living is, however, very good indeed for a mining town— equal in mauy respects to the cities. The railway is the great civiliser, and has rapidly transformed the early roughness of the place into its present state of comfort.

This colony is, I think, going to forge ahead. During the next decade will make greater progress than in the previous two, and before the decade has run its course a transcontinental railway will be completed which will shorten the voyage to England to 18 days. Seven years will see this an accomplished fact. I must, however, now close to catch the mail, and will again write you if I have anything of interest to send.