THE AUSTRALIAN SILVER MINES.

Temuka Leader, Issue 1690, 26 January 1888, Page 2

THE AUSTRALIAN SILVER MINES.

Adelaide, Jan, 2ft Broken Hill shares have reached 2300 a-piece.

Stdket, Jan. 28'. The speculation in silvermining ~tock still continues. The shares in he Broken Hill Central Company, which a few weeks ago were quoted in hillings, have rapidly advanced in value, and to-day made a jump of £2 per share. They are now quoted at over £ll. The Broken Hill South Company are even still higher than that, and are still increasing. Mining stock all round is improving. It has transpired that the Broken Hill Mine Company have had five raelters running out molten silver night and day since July last.

Jan. 24.

The Broken Hill South Silver Mine Company have intensified the mining excitement by their having tapped the great lode. Shares which had formerly been quoted at 24s have risen in value to £2O, thus adding at one stroke a million and a-half to the value of the mine*

Most of the favorite investment stocks have (writes the Sydney Mail’s Melbourne correspondent) risen in value daring the past year from 25 to 50 per cant., the total appreciation being estimated at £12,000,000; and the brokers, most of whom are jobbers also, have done a lucre* tive business this year. One firm presented each of its clerks with £ICO, and its confidential clerk with £3OO as a Christmasbox. Many persons in this city have found themselves wealthy all of a sudden, owing to the richness of the Broken Gill silver mine. A promoter’s share of £IOO is now worth,£l7s,ooo, on account of the shares iu blocks 14,15 and 16, to which each is entitled. All sorts of romastio 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. Here is one, the accuracy of which I can vouch for. Two of ourjeunem dorie 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 ‘‘l have nothing to offer you but some shares in a silver mine in South Australia, “ Which are probably worthless,” 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 are yielding their fortunate holder an income of £BOOO per annum, and the mortification and' chagrin of the unlucky card-player may be easily imagined.

Writing ob January 13tb, the Sydney. Telegraph gives some details regarding the various mines, which will bs read with interest at the present time. It says;—“The Central Broken-bill Company is divided into 61,000 shares. Taking £7 as their price, the mine has a market value of £4lß*ooo. Compare this with the Broken-hill mine, which is in 16,000 shares at £2BO each, or a. market value of £3,680,000. lo sizs as in. value the Central is a much smaller, property. Both have the same lode, and it is believed to be of equal richness in each > what are believed to be reliable assays show that. It is said that arrangements - can be immediately made to sell the ore ooi the basis of these assays. It is the first, mine outside of Broken-hill in which the rich part 'of the Broken-bill bas been revealed. Other mines have the lode. It can be seen on the surface for miles, but none have yet struck it so rich as this mine. It is estimated that they will hare a quarter of a mile of the. lode on. the property. The Broken-hill workings,, we believe, already extend over hall! a indie. It will thus be seen that if the public, are satisfied with the results so far ascertained that the lode is not only the same bmt as rich as Broken-hill, whose boundaries, join the Central mine ; and it is admitted that the dividends now being paid on Brokenhill shares is a sufficient return for ' their market price, then the ruling price of Centrals is not extravagant. The Central blocks are still in shillings, because they have not struck the rich lode. They are rising because of the Central discovery and the rich prospects of the Bonaoia Mine, which also adjoins them. They closed last n ; ght at 8s 6d, after a tremendous run of business. This mine is also: in 64,000 shares, which at 8a 6d gives ». market value of £27,200. The Central Broken-hill Company fifteen months ago,, when they included the blocks, was put on the market in Sydney and The public having shown a decided disinclination to touch them the company wis privately Seated. Paid-up shares were allotsd at ss, and contributing shares at 9d. South Broken-hills are running up> simply because the lode in the Central; mine has been struck in the southern portion of the property, and not a great distance from the South Broken-hill’s northern foundary. Other Brokenhili mines in other ways are under the influence of the Central discovery. Heavy business was done yesterday at rising rates in Cosgrove, Rising Suns, Victorias, Sydney, Rockwells, Broken-bill and iunetiona. Blocs 14 receded to £9j showing that the shares have not been greatly influenced by tie boom in Centrals, Although each day’s transactions are.not made up at the Sydney Stock Exchange, it is estimated that yesterday’s transactions .in mining stock amounted to upwards of £IOO,OOO, the heaviest day the market has experienced for many years."