BROKEN HILL SILVER MINES.

Temuka Leader, Issue 1699, 16 February 1888, Page 3

BROKEN HILL SILVER MINES.

Beoien 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 the information of your readers a few particulars that will prove of interest. Unquestionably the Broken Hill is going to be one of the richest silver mines in the world. There will, of course, as has already been the case, be fluctuations in the wheel of fortune, and fortunes will be made and lost, but the permanence and richness of the field is assured. The 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, aod 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 ago were going a-begging at 4d and 6d each are now selling at £ll to £ls. In the great Broken Hill mine, whose progress indeed has been by “ leaps and bounds,” to use the language «f one of your prominent statesmen, an original share could at one time have been got for a £lO note. It was afterwards floated into a company in £2O shares, and on these £9 was paid up. They gradually rose, and'most people thought speculators were mad when they gave £SO for them. At the time I am writing they have reached £3OO, and will probably advance to £4OO. At the present share value the mine is worth £4,800,000, On the 10th October last it was valued at £3,000,000. The Broken Hill Central adjoins it, and I was down the latter mine yesterday and all round the drive. The mine is literally bristling with pure native silver. Shares in the Central are now at £l4, 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, which adjoins the Central are now.at £l4los, and as yet they have not struck the lode. In October last they could have been bought at 2s or 3s. Tbeir value is owing to the Central having struck it rich. The Broken Bill Proprietary’s last week’s retprn of silver was 58,0000 z, 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 £4OOO per annum. It is estimated that the wages paid on the field aggregate from £4OOO to £SOOO per week. The mines are at the back of the township, and distant from 5 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 the 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 an hour wandering about before we could get a shakedown. Accommodation and living ia, however, very good indeed for a mining town—equal in many respects to the cities. The railway is the great cjviliser, 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 it 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. — Correspondent Otago Daily Times.