SOUTH AFRICAN MINES.

Star (Christchurch), Issue 5427, 30 November 1895, Page 7

SOUTH AFRICAN MINES.

Conoerning the recent reported ceUansi of the "Kaffir Cirous," the Malboura. Argus saya :— " The • Kaffir Oirous ' (that is, the market in South African gol* v mining shares) has fallen to pieces, the aggregate value of the sharer- -showing a decline of about £80,000,000. This smash-up was certain to occur, fot rich as the Johannesburg mines are, they are not sufficiently so to warrant the enormous inflation of the lait few months. The break-down is hardly likely to affect trade in the same way as it is affected by such an event as the failure of Overend, Gurney and Co., or the Barings* but it will certainly cause loss of savings thought to ba soundly invested to a large • number of persons both iv England and) France. . The peculiarity of the recent mania is that it has transferred money from thousands of pockets mainly to a few individuals on a scale never before witnessed. " The Johannesburg capitalists and theit friends have made the biggest haul ever recorded, in addition to retaining the largest interest in mines which it is calculated are now yielding dividends at the rate of £2,500,000 per annum. They are in tha enjoyment of a large income, and by theii market operations they hare acquired possession ot a vast capital. They oonsti. tute an almost entirely new order of financiers, and may if they choose exercise great influence beyond their control of the South African mines. The collapse has doubtless been helped by the rather disappointing oharaoterof the September returiLof the • Johannesburg yield. It it stated -at ' 194,7640z, whioh is a smaller total than ■-- that recorded for either of the three previous months, while it exceeds that for September, 1894, by only 18,0570z.. Foe . the first nine months ot the present year the total output has been 1,711,387 c-, against 1,493,3760z for the first nine months of 1894."