FIVE SMELTERS AT WORK AT BROKEN HILL.

Te Aroha News, Volume V, Issue 239, 28 January 1888, Page 1

FIVE SMELTERS AT WORK AT BROKEN HILL.

■ Sydney, January 24. The Broken Hill mine has had five smelters running out molten silver night and day since July.

The Australian papers to hand by the mail are full of the unprecedented rise in mining stocks, and the enormous speculation that has taken place in Broken Hill silver stocks. The Melbourne correspondent of the "Sydney Daily Telegragh" writing on January 15 3ays :: — i; Since the holidays the Stock Exchange has devoted itself almost exclusively to dealings in silver stock. For the past 10 days the Exchange has been thronged with speculators, and brokers have been almost making their fortunes. The reason for this is at present undefined, but it is agreed that the large investment of outside capital in silver shares is the chief cause. Improvements in the prospects of the mines themselves do not warrant the rush of business which is taking place, and which seems likely to last a little longer. Transactions in silver may be put down a3 averaging from a quarter of a million to £300,000 daily' •while for two or three days past the operations of the Exchange have fallen a little short of £350,000 per day. It is said that the commission earned by one broker in one day was no less than £1300. In the meantime other stocks are not looked at, and the absence of dealing in gold affects mining centres, where business is almost at a standstill. So much is this the case that some local agents for Melbourne firms have left the district and come to Melbourne. Business yesterday was not of so booming a character, but was very extensive, the favourite stock being Centrals,

The Value of the Broken-bill Proprietary Aline. There are 16,000 shares in the Brokenhill proprietary mine so that at the latest marked quotation of £300 per share, the value of the mine is £4,800,000.

Other Stocks. The Central Broken - hill Company l& divided into 64,000 shares. Taking £7 as their price, the mine has a market value of £448,000. In size as in value the Central is a much smaller property than the Prospecting Mine. Both have the same lode, and it is believed to be of equal richness in eaoh ; what are believed to be reliable assays show that. It is said that arrangements can be immediately made to sell the ore on the basis of these assays. It is the first mine outside of Broken-hill [in which the rich part of the Broken-hill lode has bean revealed. Other mines have the lode. It can be seen on the surface for miles, but none have yet I struck it so rich as this mine. It is ! estimated that they have a quarter of a ; mile of the lode on the property. The hill workings extend over half-a-mile. The Central Blocks are still in the shillings because they have not struck the rich lode. They are rising because of the Central discovery and the rich prospects of the Bonanza Mine, which also adjoins them. They closed on January 14th at 8s 6d, after a tremendous run' of business. This mine is also in 54,000 shares, which at 8s 6d gives a market value of £27,200. The Centralßroken-hillCompany 15 months ago, when they included the blocks, was put on the market in Sydney and withdrawn. The public having' shown a decided disinclination to touch them, the company was privately floated. Paid-up shares were allotcd at 55., and contributing shares at 9d. South Brokenhilla 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 boundary. Oiher Broken-hill mines in other ways are under tho 7 influence of the.Centoal discovery. -