Premier Diamond Mine.

Taranaki Daily News, Volume XLVII, Issue 7748, 25 February 1905, Page 2

Premier Diamond Mine.

I Tliix is the mine from which a. 3000-carat diamond wus obtained reccntly. By the San Francisco mail we get the following London telegram regarding the 300U carat diamond :—The discovery in the Premier mine at Elandsfontein of a diamond reputed three times heavier than the largest stone previously found, has set calculators at work. One of the»o who bases his calculations on the estimated vtfiue of the famous Kegent or Pitt diamond, figures that the new genu, if even a third of its bulk is lost in cutting, ought to be worth £25,074,085. 'litis ia the most daring of all compulations', mojt of which vary between £1,000,000 and £3,000,000, with one of £5,000,000. Nothing beyond the bare report of the discovery of the stone is- yet known, and later information may reduce this marvel lo dimensions which can more easily be grasped. There is no present reason, however, to doubt that it greatly exceeds the Excelsior stone of 970 carats uncut, which was found at Jugersfonteiu, and was the largest hitherto found in South Africa. This was cut in'io nine large gems in December, 1903, by Tiffany, and doubtless the new stone v-m be divided. Whatever the i value, of the new discovery, the shareholders of the Premier, liiiue have every reason to congratulate themselves. The market valuation of the shears increased on Friday by nearlv | £1,000,000 sterling. Ind'er the present diamomd law the Oovernment is entitled to six-tents of all net profits. There is- something very much like a fairy talc in the history of the l'remier mine, which is located on a farm whose Boer ownil two J ,ears ' a e» for I f^i 00 ?! 000 : The «»'>»'nal capital of the Iremier company is £BO,OOO. ilt earned last year £G<>7,7BB, and ,the market value of the shares is 1 00 ft firm t! '^, nei S h '*°'" 1 l"ood of £lO,OOtt.ooo. The advance is generally , nderstood to have been caused by , the De Beersi, with the object of ob- | taking control of the company and , nantaimng its long-held monopoly >n the diamond lickl. Thorough pro■oHC r s earth within 4 °« ft 'h,. ,>f ; , ate of the "sthnatod valine of no less than £124,000,000