THE AUSTRALIAN SILVER MINES.

Temuka Leader, Issue 1709, 10 March 1888, Page 3

THE AUSTRALIAN SILVER MINES.

Sydney, March 7. Reiterated complaints come from Broken Hill Township, where there are now 10,000 people, of the neglect on the part of the Government, who are accused of throwing all trade into Victorian and South Australian bands. The telegraphic arrangements are specially feeble, there not being wires to clear off the work, and operators have to be kept at work night and day in their endeavor to keep abreast of the work. All the public offices are of the most miserable description, and not a single Sydney back is represented on the field. The streets of the township are constantly thronged with people, and vast sums of money change hands daily. Stock exchanges are conducted in the open sir at the street corners. It is expected that by the end of the year the population will have increased to 20,000, and so good are the prospects of the mine that it is asserted that fifty years’ work is in sight. Three daily papers are published. A water supply scheme is contemplated to bring water to the town from Darling river sixty miles away. Several mines besides that of the Broken Hill Proprietary Company are now getting firstrate ore. The main lode has been proved to exist a distance of ten miles, but the full extent of the lode is now known to run a distance of twenty miles. A large number of companies are to be organised to take up leases in the neighbourhood, .several rich deposits having been discovered. in other districts. Tin mines continue to attract attention, considerable capital being invested.

Mr Vincent Fyke, M.H.8., who is at present in Melbourne, writes to the Dnnedin Evening Star as follows One of the great features of Melbourne is the “ silver boom.” The excitement is tremendous. Old and young, men and women, are silver mad. The Exchange and the pavement in front of it is thronged all day with buyers and sellers of shares. Whether it is a bona fide silver lode or a “ wild cat ” mine matters not. “If there is only a mere streak of silver,” said a broker, “ we can float the company but no one will look at gold. One whole series of companies only profess to show veins aggregating in all 4ft in 66ft of barren rook; bat the shares have been freely taken up, and run up to a high premium, In fact, just now silver is king and gold is nowhere—only a drug in the market. Of course this is not genuine investment, but sheer speculation for a rise in stock, It is all ir flatten, and when the bubble bursts, as burst it surely will ere long, there will be a silver panic, with much wailing and gnashing of teeth. Then gold will come to the front again; but the time is not yet. Probably the wild land speculation now going on will last over the Exhibition, It is questionable whether the still wilder silver boom can be kept up so long. It only wants one big holder to break down and the bladder will burst. Before that can happen there will be some rough work done by the “ bears “ of the Exchange. Meantime the game goes merrily on, and £IOOO is charged and cheerfully paid for a seat in the Stock Exchange. I heard of one case in which a seat was sold for £1250. Brokers are making fortunes, and their clients will lose a mint of money when the crash comes.