THE SILVER BOOM.

Wairarapa Daily Times, Volume IX, Issue 2867, 7 April 1888, Page 3

THE SILVER BOOM.

Speaking of the present wild speculation in Australian Silver Mining ventures, Vincent Pyke, writing from Melbourne to the Dunedin Star, says: —ln one way and another I enjoyed facilities for obtaining a good deal of solid information about the " silver boom." I say " silver" advisedly, for, as I said before, gold is not in it, The capital cf a silver mine, the number of shares aud share-holders, the amount paid up, and such other trifling considerations, are never questioned. These things are of jgjfrninor consequence. Neither is it a matter of importance to know whether the mine lias been tested, or what are its prospects, The question is not: "Will it pay?" but only "Will the shares mi to-morrow ?" The whole perhaps oue or two exceptions, is simply a matter of gambling in stock; and the commonest of casual questions is: "What is the latest swindle ?", Of course this will not last. Already there are signs of ' declension. The " bulls" have tossed prices to their utmost capacity, andnow the " bears" are going to work with "vengeance." There will he some warm work yet, Hundreds nay, thousands-will be" let in" for sums they can never pay, and there will be, ere long, such an astounding crash as the colonies never yet saw. Then it will be found that the mosquitoes of the Stock Exchange have made themselves quite safe, and the unhappy honest investors will be squeezed out of financial existence. The knowing

few— liabitms of the inner circle—will , Jiiwe made fortunes, and the will have melted such share of fortune as they possessed. It is no new story this—it is the usual and inevitable finale of such Mississipi ventures.

OneUfcjeiiious way of beguiling the iuuoceup stranger by enlarging the supposed value of silver-mines is worth mentioning, not because of its novelty, because it is an old device; yet few understand it, When you read of enormous yields of silver to the ton, it is usually a ton of galena that is meant, and not a ton of rock, as in the case of golden quartz. This, of course, increases the value of the supposed yield enormously, and sets all calculation at nought, to the profit of dealers and the bewilderment of purchasers if there be any of the latter, Meanwhile the gentlemen whose profession it is to float companies are malting money by the fist-full. The most ordinary terms for performing this delicate business is for the owners of mining property to "go halves" with tho' broker -that is to say, tho broker receives for his attention

exactly the same sura as the owners of the mine; and, in addition, the mineaOWiiersAte solely responsible for all J preliminary expenditure. "Yes," said 'one of the tribe, "we will float the company (silver, of course) for £50,000; and we will take £20,000 for our share," And they do not blush when they announce their terms, Many of'the so-called silver mines have never had a pick put into the ground, and nothing but imagination has been called into request to locate silver ore at all in two thirds of the speculations afloat in the Melbourne market. A vein is discovered—perhaps only one inch thick—somewhere in the illimitable wilderness, and forthwith an army of speculators goes forth compass in hand, and such fragments of conscience as they are possessed of carefully stowed away and labelled " Not wanted on the voyage." Thus equipped they mark out miles pf counted and get' paragraphs inser|ed in stßs loosely conducted newspaper alter this fashion; " Silver lode fracecl for ten miles," That is enough. The moths.flock to the candle. If their wings are singed, who cares? The very best and most genuine mine yet opened will not pay more than 2i■s per cent, on the prices paid for shares, /;itnd nine-tenths of the others will I never nay a cent to the dollar.