Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1883-09-29
Great Loss in the Diamond Fields.

The late unfavOrable news from the
African diamond fields has been the
cause for quite an advance in diamonds
both in Europe and American markets.
Mr.. H. B. Joseph, one of the passen-
gers by the Austrian bark, Lea, just ar
rived at New York from Cape Town,
and who is a Cape commission dealer in
diamonds, copper, wool, etc., tells most
distressing tales of the great suffering in
Cape Colony. In parts of the country,
he says, there has been no rain for three
years, and the people are starving. The
condition of affairs in Cape Town, at
Kimberly, Du Tots Pan (the diamond
felds), the Leydenburg gold fields, the
Orange Free State, and surrounding
country is worse than it has been for
years. What adds to the general distress
consequent on the failure of the crops,
is a disaster at the great diamond mine
at Kimberly, 600 miles up from Cape
Town and 400 miles from Natal. The
mine is $50 feet deep and Il miles in
circumference. The soft debris has
fallen back into the mine in such guam
titles that it is estimated that eighteen
months will be required for its removal.
Upward of 1000 tons fell within
twenty-four hours. The extent of the
calamity can be judged by the fact that
this celebrated mine has yielded $751;
100000 in diamonds a year. The effect
at Cape Town has been most disastrous.
The revenue has fallen off so per cent,
and the mining shares have gone down
to rs per cent. It is estimated,
said Mr.. Joseph, that it will
cost 81, $50, 900 to clear the mine. The
fall in the price of diamond shares has
ended in a great tragedy. There are
si~xty-fve diamond mining companies.
with a subscribed capital Of 1885, 600, 600
and of these companies only fourteen
are paying dividends. Most Of these
mines are within q radius of $50 miles
and at an average of 600 miles from
Cape Town. The extent of the com
mercial convulsion is illustrated by the
Great Central Diamond Company. I
has a subscribed capital of $4, 0 900
and paid taxes on a 1000, 900. Two year:
ago the shares were rated $1,000 each
but to-day they are worth only $500
The Frerers' Diamond Mining Company
at De Beers, a quarter of mile from
the Kimberly mine, with a subscribed
capital of $3.50, Oo0-s50O a share-ha!
been sold out by the Sheriff for $500
for rates owed to the mining board
MI. Herm Wilegroot, a leading mer
chant, blew out his brains on account o
all these troubles, and two weeks after
ward Mr. r. S. Schonz, resident magis
trate, killed himself. Altogether
there have been about ten suicides o
leading men caused by the commercial
depression. The most terrible storie
of starvation come from tn
copper region, especially from tn
neighborhood of the Manamaculant
mines. Capt. Segarich said that com
mercial circles in Cape Colony are s.
greatly depressed that many of tn
colonists are returning to Europe
especially to England. He said h
could have brought many more passen
ers if he had had room.
Hthese reports prove true, there is n
doubt but that the recent advance Q
from twenty-five to thirty per cent il
diamonds will be followed by others
and those dealers who have bought be
fore the rise will be among the mos
fortunate of the trade.-JeWeler's JON
nal.