The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1889-02-07
TIE BROKEN HILL.
Stories About an Australian Tin Mins
Which Read Like Romance.

AT the enu OF 1851 passing traveller,
Knowing nothing about the colonies
except what he learned from the con-
versation he heard in railway carriages
and at dinner tables, might have come
to the conclusion that nearly the whole
OF the prosperity of Australia was de-
rived from its gold and silver mines,
says the Contemporary ReUiesO. Men
were telling stories about Broken Hill
which were wilder than the stories OF
romance.
There was a young man, for exam
pie, on station in South Australia,
who, three or four years before heard
the tale, was receiving 20 shillings a
week and his tucker as a boundary
rider. He was playing euchre with a
friend, who, after he haG lost all his
ready money, staked an original share,
which he had just purchased for f1OO
or t12O, in new silver mine The
boundary rider won.
A few months later he and another
friend went up to the mine to see how
it was going on. AS they were return
ing to Adelaide they caught a danger.
Gus fever, and they were nursed by a
stranger. The friend died; the sue
cessful euchre-player recovered. When
he was better he said to the stranger:
"You have rendered me the greatest
service one man can render to another;
for you have saved my life. You ought
to have share of my luck. l will
divide with you. Here's check for
t15,000. Ny share in Broken Hill is
worth 100000"
| was telling this story at the table
of friend of mine in London a few
months after my return to England.
There was only one guest besides N.Y.
self, and he was well-known stock
broker from Melbourne. When l had
finished he said:
Eyes; l know the boundary rider
very well and did business with him.
The story is quite true. He held his
share for time, and sold out at an
enormous price, but if he had held till
now he would have boon worth e6OO,-
900.
People talked about Broken Hill as
we in England used to talk about the
Tichborne trial. 1t was on everyhody's
lips. They quoted the last price of
shares as we quote yesterdays returns
during a general election. Reports
founded on private information from a
sure hand about the wonderful yield of
a new ''lode' were as common, and
were listened to with as much interest
as reports in London club about divi-
sious in the cabinet when a ministry is
in trouble.
Not only was everybody talking
about Broken Hill; an extraordinary
number of quiet people, who, in En-
gland, would never touch speculations
of the sort, held shares in it. The TX
element was sufficiently intense when
| was in Adelaide. After left, so the
correspondent wrote to me. it became
more intense still. One professional
gentleman, who usually leaves the city
for two or three weeks during the heat
of Christmas, spent his holiday at tho
"corner" where the brokers meet, and
claimed to have made $4,000.
''You remember writes my friend,
s'sitting next to Mr.. at MIR. IS
luncheon. He had held very good
position, but had been very unfortun-
ate; just before you met him at lunch
con he had been obliged to call his
creditors together. He has gone into
Broken Hill, and is now worth $780,
OO0."
l lunched with this fortunate unfor-
tunate gentleman in September; the
letter was written, think, in Febru-
ary.
The seven forty-acre blocks which
are included in Broken Hill proper
were purchased in 1868 by seven '.sta-
ton" hands, who each contributed
f70. to buy mineral lease of the
land, and to start the mine and work
1t for tin. The capital was soon ex-
hausted, and no tin was found. Some
of the members of the little syndicate
lost heart and retired. aud then it was
determined to enlarge the company
from seven to fourteen.
In 1884 fourteenth section could
have been purchased for f120; share
was actually offered to /; friend of mine
at that price; some of the shares were
sold for less. The whole value of the
mine was therefore less than Fl, 700.
On Jan. l, 1888, the shares were
worth in the market fs,000.000. They
rose still higher, believe, for time,
but have since declined Whether
they have quito recovered | do not
know.