The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1889-02-14
THE BROKEN HILL.
Stories About an Australian Tin Mine
Which Read Like Romance.

At the end of 1887 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 young man, for exam
pie, on u station in South Australia.
who, three or four years before heard
the tale. was receiving 20 shillings
week and his 'tucker" as Il boundary
rider. He was playing euchre with II
friend, who. after he had lost all his
ready money, staked an original share.
which he had just purchased for fJ0O
or fl20, in new silver niue. The
boundary rider won,
A few months later he and another
friend went up to the mine to see how
it was going ou. As they were return
ing 10 Adelaide they caught 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:
sYou 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 a check for
El5,0OO. My share in Broken Hill is
worth E30,OOO."
l was telling this story at the table
of friend of mine in London 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 I had
finished lie said:
"Yes; know the boundary rider
very well and did business with him.
The story is quite true. lie held his
share for time. and sold out at an
enormous price, but if he had held till
now he would have been worth E60O.-
900.
People talked about Broken Hill as
we in England used to talk about the
Tichborne trial. 1t was on every body's
lips. They quoted the last price of
shares as we quote yesterdays returns
during a general election. Reports
founded on private information from
sure hand about the wonderful yield of
a new "lode" were as common, and
were listened to with as much interest
as reports in a London club about divi-
sions 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 ex-
element was sufficiently intense when
| was in Adelaide. After l 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 the
''corner" where the brokers meet, and
claimed to have made fS.00U.
You remember writes my friend,
s'sitting next 10 Mr.. - at MIR. IS
luncheon He had held a 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 f150,-
OOO."
- lnnched with this fortunate unfor-
tunate gentleman IN September; the
letter was written, 1 think, in Febru-
ary.
The seven forty-acre blocks which
are included in Broken Hill proper
were purchased in 1868 by seven ''sla-
ton" hands, who each contributed
f70. to buy II mineral lease "f the
land, and to start the mine and work
1t for tin. The capital was smu ex-
! hausted, and no tin was found Srme
of the members of the little Srntiicate
lost heart and retired. and then it was
! determined TO enlarge the company
from seven to fourteen.
In 1884 n fourteenth section could
have heen purchased for E120: Il share
was actually offered to II friend of mine
at that price; some IF the shares were
sold for less. The whole value of the
mine was therefore less than Il, 700.
On Jan. l. 1888. the shares were
worth in the market fS.009, 900. They
rose still higher. believe, for time,
but have since declined. Whether
they have quite recovered | do moi
know.