Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1890-10-08
OELVING FOR DIAMONDS
PRESENT CONDITION OF KIM
BERLS:Y'S GREAT INDUSTRY.
One Mine Which Has Already Produced
S45, ,OOO,0 900 Worth Of Diamonds.

S45, 900, 900 Worth Of Diamonds.
Kimberley (South Africa) Letter in
the New York sun: The first annual
meeting of the shareholders of the DE
Beers mines was held here last week.
This company WAS formed about tif-
teen months ago TO consolidate the
whole of the diamond mining indus
try of South Africa, and it has so far
succeeded that it has now the owner
ship first of the DE Beers mine, which
has an area of about fifteen acres, with
600 claims. Out of this mine there
have already been excavated 3 ,25O, 200
cubic yards of diamondiferous ground,
producing diamonds TO the value of
80, ,000, 900, or about one and one-half
tons weight of precious stones, between
1871 and 1885. Since then its annual
has averaged about f500,O00.
This mine was originally worked by
individual diggers. Then, as the depth
increased and the cost of working be-
came too great for individuals, claims
were amalgamated and taken up by
companies, till at length the whole
mine came into the hands Of the De
Beers company, which has a nominal
capital of about f2 ,0OO, 900. Early
ast year the f1O shares of the company
stood at $40, making the capital then
more then IS 900 900. At that time
it was taken over by the new company,
the De Beers consolidated mines. The
next step of the Consolidated was 10
take over the Kimberley mine. This
mine, although smaller than the De
Beers, possessing only about $50
workable claims, was and is much
richer in its production, and by the
end of 1885 had scooped out 9,O0O,O 900
cubic yards of stuff, half of which was
diamondiferous. The yield of dia-
monds up to 1885 exceeded II SOC, 900
carats valued at f20 900 900, or about
three and one half tons of precious
stones. The capital of the Kimberley
mine when amalgamated stood nomin-
ally at about f2 900 900, and as the
e1O shares were then selling at 45C
the capital was nearly 49 ,OOO,O
Having these two mines, the ConsOl-
idated company had virtually the con-
troll of the diamond production, but
| there were two other factors with
which it was important to deal. These
were the Dutoitspan and the Bultfon-
ed capital of another 25 900 900, with
an average annual production of nearly
"a 900 900 in value.
All the productive diamond mines
| in Grigualand West are under the COM
| plete control of one consolidated COM
| pany. This company has a nominal
capital of e3 900, 200 in f5 shares,
which are to day standing at nearly
| fl6. During the year it has paid
off amounts in the shape of tran-fer
| and other expenses which VIII only oc-
cur once amounting to nearly quar-
ter of million pounds, leaving a pro-
| tit of f4O0, 900, out of which a divi-
dend of 10 per cent. has been declared
for the last half year. But this first
year has been trying one for the
company. 1t is only within the last
few months that diamonds have
reached their present price. The eX-
| penses will not occur again which have
been such drain on the revenue. Saw
ings have been effected and will be eff
fected in the working which will re
duce the cost of production, and as the
| price of % or 80 shillings per carat i
! to be maintained, 1t will materially
add to the profits of the shareholders.
Such. for instance. is the accumula-
ton of blue ground on the floors.
e.: the diamondiferous ground taken
from the mines which has to be pull
verized by exposure to the atmosphere
and by watering. The watering pro
cess has been expensive, but the new
policy of checking production will
leave the ground to be pulverized 10y
natures processes alone-i. e.: by
long exposure TO the atmosphere anC
rain, thus saving the cost of water.
| At present there are on the floors OF
the two mines a stock of blue ground
amounting to 7S6 900 loads, whicl
represents an asset of FL ,375 900, a:
each loid averages l 1-3 carats of dia
monds. Altogether, then, this com
pany is in a most fiourishing condition
The demand for diamonds has KEEP
pace with the production ever sine,
the mines were opened. That it viii
still keep pace is shown by the fac
that even at the increased price all tn,
diamonds have been cleared off, nC
stock remaining on hand.
The gold mines of South Africa
which are now in the full swing o.
their development, are gradually at
tracing the notice of financial mel
and Spectators in all parts of Europe
With only few properties working
the last month the production was 81,
900 ounces of gold. There have beer
great drawbacks to the development 0.
the mines, not the least being the diff
ticulty Of transport and the expense O.
fuel and labor. Every inch of machin
ery has TO be conveyed over the wors
roads in the world for more than so
miles by the slow bullock wagon, bu
railways will soon be constructed Il
the fields, and then better things mz,
be expected.
Great CuriOsities.
| The suur of a moment