The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-19
A NINE OF MINES

William Knox TAN OF = wav,d- HEATER
The Financial Crash In Auatralia.
William Knox. legal manager Of the
broken Nm Proprietary silver mine OF
New South Wales. arrived here on the Mo.
nowai yesterday, aAys tho San Francisco
Gall,
Mr.. Knox has managed thc financial end
OF the Broken Hill mime evor ainoe this
atari solns eight years ago. and has A.
sisted to bring to its present state this
mervslous mining property. which has
bsen the wonder Of ths times.
The B,oken Hill mine 10 the lasQsst and
has paid = batter return tina = any mine IN
tho world.
The moathly output Is somewhere about
100000 ounces Of silver and 9. 800 Ions OF
lead, which yields at least ESQ., 900 in divi-
dends to the Shareholder. II gives en-
ployment 70 between 5000 and 1000 men.
MIR. Knox was found at the Palace hotel
last night by a Call rep orter. and was look
ing verv blue indeed, as hs scanned a num-
Der OF cable dispatches which he had foun d
awaiting his arrival. They announced the
failure of nine OF the principal banks Of
Melbourne.
"This is terrible" he said. IT knew shat
things were looking bad " in Australia
when l loft, but / hsd no conception -
would como to this. There is No ind. 20 the
ruin and misfortune which il conveyed by
those few brief dispatches. Only about
three of tho banks are left standing, and
there is no knowing If they will DO abls to
weather tho storm out"
:Do you think that the great. strike of
miners at the Broken Hill mine9has done
much toward bringing about the present
crisis?" asked the reporter.
Il hays no doubt that II IL in q great
measure responsible, together with the
preceding st.ikes' for VI: crash: The
strikes have all helped TO drag Australian
commerce in the dust. People lost conf
dence in the country aud withdrew their
capital from IL. With the result that trade
grew bad, and finally a panic set In. The
men who brought it about will probably
suffer the most in the end, as
II account for the failure OF the banks
BY tho fact that nothing but a Wild panic
has set in. Depositors have all rushed to
withdraw their money. and the banks fore
seeing the drain OF gold have merely shut
their doors. l feel sure that none Of the in
stitutions at p eaent suspended will fnil to
repay every cent to the dspositors. All the
banks were practically as sound az the
Bank of England, but no financial institu-
tion can stand against a panic.
"Of the banks that have failed the total
paid-up capital represents e6. 94s, 63s. the
reserve $40, 095, o00, so there is no doubt
but that they will meet all demands in full.
The crash has brought down about six
banks in London which are connected With
them.
II have just resigned from the secretar,-
ship Of the Broken Hill Proprietary and
accepted a seat upon the boa:d of dire ctora,
in addition to which ! am managing direc-
of the Mount Lyell mine IL Tasmania.
This is one of the best properties in the
colony, and is n silver, gold and copper
all in one.
1--WE are making some very rich discov-
cries in this mine lately, and in one chute
have found ore going 5000 ounces to the
ton.
''Tho object of mr visit to this country Is
to examine and report upon economic ma
chinery for the treatment of the combina-
Broken Hill and the Mount LIZ ell mines. I
shall 90 TO the principal mining centers In
the United States and watch che best ma
at work and note the results.
"On Monday ! leave here for Butte City
and the Anaconda mines.
II specially intend to ami the best
machinery shown at the Chicago
g position, after which l shall 30 over to
upon business of my companies,
/ expect to coneummnte a big deal, OF |
which will say nothing now"
rs it true. Mr.. Knox, that the Broken
Hill mine %disposes of 12,0 600. 900 ounces of
silver in thisc country every year. % was re-
Gently stated by a prominent silver man r.
mo; l can assure you we don't find such
q ready market in America. We send
about half our output of silver to India,
they use an immense amount in the
The lead We find a market for in
China.
''The remaining bullion then goes to
where it is treated by the best
much cheaper than we can dc
it, and is then placed upon the European
when I have decided upon the best sort
I shall probably be a heavy purchaser of
'efrsctory ore machinery undspyritic smelt.
ELS in the United States.'