In the early part of the year 1881 there existed about a dozen companies in the Kimberley mine, the total capital of which amounted roundly to two millions and a half, and the shares in these undertakings were in the hands of the most successful diggers on the Fields. These shares had not, of course, been purchased with cash, but every claim-holder who put his claim ground into a company received a certain amount of scrip for his property. It is impossible to dispute the fact that claim property had risen enormously in value during the few years previous to the establishment of the first joint-stock undertaking, and it is manifest that if claims were incorporated in a company at a price on which they could yield a fair dividend, that price was a perfectly fair one. The non-success of many of the subsequent undertakings was mainly due to the fact that the promoters were blind to this very simple truth, and had forgotten, or had never known, the first principles which should govern joint-stock undertakings. In fact people who would never have dreamed of buying a share in a business at £1,000, which would only secure a return on five hundred, invested freely in shares in companies, the claims in which would have given an admirable return on a small capital, but a very poor one, if any at all, on the enormous sums at which they were put in. When once the idea that the joint-stock system was the most advantageous method for working the mines gained a hold upon the community, the excitement became intense, company after company was formed, and the shares in every case were eagerly taken up by the public. When the formation of a new undertaking was announced, the applications universally doubled and trebled the number of shares proposed to be allotted, and in fact a premium was invariably offered to a successful applicant for the chance he had secured of obtaining a share in any new venture. The different lists for share applications were filled with marvelous rapidity, and remained open but a very short time. Ebden Street, the “Rue Quincampoix”[52] of Kimberley, was filled from morning to night with a tumultuous and maddened crowd. The various offices of companies in formation were simply stormed, and those who could not get in at the door from the pressure of the crowd, threw their applications for shares (to which were attached cheques and bank notes) through the windows, trusting to chance that they might be picked up. It is difficult to picture the eagerness, the plots, the rage of the excited multitude bent on securing this, the magic scrip, which was to make the needy rich and the embarrassed free.