Incwadi Yami; or, twenty years' personal experience in South AfricaMatthews, J. W. (Josiah Wright)
History
Incwadi Yami; or, twenty years' personal experience in South Africa
Matthews, J. W. (Josiah Wright)
Diamond mines and mining -- South Africa; South Africa -- Description and travel
Many a laughable story is told of how diamonds were turned out of, or—to
be more accurate—put into this mine. One probable investor on going down
a shaft to examine the ground at the bottom had a hail-storm of little
diamonds showered on him (some of which lit on the brim of his hat)
which were meant for him to unearth in the loose ground at the bottom.
This wonderful discovery of the diamond’s new “locate” did not tend to
increase this gentleman’s opinion of the proffered investment! On
another occasion an astute matron interested in the swindle roundly
bullied her servants for their carelessness in finding only seven
diamonds instead of eight, with which she had “salted” the wash-up.
To make a long story short, the “best laid schemes of mice and men gang
aft agley,” the bubble burst, and the proprietors of this wonderful mine
allowed the knowledge of its startling richness to sink into oblivion,
and found consolation and support in ministering to the bodily wants of
those whom business or pleasure took to that worked-out and forsaken
Golconda.
As another example of how things were managed in those days when the
share mania was at its height, I may mention the case of a well-known
citizen who conceived the happy idea of putting into a company certain
claims in the Bulfontein mine which were then in his possession. These
claims were twenty-six and one-half in number, and the services of an
energetic promoter (who was to be paid £500 if he pushed the company
through) having been secured, a prospectus pithily written was submitted
to several well-known men who agreed to become provisional directors.
The capital of the company was stipulated to be £30,000, in 6,000 shares
of £5 each, of which £1 was payable on application, a similar sum to be
paid on allotment. The vendor, however, reserved 3,000 shares for
himself, so that only 3,000 were offered to the public. The _modus
operandi_ of floating this company was somewhat unique. It was known
that locally the company could not go through, as the unkind assertion
that “half of the ground was in the street” was generally believed, but
that difficulty the diplomatic promoter overcame by sending copies of
the prospectus to agents in the Colony and Natal fully a week before it
was allowed to see the light of day on the Fields. This turned out to be
a rather clever dodge, for, before its publication in the local prints,
the secretary had in his possession sufficient applications by wire, the
forms for which duly signed afterward came to hand, to insure the safety
of the company. Locally there were but few applications. The first
instalment of the company, however, was only just subscribed for and the
share allotment made, when the collapse in the share market took place.
What, however, is a singular thing in reference to this company is, that
the money paid on application and that paid on allotment, which must
have amounted to some thousands of pounds, has never yet been accounted
for.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account