| Title: | McMahon Glynn, Patrick to Glynn, James P., 1887 |
|---|---|
| ID | 4394 |
| Collection | Patrick McMahon Glynn: Letters to his family (1874-1927) [Gerald Glynn O'Collins] |
| File | glynn/46 |
| Year | 1887 |
| Sender | McMahon Glynn, Patrick |
| Sender Gender | male |
| Sender Occupation | politician |
| Sender Religion | unknown |
| Origin | Kapunda, South Australia, Australia |
| Destination | Gort, Co. Galway, Ireland |
| Recipient | Glynn, James P. |
| Recipient Gender | male |
| Relationship | siblings |
| Source | |
| Archive | |
| Doc. No. | |
| Date | |
| Partial Date | |
| Doc. Type | |
| Log | unknown |
| Word Count | 816 |
| Genre | being a politician, mining business |
| Note | |
| Transcript | Kapunda Sept. 4 1887 My dear James It is Sunday evening, & I stop half way in an article for the Herald to write you a few lines. A good while must have passed since my last letter, but my poverty in leisure not my will, to vary the apothecary's speech, prevented me writing. When a man is a lawyer, a journalist, & a member of Parliament, & tries to [do] his work conscientiously, his spare moments are few. Private & public correspondence swells, and it is a luxury to have a few spare moments to take a book in hand. This week I had to speak for two hours together in favor of freetrade in a protectionist house, lecture next evening 50 miles from Adelaide, the evening after lecture 150 miles from [the] same place, talk to deputations, & drive over 40 miles of country to examine the route of a proposed Railway, before returning here to law & journalism. By the way, law is little profit here, as I am so much away, so I may have to change to Adelaide, where I dare say I would make money, as people fancy me more than I do myself. The constituents like local men, but they will have to lump it, and as I am to some extent a well known character, some constituency or another would return me at any time. There is one matter I want you to draw Johnny's attention to. There is a celebrated mine—called the Broken Hill Proprietary Mine –near here. It is in New South Wales, but nearest to Adelaide. From papers I have sent him (the Advertiser about 2 months ago & an extracted article in the Kapunda Herald) Johnny can see some particulars of it. Well, it is a silver mine, comprising several blocks of about 40 acres each, of which Blk 14 has been floated into a separate company, & Blks 15 & 16 are to be put at once on the London Market. My advice to anyone with spare cash, or borrowing power, is to apply for shares. I will give you some proof of the wisdom of this. About 3 years ago the shares in the original mine were £ 9 each = 16,000 in number, £20 nominal value, £19 written up. About 10 months ago I bought 5 at £41 each, another afterwards at £37-13 & 3 months ago 2 more at £96 & £88. The latter share I got by selling my interest in [the] original company getting 6 shares in the Blk 14 free for each of his original shares—so that I got 36 for six. They were £4-10-paid up, £5 nominal value, & 100,000 in all. They started at £ 2, I sold at £3, purchased another original, have now 8 originals & 6 blocks. Well, the Blocks were yesterday £ 9 each & the originals £168, so that, with dividends, I must have made about over £1100 up to the present & have no intention of selling. It is, in my opinion, and I know the discoverers, the richest silver mine in the world. I get £ 1 a month dividend for each original share, (Blk 14 is not opened up yet), but the mine has not been properly opened yet, It will pay £ 1 a week dividend per share within 18 months, I think, & certainly by Xmas £ 2 a month (and Blk 14 will also pay dividends but, of course, proportionally less). Now, Blocks 15 & 16 have a good outcrop, have been to some extent tested, & though I cannot speak of them with the certainty of the rest of the mine, I would advise any fellows with money to apply for shares in them. They have twice the acreage of Block 14, & though the shares are double in number, they will rise at least 50 per cent in price very soon after being floated. I, as an original shareholder, will get 4 free shares for each proprietary share I hold & my share in the proceeds of the 124,000 shares if floated in London. Personally, I hope they don't float the company, as if worked by the original shareholders the dividends would soon come in. You can mention this matter to your friends, & let them speculate if they like. I had confidence in the mine from the outset, as I knew one of the discoverers, & if I had command of cash would now be worth tens of thousands. As it is, my 8 original shares would yesterday have sold for £1344. I will buy and send Johnny a halfyearly report. Well excuse this hurried note but I thought it better to give anyone with cash a chance of speculating with good prospects. Your affectionate brother P. McM. Glynn [P.S.] I send Johnny last half year's report this mail. |
