How the Swindle was Worked,

A cablo message from Melbourne states that a mining transaction which lias caused some sensation has just come to light. It appears that the Buchan Silver lead Proprietary Company was started with glowing accounts of untold wealth. Thu Company owns a property at Buchan, in East Gippsland, whom outcroppings of silver-lead ore have boon discovered similar to the formations observed at Broken Hill. 'When the ground was opened up a little an export from the Mining Department visited tho place, and described it as exhibiting groat veins of silver-lead ore. Colonel Cecil Morgan, who was formerly manager of tho British Broken Hill Company, became managing director, and as ho was living at Buchan lie undertook to develop tho property. From time to time ho gave glowing descriptions of valuable discoveries made in the mine, and as late as 31st July ho re ported that 6000 tons of ore wore available. A month later Morgan disappeared, and it came to the knowledge of tho directors that ho had left tor England, having previously disposed of tho whole ot his shares at 6s to 7s each. He had handed in his resignation to a 00-dirootor. When pressed for an explanation. Sloe, tho under ground manager, said that-the mine teas an absolute duffer, and Morgan knew it. Sloe found that tho shoots of ore discovered in various parts of the property had in all oases been interrupted by limestone forma tion, which not only spoiled their con tinuity, but rendered thorn, except in in considerable patches, altogether unpay able, Ho mentioned this to Morgan, and told him ho regarded the mine as a swindle and would not stay in it. Morgan upon this produced a revolver, and threatened that if Slue did not make reports ns directed, and keep the information secret, ho would shoot him. Sloe was further induced to secrecy by having come under the influ ence of Morgan's wife, w ho added her per suasions to Morgan’s threats. When askod whether he ought not, in spito ot these things, to have disclosed tho state ot affairs, Sloe said he believed some of tho directors were “in the know,” and they' were better pleased that ho should hold his tongue. Tho collapse of tho mine will bo a heavy loss to the shareholders.
