Chapter IV: Conclusion

It is above all things desirable to aim at working the whole of the deposits about this river as one large power proposition, deriving the power either from falls on the property or from Kwall. Should it be found impossible to do this (from failure to secure the land and falls required), then it will have to be proved whether the deposits on the six square miles of “A” portion justify the expense of harnessing falls and conveying power to the heads of the streams. If not, as much of the alluvial as possible must be worked out by the same system of sluicing as was employed last year, but on an increased scale, and with a more elaborate method of dealing with the water supply.

I am of opinion that it will take a year with a competent staff to prove the six miles of land referred to in “A” portion.

(_Signed_) H. W. LAWS, M.I.M.M.

_3rd September, 1910._

N’GELL STREAM AREAS

_28th December, 1909._

_The Secretary_, NIGER COMPANY, LIMITED, LONDON, W.C.

DEAR SIR,—I beg to hand you herewith Summary of tin returns for the months of November and December.

_Tin Recovery._—Work ceased on the 14th instant owing to Mr. Carpenter’s time being completed, and his desire to return to England; otherwise sluicing on No. 1 stream could have continued to the end of the year. Sluicing on No. 2 stream was stopped early in November owing to want of water.

The black tin recovered for November amounted to 12 tons and 2 lbs., and from December 1st to 14th, 4 tons 14 cwts. 3 qrs. 12 lbs., making a total of 30 tons 0 cwts. 1 qr. 3 lbs. for the three months that mining operations have been carried on, as shown on the summary.

The ground sluiced at No. 1 stream measures approximately 2,736 cubic yards, worth 10 to 11 lbs. of black tin per cubic yard.

In arriving at these figures, the tin taken from the actual river bed, where it was impossible to measure the ground sluiced, is excluded, and this value will be found to be a fair average for the alluvial bank deposits on the N’Gell areas.

I estimate there is sufficient of this to last for six years on the two areas we have taken up, but this does not include some fairly extensive deposits between the three N’Gell streams and outside our small mining leases, which we have recently found to exist. We have not attempted to develop these higher deposits, but wherever tried they carry good values, and if by careful selection we added them to the existing areas, the proposition would become an important one as far as quantity is concerned. The difficulty lies in economical working. The present method, although profitable, is unsatisfactory, at any rate from an engineering point of view; my experience of the last three months has proved that sluicing in a small way can only proceed between seasons—in the dry season only hand-work can be done, and at the height of the rains the sluices cannot be fixed low enough to receive the sluicing water. It is essentially an elevating proposition, but without power, fuel, or water, we are helpless. I therefore recommend you, should an opportunity occur, to give careful consideration to any amalgamation scheme which our neighbours on the N’Gell River might think desirable after they become familiar with their property, especially if they decide to work on a large scale.

Should no opportunity of the kind occur, I advise you to take the best out of the three streams and their alluvial banks by our present cheap sluicing methods and handwork during the next six years or so. A good engineer and an assistant would be required to supervise, but the former would only be required at certain seasons and not permanently on the property. I am preparing a list of plant required to work economically on these lines on the three streams.

_Export._—The tin won was all first grade, assaying 72 per cent. to 73 per cent. 644 bags, weighing net 19 tons 9 cwts. 3 qrs. 7 lbs., were despatched in November, and 350 bags, weighing net 10 tons 10 cwts. 1 qr. 24 lbs., were despatched this month, making a total of 30 tons 0 cwts. 1 qr. 3 lbs.

_General._—The plant has been properly laid up and protected from the weather for the dry season, and a watchman has been placed in charge.

I am, &c.,

(_Signed_) H. W. LAWS.

Since the preparation of the foregoing particulars a report has been received from the company’s manager giving the first detailed particulars of the prospecting as follows:—

“_Prospecting._—With regard to this important subject I expect to have a little more to say when I have a general map ready to forward to you. The shaft in Section 26 which you asked about in your letter of 26th July was not got down to bedrock on account of water, and there were no results to report. In prospecting the streams of the central and northern part of the 40-mile area, we found tin in many places in various quantities, and irregularly distributed. Apparently the best stream is that one which runs through Section 28; while prospecting there we calabashed out five tons very easily from the bed of the stream, which tin we have in stock and shall report it to the Government as soon as the mining lease is applied for. The prospecting by numerous pits shows that the ground is too irregular in values outside the bed of the stream to make satisfactory estimates until some sluicing is done, which will be a relatively easy matter when we have the mining lease. There is another stream about three miles further north which I think will warrant taking up, but perhaps not quite so good as that in Section 28.

“In prospecting other streams of the northern part of the 40-mile area we generally found from a trace of tin to say a pound or so per yard with limited yardage, and none of them offer much encouragement to the company for mining purposes.

“A part of the N’Gell River, in Sections 49 to 50, I think is suitable for taking up as a mining lease. The tin, however, appears to be mostly confined to the river bed, and therefore it is more suitable for calabashing than for sluicing purposes. Also the parts of streams Nos. 1 and 2, which are in the prospecting area, should be included in the areas applied for.”

The manager further states, in regard to the drilling operations which are being carried out on the more remote and westerly portion of the property, that the results hitherto obtained have not been very encouraging, but that it is too early to arrive at a definite conclusion in regard to final results.

Cable advice has been received of the recovery of ten tons of tin during the month of October. The manager adds that the water is falling rapidly; this should permit of calabashing on an extended scale. The value of the tin already won by intermittent working should realise nearly £4,000, a sum in excess of the outlay in respect of the surveying and prospecting on which the small staff has been principally occupied.

TIN AREAS OF NIGERIA, LTD.

_Capital._—£60,000 in 240,000 shares of 5s. each.

_Directors._—Assheton Leaver (Chairman), Cyril D’Arcy Leaver,
James Ramsay Parsons, Franklin Stokes Saunders, Lewis Norman
Way.

_Secretary._—Henry Thomas Miller.

_Offices._—St. Bartholomew House, 58 West Smithfield, E.C.

This company owns two alluvial tin properties of about one square mile each, and when the company was formed they had a further option for an area of about 1,920 acres, which option has since been exercised, and the property referred to in it floated as a subsidiary company called the Jos Tin Area (Nigeria) Limited.

For the purpose of identification the two properties owned by the company were described as Jos No. 2 and the Fusa property.

Mr. Malcolm has been appointed manager of the properties, and on behalf of the company has applied for and secured permission to take up a further area on the Fefan River.

Mr. S. W. Carpenter, who was in the employ of the Niger Company for five years, has been appointed engineer. Mr. A. Higgins, who has also joined this company, was formerly in the Public Works Department of Nigeria, and has been in the country for the past ten years. He will make his headquarters at Lokoja, in which place the company has contracted to acquire a site and buildings to be used for trading, with a steam launch and two barges on the river. In connection with this trading and transport work, the company have acquired properties in Nigeria belonging to the firm of Messrs. Siegler & Co., and their place in Lokoja occupies the best river site there.

This company promoted its first subsidiary company in May 1910, and was called the Jos Tin Area (Nigeria) Limited. The property was a producing one.

ANGLO-CONTINENTAL MINES CO., LTD.

_Capital._—£200,000 in 400,000 10s. shares, of which 300,000
are issued and fully paid.

_Directors._—Messrs. W. F. Turner (Chairman), Edmund Davis, J.
Schaar, and H. White.

_Secretary._—Mr. A. W. Berry.

_Offices._—22 Austin Friars, E.C.

This company, in addition to having interests in various West African and South African concerns, is interested in the Nigerian Tin Fields, and in addition to holding share interest in various companies, they have a prospecting right over an area of 50 square miles in the Bauchi district to the west of the Naraguta area, and to the north and adjoining the area of the Northern Nigeria (Bauchi) Tin Mines, Limited.

JOS TIN AREA (NIGERIA), LTD.

_Capital._—£110,000 in 440,000 shares of 5s. each.

_Directors._—Assheton Leaver (Chairman), C. D’Arcy Leaver, H.
T. Miller, J. R. Parsons, F. S. Saunders, A. T. Schmidt, L. N.
Way.

_Offices._—58 West Smithfield, E.C.

The company acquired from the Tin Areas of Nigeria Limited, an area of 1,920 acres which were originally held by the Niger Company. Mr. Charles Scott has been engaged as mine manager, and is now on the property, from which about 20 tons of black tin were won during May, June, and July.

At the statutory meeting held on 22nd August, the chairman said:

“I may say that I have had the pleasure on two or three occasions of meeting Mr. H. W. Laws, who was the chief mining engineer of the Niger Company in Northern Nigeria, and is now their consulting engineer here. He had for some time the direction of the work on this particular mine. In the course of friendly conversations with him, he told me that he was of opinion that our company should get back its capital, together with interest commensurate with the risk run in all mining enterprises. He also told me that he considered the mine could go on producing indefinitely anything up to 200 tons of tin per annum, without any capital expenditure, but he added that he thought that would be a very wrong policy to pursue, and that the right thing to do was to have, as we intend having, a thorough survey made of the property, and then come to a conclusion as to the best method of working it. I think that it is very satisfactory to hear this from Mr. Laws, because it points to the fact that we have really got a sound property, and one which, if properly managed, will prove to be a sound speculative investment. It is a property which must be regarded as a low-grade proposition. Although, of course, it is more fascinating to have a property which may be called a very rich one, yet a large low-grade property is really far more satisfactory from the shareholders’ point of view than a property which is simply rich in patches, because with a large low-grade proposition it is a case of “cut and come again” and as often as you like. There is always something to go away with. Mr. Lush, in a report which he gave us at the time of the flotation of this mine, estimated that we could reckon upon having 500 acres containing 2 lbs. of tin per cubic yard, and if that estimate is realised—and I have no reason to anticipate that it will not be realised—and the profits are made that he foreshadowed might be made, you have a very handsome property, and one containing apparently something over half a million sterling worth of tin.”

BISICHI TIN COMPANY (NIGERIA), LTD.

_Capital._—£200,000 in £1 shares.

_Directors._—The Earl of Wharncliffe, Sir William Wallace,
K.C.M.G., William Scott Coutts, Samuel Watkin Carlton, James
Gardiner.

_Secretary._—Stanley Aldous.

_Offices._—51 and 52 Fenchurch Street, E.C.

This company was formed to acquire and work mining rights over a property known as the Bisichi Valley Tin Area, comprising an area of three square miles in extent, situated in the Bauchi Tin Fields. It is located about 12 miles south-east of Jos, at the head-waters of the river Gongola, on the main transport route from Keffi to Naraguta.

Mr. Laws, the general mining manager of the Niger Company, in his report, says:

“One of the most pleasing features of this property is its constant supply of water for sluicing and power purposes, and the ample head of water given by the three falls for hydraulicing.”

In the Bisichi Valley there is a large alluvial deposit of light sandy material which is quite free from clay, and is extremely friable, and consequently capable of cheap and rapid concentration.

Black oxide of tin occurs abundantly in the river beds and adjacent alluvial flats, and is of very good quality, there being practically no iron or other impurity associated with it. The tin-bearing alluvial is all on the surface, and varies in depth from a few inches to some 20 feet in the vicinity of the river.

Systematic tests of the alluvial by trial pits were commenced this year, and up to the present the great proportion of the alluvial of the river Bisichi has been tested.

The tested ground averages 4 yards in depth, and contains approximately 2,120,000 cubic yards of payable alluvial wash. The latter varies in value from traces to 129 lbs. of black tin per cubic yard, the average value being 7.27 lbs. of black tin per cubic yard. The total contents of the tested portion therefore amounts to 6,800 tons, exclusive of the river bed deposits, which the Niger Company’s engineers estimate to contain about 1,000 tons.

The nature of the river-bed wash does not lend itself to accurate sampling, but Mr. Laws, judging by actual returns from similar deposits on this field, considers this estimate of 1,000 tons a moderate one, and states that it may be taken that some 7,800 tons of black tin (containing over 70 per cent. of pure metal) have been developed to date. Taking the costs as estimated by Mr. Laws at £45 per ton, the above tonnage contained in the area already proved, shows an available profit of over £350,000.

Payable tin-bearing alluvial exists on other portions of the Bisichi Valley area, but as it has not yet been measured or tested, no exact estimate can be made of quantities and values. The ground already tested represents about one-tenth of the total area; but the very high values and quantities so far disclosed cannot be taken to apply to the whole area, as it is natural that the course of the main stream should carry better values and deeper ground than the remainder of the land where the alluvial would be more patchy and shallower. It will be seen, however, that the estimated working costs per ton have been placed by Mr. Laws at a figure which will permit of lower grade ground being worked than that already referred to.

Mr. Laws advises the immediate erection of an hydraulicing plant capable of dealing efficiently with wash dirt sufficient to produce 800 tons of black tin annually, an ample head of water being available for this purpose throughout the year.

He also states that it would be quite possible to commence work on the property immediately by ground sluicing; but he is strongly of opinion that this policy would be unwise, as the disturbance of the ground might tend to interfere with the economical working on a large scale such as is proposed.

Provided no unforeseen difficulties arise, Mr. Laws is of opinion that the whole of the plant would be in operation within nine months.

If Mr. Laws’ advice is taken, he estimates that working cost would amount to about £10 per ton on ore of the value already found, but, as stated above, to allow for working a larger quantity of lower grade ground, working costs should be placed at £15 per ton of ore. The price of the ore in the market at Liverpool may be taken at £90 per ton, which, after deducting £15 for working costs, and £30 per ton for transport and contingencies, would leave a margin of profit of £45 per ton of ore. Although it is proposed in the earlier stages of development to equip the mine with plant capable of producing 800 tons annually, any increase on this rate of working will depend on surveys determining the head of water available.

WEST AFRICAN MINES, LTD.

_Capital._—£100,200 in £1 shares, of which 100,000 are ordinary
shares and 200 founders’ shares; all are issued and fully paid.

_Directors._—Rt. Hon. Lord Harris (Chairman), Edmund Davis,
Friedrich Eckstein, H. Strakosah, R. G. Fricker (Managing
Director).

_Secretaries._—The Consolidated Goldfields of South Africa,
Limited.

_Offices._—8 Old Jewry, E.C.

This company, which is managed by the Consolidated Goldfields of South Africa, Limited, has secured an interest in a tin business in Nigeria. The company have sent out Mr. Balfour, who has had experience in tin dredging in the Straits Settlements. The tin property which is here referred to was floated in conjunction with the Anglo-Continental Mines, Limited, and was called the Northern Nigerian (Bauchi) Tin Mines, Limited.

BENUE (NORTHERN NIGERIA) TIN MINES, LTD.

_Capital._—£10,000 in £1 shares; 8,500 are issued and fully
paid, the balance are under option at par till 31st March, 1911.

_Directors._—Charles E. Pearson (Chairman), C. L. W. Wallace,
H. Kemble, G. F. Jones.

_Secretary._—J. H. Dormer.

_Offices._—21 Great Winchester Street, E.C.

The company originally held a prospecting mining licence over an area of ten square miles, situated in the Benue River district, Northern Nigeria.

Mr. Harry Kemble, accompanied by an experienced engineer, left for Nigeria early this year. The following circular was issued to the shareholders on 29th August 1910:

“I beg to inform you that Mr. Kemble, writing from Naraguta, on 21st July, reports as follows:—

“‘Please inform my brother-directors I have acquired four square miles of very rich tin area, as stated in my cable of the 19th inst. It is mainly in the streams, and will be almost entirely recovered by calabash washing (_i.e._ natives washing the alluvial in calabashes).’”

In a cable from Mr. Kemble, dated 8th August, he states that he has acquired a further six square miles, also rich, and on 21st August he cabled that he has acquired “another square mile extremely rich.”

With regard to the exact locality of these areas, Mr. Kemble says: “Mr. Knight will have plans, report, &c., ready for sending home as soon as possible.”

The following was issued to shareholders on 15th September 1910:

“Referring to my circular of 29th August, in which I informed you that Mr. H. Kemble reported having secured in all eleven square miles of very rich tin area, in a letter just received from Mr. Kemble, dated 3rd August, he states that as a test they have washed 3,000 lbs. of tin in five days’ work. With reference to seven square miles which Mr. Kemble has secured for the company, he says:

“‘(1) Property on which camp is built lies nearly half-way between Bauchi Town and Naraguta. It is two miles long by half-mile wide, taking in the Ademi River in its length. There are other smaller streams on the property running into the Ademi, and also containing tin. One square mile. (2) Property on the river known locally as the Kogin Zungur, one day’s march due south of Bauchi Town, and commencing quarter-mile south-west of the town of Zungur, is six miles long and one wide. Mr. Knight reports it rich in tin. Six square miles. It is impossible for Mr. Knight to make detailed plans yet, as all his time must be devoted to getting hold of further concessions.’”

GEL TIN LODE AND ALLUVIAL COMPANY, LTD.

_Capital._—£100,000 in 400,000 shares of 5s. each; present
issue 240,000 shares.

_Directors._—Mr. P. G. Hamilton-Carvill, J.P. (Director of
the Van Ryn Gold Mining Estates, Ltd.), Mr. T. F. Dalglish
(Director of the Taquah and Abosso Gold Mining Cos.), Mr. James
A. Duncan (Director of New African Co., Ltd.), Mr. Leama R.
Davis (Director of Millar’s Karri and Jarrah Co., Ltd.), and
Mr. George Ochs (Director of Abosso Gold Mining Co.).

_Secretary._—Mr. H. J. Smith.

_Offices._—34 Clement’s Lane, E.C.

This company has secured an area of 5¼ miles next to Naraguta, the alluvial area comprising about 785 acres. Mr. H. W. Laws reporting on these 785 acres, says:

“The bed of the stream is extremely rich in tin, in fact it is one of the richest in the country.”

Mr. Laws also says that fifty natives with calabashes can earn 10 tons of tin per month at a cost of less than £10 per ton, and that the extra expense for transport, &c., to England, would not come to more than £30. This would mean that fifty tributers, with the most primitive methods, could earn 100 tons per annum, since it is stated that there is plenty of water for sluicing purposes during eight months of the year. During the remaining four dry months of the year there is ample water left in the pools. In addition to the alluvial properties, the Gel Company has a half share in a lode firm on a property covering 640 acres. Upon this lode the Niger Company have already spent £10,000 in prospecting shafts with satisfactory results. The lode formation is 20 feet wide on an average, and an analysis of prospects gave 20 per cent. of tin.

AKERRI (NIGERIA) TIN COMPANY, LTD.

_Capital._—£125,000 in £1 shares, issued as fully paid in part
payment of purchase money; 25,000 were offered at par, and are
2s. paid, and the remaining 35,500 are held in reserve for
future issue.

_Directors._—Mr. Charles Vivian Thomas (Chairman of Tronoh
Mines), Mr. Arthur Oliphant Burton, Mr. Louis A. Neel.

_Secretary._—Mr. C. M. Champness, C.A.

_Offices._—103 Cannon Street, E.C.

This company acquired their property through Mr. W. H. Champion, who has also reported on the property. Most of the other companies which have been formed up to this date, are working in the Bauchi Province, and as the Akerri Company is proposing to work in a new district near Zungeru, the present capital of the Colony, a copy of Mr. Champion’s report is given in full:

“Having been appointed by you to prospect and report on your tin properties in Northern Nigeria, to which place I proceeded in March, I have now much pleasure in submitting to you the following particulars:

“_Situation._—Your property is situate one day’s journey in a south-westerly direction from Zungeru, the present capital of the Colony, and one and a half day’s journey north-east of Jebba, which is an important railway centre.

“There is one important point as regards its position, which places it far ahead of any property of any company at present working in this Colony. That is, you have as boundaries, on the north the Lagos Railway (Northern Extension), on the west the Kara River, and on the east the Kaduna River.

“It is a granite country, and although in the Naraguta district reefs have been proved to exist, large alluvial deposits, which yield cassiterite (tin oxide), are of chief importance.

“_Mining._—For a couple of years the natives have been working in the rivers adjoining, and also on your property, treating the ore in their usual primitive way by means of ‘washing’ with wooden pans or calabashes.

“Under my supervision a large number of bore-holes were put down, varying in depth from 10 feet to 35 feet. I can form no idea as to the depths of the tin-bearing soil, as on the western boundary I have reached 35 feet in depth without getting to the end, on the eastern boundary about 30 feet in depth. You have over the whole of your area alluvial deposits existing on a very large scale. These deposits yield cassiterite (tin oxide) containing on an average 62 per cent. metallic tin, which proves the alluvial to be as rich or even richer than you find in any other part of the world.

“I estimate the yield at 7 lbs. per cubic yard—equal to, say, 5 s. per cubic yard, with tin oxide at £85 per ton. The cost of production would be approximately 6d. per cubic yard.

“The extent of the property is great, the natural facilities for mining are favourable, and the output of tin will be simply proportionate to the number of men employed. Assuming that a minimum of only 250 natives be employed, they should produce 500 tons of metallic tin per annum. Taking the price of tin oxide at £85 per ton, there would be a profit of some £36,000 per annum.

“The mining rights are over 3,200 acres, or five square miles, granted by the Northern Nigerian Government, and are subject to an annual rent of 5s. per acre.

“There is also a 10 per cent. royalty on the net profits derived from production, but I can assure you that there is every prospect of a reduction taking place in the near future.

“_Labour._—This is undoubtedly one of the most important questions with which mining companies will have to deal at a very near date. This I foresaw, and am now pleased to say that arrangements have been made with the Zereki, or Chief of the Village, close by, to provide you with not less than 300 natives at any time or date, the same are required.

“_Transport._—This is another important question.

“At the present moment the railway has not been completed, but I assure you that it will be before the end of the present year. They are now laying it at the rate of one mile per day, and are only some forty miles from your property when I left on 14th May.

“In this matter you have a very great advantage over those companies who are exploiting the Bauchi district, for, to quote the words of their expert, the cost of carriage from their tin fields to Liverpool is some £27 per ton. The cost to you will not exceed £12 per ton, so you will have on every ton arriving in Liverpool a clear profit of £15 more than they get. This is a large margin, and when worked out on the small production of 500 tons per annum (which I have previously mentioned), means a sum of £7,500 over and above what they can get on the same quantity.

“_Water._—There is no need for me to dwell on this point, as the very large rivers you have as boundaries will be more than ample supply for all or any companies who will be operating here in the near future.

“_Climate._—Northern Nigeria is far different to any part of West Africa. You are at an elevation of some 500 feet. The nights are quite cool, and any man who takes ordinary care of himself and lives well ought to have good health. It is, in my opinion, by far and away the healthiest part of West Africa, and I say this after sixteen years spent in different parts of it.

“In conclusion, the results obtained prove conclusively that there is immense alluvial wealth which can be cheaply won, and I believe in this property you have one which will prove an astonishing success.

“I should recommend you to at once commence operations on a large scale.

“A large working capital is unnecessary; and I consider that £25,000 will be more than ample for all requirements.”

NEW AFRICAN COMPANY, LTD.

This company, which has been dealing for some time in South African business, has recently acquired an interest in a Nigerian tin property comprising an area of 640 acres, containing a lode which is claimed to be the mother lode of the district. Arrangements are now being made to prove the lode at depth. In addition this company have also acquired an alluvial property adjoining, which runs along the bed of a stream for a distance of about 5¼ miles, and extends to a width of 200 yards on each bank. The property has as its northern neighbour the Naraguta Company, with the Jos Tin Company on the east, and the Bauchi Tin Syndicate on the west. This company appears to be working in conjunction with the Gel Tin Lode and Alluvial Company, which company is probably a subsidiary company issued by it.

THE SOUTH BUKERU (NIGERIA) TIN COMPANY, LTD.

_Capital._—£50,000, divided into 50,000 ordinary shares of £1
each, of which 20,000 are for working capital.

_Directors._—Segar R. Bastard (Chairman, Champion Gold Reefs of
West Africa, Ltd., and Director of Juga (Nigeria) Tin and Power
Co., Ltd.), Wm. F. Jackson (1-2 Great Winchester Street, E.C.,
and Stock Exchange, E.C.), John Waddington, J.P. (Director,
Naraguta (Nigeria) Tin Mines, Ltd.).

_Consulting Engineer._—Charles G. Lush, M.E.

_Secretary._—H. Tuffrey.

_Offices._—Blomfield House, 85 London Wall, E.C.

This company has been formed to acquire the exclusive rights to prospect for minerals, mineral oils, and precious stones over an area of 3 square miles, situated about 4 miles south of Bukeru, in the well-known Bauchi Tin Fields of Northern Nigeria.

The property is situated on the top of the Bukeru Watershed, a basin heavily watered with small streams running through the whole area, which is stated to be alluvial, and all the ground is tin-bearing from the top to the bottom of the pits, which have been sunk to a depth of about 15 feet. Mr. Lush, the consulting engineer to the principal Nigerian tin mining companies, who thinks well of the property, has consented to act as consulting engineer for this company.

A party, consisting of four engineers with boring plant and stores, has already sailed for Nigeria to take possession of and work this property, as well as two other properties belonging to the Gongola Syndicate, Limited, and arrangements have been made for giving to this company the benefit of this organisation, on payment of a proportion of the charges incurred and to be incurred in connection therewith. There will be set aside £20,000 of the capital for working capital, of which 10,000 shares will be subscribed for immediately.

The purchase consideration is 30,000 fully-paid shares to be allotted to the Wadu Syndicate or its nominees, and the right to subscribe at par for the unissued capital of the company.

It may be mentioned that it is estimated that a profit of at least £45 per ton of ore will be obtained, taking the actual price at £90 per ton and deducting £15 for the cost of working and £30 for transport, &c., which latter item will shortly be considerably reduced.

RIBON VALLEY (NIGERIA) TIN FIELDS, LTD.

_Capital._—£200,000 in 200,000 shares of £1 each, of which
50,000 are set aside for working capital.

_Directors._—Mr. Edward Hooper (Chairman), Mr. Sidney J.
Messenger, Mr. Herbert Moir, Mr. James Wickett (Director of the
Malay Tin Mines), and Mr. H. W. Pelham Clinton.

_Secretary._—Mr. George Kerr, A.C.I.S.

_Offices._—Capel House, New Broad Street, E.C.

This company has acquired a most extensive property—nine miles in extent—and holds it under an exclusive prospecting licence from the Northern Nigerian Government. So far the prospectus has only been privately issued. The licence carries with it the right to select areas for mining purposes for periods of twenty-one years, at an annual rental of 5s. per acre, and a royalty on the mineral output. The property is situated on the head-waters of the river Gongola, the river flowing through the area being locally known as the Ribon. It is about 20 miles south-east of Naraguta, and within easy reach of the main transport route. There is a constant and unlimited supply of water, and a large quantity of timber suitable for fuel. The labour is plentiful, cheap, and suitable for alluvial mining. The costs are put approximately at £20 per ton of black tin, of a minimum of 70 per cent. Mr. H. W. Laws, M.I.M.M., the chief mining engineer of the Niger Company, says: “I consider the area has excellent prospects of proving very large and profitable, and that in selecting land for mining purposes it will probably be necessary to acquire two, and perhaps three, separate leases, owing to its unusually large extent.” An engineer of wide experience and an assistant has left London for the property, and Mr. Walter Wethered, who is paying his third visit to the Nigerian tin field, is to attend to the Company’s interests on the spot. The intention is that the Ribon Company shall become one of the parent kind, because it is quite impossible that, unaided, it can develop so large a sett.

THE REIN RIVER (NIGERIA) TIN MINING CO., LTD.

_Capital._—£76,000, divided into 270,000 ordinary shares of 5s.
each, and 170 deferred shares of 1s. each.

_Directors._—S. R. Bastard, Chairman of Champion Gold Reefs
of West Africa, Ltd., Lucky Chance Mines, Ltd., Tin Fields of
Northern Nigeria, Ltd., South Bukeru (Nigeria) Tin Co., Ltd.,
Director of Juga (Nigeria) Tin and Power Co., Ltd. (Chairman).