With reference to this, I may tell you that, besides the actual ore reserves mentioned, there are some 23,000 tons of tailings on hand of an estimated assay value of about £14,000. Concerning the North Bonsor, I would refer you to my statement at the meeting of that company some few weeks ago, and I think it scarcely necessary now to recapitulate the remarks I then made. Energetic development will be shortly resumed as soon as the machinery now being erected is available for deeper sinking. The ore reserves amount to between 15,000 and 20,000 tons, of a free milling value of 12.5 dwt.; this is exclusive of a large amount of ore in sight of similar value, and it is expected that, with further development giving satisfactory results, the North Bonsor will soon have sufficient ore reserves ready for the supply of a 30-stamp mill of heavy design. In conclusion, I can only say that I wish, for all our sakes, that I could announce that the Bonsor was actually crushing to-day. It is, however, something to say that the end of the tedious period of waiting does now seem to be in sight, and I feel confident that the results from the mill when work is resumed will soon prove to your satisfaction that the Bonsor is one of the foremost mines in Rhodesia. I have now to move: 'That the directors' report, together with the annexed statement of the company's accounts as at December 31,1900, be received and adopted.' (Applause.)

Mr. J. J. Hamilton seconded the motion, which was unanimously carried without discussion.

The Chairman moved the re-election of the retiring director (Mr. Hamilton), which was seconded by Mr. H. Wilson Fox and agreed to.

A vote of thanks to the chairman and directors closed the proceedings.

I have already shown why, at the moment of writing, Rhodesian shares have a promising speculative value, and as the Bonsor is a Rhodesian mine, we should try and judge, from the chairman's statement at the meeting, if it is likely to be one of the shares to profit from the revival of activity that seems a certainty of the immediate future. The mine, it will be seen, has been closed down, owing to the scarcity of native labour, and it is now waiting for an adequate supply of labour before it can be restarted. In the meantime it has been getting into debt, we find, in order to keep it going, so that when it is reopened it will recommence with this additional burden to bear. Judging solely by the chairman's speech, we cannot form a very hopeful opinion of the company's prospects - at least, its immediate prospects. On the contrary, we are more likely to form a pessimistic opinion, especially as it may have to wait a longer time than other companies for its labour. It is true that the mine is developing promisingly, but the ore does not seem to be very rich, whilst the longer it remains idle the more it will be burdened with debt. Therefore, the mine does not look as if the Bonsor is so promising a speculative share as the Chicago-Gaika or other Rhodesian shares, and we may therefore leave the shares alone. But with its full complement of labour the mine may do wonders.