We will now go together through two prospectuses, and for our purpose will select two that were advertised about the same date in the financial press. The first we will take is that of a West African company, the Tarkwa Concessions, Limited, which I give in full as it appeared in the Financial News:
Capital £140,000 divided into 140,000 Shares of £1 each.
The West African Agency, Limited, invite subscriptions for 60,000 Shares at par.
Payable: 2s. 6d. on allotment, 5s. one month after allotment, and the balance as required at not less than one month's notice. 40,000 of these Shares, which constitute the minimum subscription upon which the directors will proceed to allotment, have been underwritten.
Colonel Lawrence Heyworth, J. P. (Director of the Central Argentine Railway Co., Ltd.), Chadacre Hall, Bury St. Edmunds (Chairman). John E. Eastwood (Director Gold Coast Proprietary Mines, Ltd., and the West African Agency, Ltd.), Enton Lodge, Witley, Surrey. Alexander Adamson (Shipbuilder, late Director and Manager of the Naval Construction Works, Barrow-in-Furness), St. Andrews, Chislehurst. William Robert White, M.D. (Director Tarkwa Consols, Ltd.), Hazlehurst, Ticehurst, Sussex.
London, City and Midland Bank, 5, Threadneedle Street, EC.; The Bank of West Africa, 17, Leadenhall Street, E.C.
Ashurst, Morris, Crisp and Co., 17, Throgmorton Avenue, E.C.
R. A. McCulloch and Co., 28, Throgmorton Street, E.C, and Stock Exchange. M. Mendellsohn, 6, Austin Friars, E.C, and Stock Exchange. E. C. Gedge and Co., 166, Buchanan Street, Glasgow, and Stock Exchange.
Lester Rothschild, 54, Cornhill, E.C.
J. Nicholson, 16, Great St. Helens, E.C.
This Company is formed to acquire a part of the Aigahin Estate, which is bounded on the north-east by the Bonsah River, and on the west by the Ankobra River, the approximate position of which is shown on the map accompanying the Prospectus.
The Company will obtain a conveyance of the interest of Quacoe Mensah in the property, which became vested in the Vendor Company's predecessor in title by purchase on a sale held under the order of the Supreme Court of the Gold Coast Colony. The certificate of title granted by the Supreme Court has been registered as No. 110, on page 237, of Vol. VII. of the Register of Conveyances of the Gold Coast Colony, and notice thereof has been given, in accordance with the recent Concessions Ordinance, 1900.
Captain Gilbert, M.E. (late Manager of the Tarkwa and Abosso Mines), who has had considerable experience of the banket mines in the Tarkwa District, has, under date May 8, 1901, reported upon the property as follows:
'The property is situated on the eastern side of the Ankobra River, and bounded on the north-east by the Bonsah River. The River Ankobra is tidal as far as the village of Tomento (see map); so that any class of machinery can be transported on lighters and surf-boats. The property is one day's journey by water, or about two days by road from the coast.
'It is situated close to some of the best known mines, viz., the Taquah, Tamsoo Ranges, EfFuenta, Abontiakoon, Tarkwa and Abosso, etc. A large range or belt of lodes also traverse the north-west side, and therefore this property may be considered almost in the heart of the great mining industry. The extent of the property is about five square miles, thus allowing ample scope for the formation of subsidiary companies.
The reefs traversing this property are of banket formation, and in my opinion are of the same character as those found in the above-mentioned mines. It is proved beyond all doubt that the reefs of this district are of high grade, strong, and regular, traversing the country for miles, having well-defined walls, and mostly free-milling ore, which increases in value as depth is attained. There are numerous native shafts sunk on the outcrops and on the line of reefs on this property trending 43 degrees north-east and south-west, and up to the present time large numbers of natives constantly carry on their excavations and washings from the reefs and creeks. Portions of the native workings were under water when I was last on the property, so I was unable to discover to what extent the ancient workings were continued.
There are large beds of alluvial composed of blue clay, sand, and pebbles, varying in thickness from 1 ft. to 3 ft. thick, and worth 1 oz. to the ton. This can be plainly seen passing up and down the River Ankobra. To work this at a good profit, water would have to be taken up by a ditch at Bonsah Junction. This scheme is well worth the attention of the Company, and no doubt large and profitable results will be obtained from this source alone, regardless of the deep covering above it.
There is no limit for all building, milling, and mining purposes, besides large quantities of mahogany that can be shipped at a profit, having the great advantage of Ankobra River.
There is an ample supply of water for all purposes, and if properly taken up above Bonsah Junction in good pipes, it would drive any kind of machinery, viz., stamps, pumping plant, electric works, etc., as the Ankobra would give a never-failing supply; so that this property has such facilities as only few have on the coast. Therefore, with modern machinery, the charges on returning should be reduced to the minimum.
Taking the geographical position of this property, there will be no difficulty in transporting machinery and supplies for mining purposes. There is a good service of boats between Liverpool and Axim, thence by smaller boats to the mine. The property has considerable advantages over other properties which are further inland, and whose success is dependent upon a railway. Having the Ankobra River bounding the property on the north-west, and the Sekondi and Tarkwa Railway crossing the Bonsah River four miles north-east, it gives every facility for travelling and transporting supplies and machinery of any kind and weight.