The annual general meeting of the Cosmopolitan Proprietary, Limited, was held yesterday, at Winchester House, Old Broad Street, E.C., under the presidency of Mr. John H. Gretton (chairman of the company).

The Secretary (Mr. H. Milner Willis) having read the notice convening the meeting, The Chairman said: It is now my duty to lay the accounts and report before you, and to ask you to approve them. I do not think there is anything in the accounts to which I need call your attention, as they seem to me to be clear. The property in which you have invested your money has developed in value to a magnificent degree - to such a degree, in fact, that we are of opinion that it is absolutely certain you have one of the most valuable, and perhaps the most valuable, mine of its kind in the world, with results in the future absolutely secure. When I had the pleasure of addressing you about this time last year, your property consisted of 301 acres; it now consists of 455 acres. We have not increased the acreage simply for the purpose of acquiring additional land; but we were anxious, having found very valuable deposits of gold in the upper levels of your property, that we should secure those deposits in depth. Of course, the profits we have been able to show up till now are nothing compared with the profits we shall be able to show in next year's accounts. For eighteen months up to December 31, 1899, the profits were £5,770, and by this account you will have seen that for twelve months they were £17,594. Now, the profits for this year will go on increasing in the same proportion, at least, as 1900 compares with 1899; but this time next year we shall, of course, be paying you a very substantial dividend in respect of 1901. The line of policy that we have adopted, as I explained to you last year, is to consolidate your property, and to establish the value of it upon a basis which can leave no doubt as to the results. You know we secured for you a battery of 50 head of stamps - the finest machinery that could be obtained. We arranged that the whole of the expenses of sending that machinery out and erecting it should be paid for by others. We secured to you a valuable lease which was important to consolidate the property itself, and the mill is being put up, and will be erected to the satisfaction of your directors and your representatives without a penny piece of expense to you; and that mill will be ready to work in October next. We have hitherto been working with a mill of 30 head of stamps. We cannot say it is an up-to-date mill, but it has done good work. We have not worked the 30 head, but only 20 head of stamps. In consequence of the mill not being up-to-date, we have kept 10 head in reserve; so that in case any stamps required repairing we could put on another set from those in reserve. By that means we have been enabled to show you returns which have averaged, up to the beginning of this year, 1,200 oz. per month, and we also put up a cyanide plant which enabled us to increase the monthly returns to over 1,700 oz., and I understand that in the near future - this month or next - the monthly return will be further increased; I mean before the new mill begins to work. Of course, when we have the new mill at work, the returns will rise to 5,000 oz. or 6,000 oz. per month. We have gone on in the meantime opening up the levels, sinking the shafts, and driving, and it is remarkable and pleasant to know that as we go deeper, so the gold deposits increase in quality; that is, the lode increases in width, and it also increases in value. At the first and second levels the lode was about 3 feet wide, and worth 17 dwt. At the third level it was 8 feet wide and worth 2 oz., at the fourth level it was still 8 feet wide, and assays 1 oz. 9 dwt. There are portions of it which are worth 5 oz. I am speaking to you now of the big mine which is opening out on the Englishman. I will give you these figures exactly as regards the width of the lode. It is 8 feet wide and worth over 2 oz. at the third level, and in some places it is worth 5 1/2 oz.; but, of course, we do not reckon it will go right through at that. Then at the 490 feet level the lode is 8 feet wide and worth 2 1/4 oz. In a letter we have recently received, the manager says he has driven on the lode for 666 feet. Now, with 666 feet of this lode, 8 feet wide and worth 2 1/4 oz. to the ton, you have an enormous body of stuff ready to be treated, and that is only from one level, and as we go deeper we find exactly the same remarkable width and richness of lode. That is not the only mine we have upon the property. We have a mine called the Altona, on which the reef outcrops for a mile in length, and that is also opening out satisfactorily, although we are not so deep in the ground there as we are on the Englishman. We have also other reefs in the neighbourhood of the Englishman, called the Scotchman, the Irishman, and the Welshman. All these leases have indications of considerable richness, and enable us to rely upon very large reserves of ore that we can treat in the mill. We estimate that by the time the big mill begins to crush we shall have at least 100,000 tons of reserves of ore which we can put through the mill. (Applause.) I need not tell you that the new mill will enable us to put through an enormous quantity of stuff. Thus we shall have as good a mill as any to be found. We have the stuff there ready to treat, and we have an ample supply of water-power. In addition to that, the railway is within twelve miles of your property, and by the time the new mill begins to work the railway will actually pass along our borders. This will enable us to deal with what I may call the business problem on a very economical basis, and I have no hesitation in saying that you can rely upon our profits being at least £100,000 a year, which should enable us to pay you something like 25 per cent. in dividends. (Applause.) That I consider a conservative calculation; in fact, it may be regarded as a minimum. The maximum is, of course, speculative; but it would not at all surprise me if the results prove to be far greater than I have indicated to you. I think, therefore, I can congratulate you upon having money in a concern that is as good as anything you could possibly hold. I cannot see anything to make this in the slightest degree uncertain.