Jumpers

This company has been in existence since 1887, and commenced to pay dividends in 1893, and since then they have been uninterrupted. In 1898 115 per cent. was paid, and, 25 per cent. on account of 1899, The life of the company should be six years, and the dividends should average 100 per cent. The company holds shares in the Jumpers Deep, which are very valuable. At 7 1/2 these shares should be considered a sound purchase.

Kleinfontein (New)

This company has been only a moderate dividend-payer. The mill is to be increased to 140 stamps, and on that basis the life is reckoned at twenty-four and a half years. The company has over 120 unworked claims, and it is soundly managed. The shares should not be bought for investment at over £2, but they are likely to go higher than this in times of activity.

Knight's (Witwatersrand)

This company owns a very large property, but a great part of it is non-mineralized. In 1898 a 30 per cent. dividend was paid, and the company had about £150,000 in hand at the end of last year. The mill will be increased to 220 stamps, which should give the property a life of at least twenty years. It is impossible to give an approximate value of the shares, but they are shares which should be watched by both the speculator and investor.

Lancaster

This company paid its maiden dividend in 1898 of 10 per cent. The life is estimated at forty years, without considering the South Reef. The future is very promising, but the shares should be bought at a moderate price.

Langlaagte Estate

This company was formed in 1888, and during the last ten years has paid over 300 per cent. in dividends, as well as 100 per cent. in bonuses. It also derives an income from its holding of 235,000 shares in the Langlaagte Exploration and Building Company, its offshoot. It is not likely to pay a higher dividend than 35 to 40 per cent. Its life is calculated at sixteen years. At 3 1/2 the shares are worth buying.

May Consolidated

This company has been a moderate and regular dividend-payer since 1895, its highest distribution being 30 per cent. in 1899. This mine is opening out better in the deeper levels than in the shallower. With 100 stamps the mine should live another eight years, and pay dividends of 75 per cent. The shares should be bought up to £5.

Meyer And Charlton

This is a low-grade mine, but, as the working costs have been low, it has been a good and steady dividend-payer, the recent dividends being 60 per cent. in 1898, and 40 per cent. in 1899. The company has about 35 1/2 reef claims in one compact block. Its milling capacity is only 80 stamps, but it is officially estimated to return dividends of 85 to 100 per cent. for its probable life of ten years. The average price of the shares for the past six years has been about 5 1/2, but their true value should be over £6.

Modderfontein (New)

This company has had a somewhat chequered career, and was reconstructed in 1894 and 1895. The capital is £1,000,000 in £4 shares. It owns an enormous property - some 2,500 acres. The reefs are narrow but rich. In spite of the fact that this share is a great market favourite, the prospects of the company are still somewhat speculative; but it has undoubtedly great possibilities, and it is this that accounts for the interest taken in the company, and the constant fluctuations in the price of the shares. The property is computed to contain no less than 50,000,000 tons of ore. When peace is restored an issue of debentures will probably be made to provide for the erection of a 200-stamp mill. No approximate value can be given of the shares as yet.

Nigel

In the early days this mine turned out very rich ore, but poorer ore was subsequently encountered, and this caused a discontinuance of the dividends from the year 1895 until 1899, when there was a distribution of 15 per cent. The reserves at June, 1899, were estimated at 177,390 tons, based on a width of 12 inches. The battery is now 50 stamps, whilst tailings and slimes plants have recently been erected, so that better results are expected in the future. It is difficult to estimate the life of this mine, but it should not be shorter than sixteen years. The future dividends it will earn are also a matter of uncertainty, but they should be not less than 30 to 40 per cent.

Primrose (New)

This company has paid gradually increasing dividends upon its capital of £300,000, the recent being 50 per cent. in 1897, 55 per cent. in 1898, and 30 per cent. on behalf of 1899. It has a battery of 160 stamps. The average price of the shares during the past five years has been 4 7/8 to 5. It is estimated to have a life of twelve years, and the dividends should average 60 per cent. The shares are worth intrinsically about £5.

Rietfontein (New)

This is a Barnato company also, but it has not yet paid a dividend. The prospects are very doubtful.

Robinson

This is one of the great mines of the Rand, and is a great favourite with investors. It is intended to increase the milling capacity from 140 to 200 stamps, and the official estimate is a life of twelve years, irrespective of the large body of main reef, which is only partially developed. The dividends have been small but regular. In 1896 12 per cent. was paid, in 1897 15 per cent., and in 1898 16 per cent., on a £5 share. With 200 stamps the company should have a life of thirteen years.

Roodepoort United

This is an outcrop and a deep-level property, having 131 claims of the former and 83 of the latter. It has paid good dividends, without interruption, since 1894, the two last being 40 per cent. in 1897 and 1898, and 12 1/2 on account of 1899. When the full plant of 110 stamps is at work regular dividends of 50 per cent. are expected. The life of the outcrop is computed at fifteen years, so that the shares should be a good purchase at 4 1/4 to 4 1/2.