I can only confirm Captain Louis Wyatt's statement; but so long as the boys get regular monthly wages it establishes their confidence in the employers, and any number can be procured from the Croo and Grand Bassam Coast.
There can be no doubt about its validity. Knowing the history of this title, I can say that it is as follows: Quacoe Mensah owned this property, but through a deficiency of payments it was advertised and sold by sheriff sale in Axim, and bought by a European under the sheriff's certificate. Therefore, no question can arise either from the Concession Court or any other source as to the validity of title on this property.
Consolidating the statements I have made above with my original report of October 30,1900, and confirming Captain Louis Wyatt's report of August 20, 1900,1 most highly recommend this property as a good, sound mining investment, and when it is developed with modern appliances, with sufficient Capital under good and efficient management, it should yield large returns for the Capital invested therein. I have prepared a sketch-map for publication with my report, upon which 1 have shown in a pink colour the approximate position of your property, and have indicated by blue lines the course of the various reefs.'
Mr. Louis Wyatt has made a report on the Aigahin Estate, dated August 20, 1900, upon which the Vendors agreed to purchase this property, and the following are some extracts therefrom:
'My knowledge of this portion of the Gold Coast extends over a period of twenty years, both as a Government official and as a prospector and miner, commencing as Commissioner of the Secondee District in 1877, and subsequently of the Axim District. In 1897 I was on this estate when on the coast for the Prestea Mines. When Commissioner of the district I had a road cut diagonally (N.E.) across this estate. This assisted me much in arriving at an estimate of the value of this property, and I have been over the estate several times since that period.
'The lodes of the district generally are of high grade, strong and regular, some running for miles with well-defined walls, and free milling.
'More or less over the whole estate numerous native shafts are to be found. Large numbers of these shafts are on the alluvials, and, so far as I could ascertain, good, and in some instances splendid results were obtained, but the natives were reticent on this point.
'This estate is in possession of two lines of communication, viz., the Sekondi Railway to the east, and the River Ankobra from Axim to the west (the River Bonsah can also be used on the north). It is of the latter I am most competent to speak. The River Ankobra and Bonsah being boundaries of the property, there is practically water transport from London or Liverpool to the mines.
'This accessibility of this property is of the greatest importance for economical working and rapid development.
'I have seen the copy of the "Certificate of Purchase" (under seal) of this estate, granted by the Supreme Court of the Gold Coast Colony, and which certificate was registered on December 13, 1899, as also an extract from the Government Gazette of March 31, 1900, notifying such registration. Such a certificate of the Supreme Court would be a good and valid freehold title to this estate. An advantage of a freehold title would be that the estate is not saddled with a yearly rent, thus obviating any danger of the title lapsing from default.'
The Articles of Association provide that the qualification of a Director is 200 Shares, and that the Board shall be entitled to receive, by way of remuneration in each year, £250 per annum for the Chairman and £150 for each Director, and 10 per cent. of the net profits of the Company remaining in that year, after payment to the members of a dividend of 10 per cent. on the amounts paid on their Shares, such remuneration not to exceed £5,000 in any year, and to be divided among the Directors in such proportions and manner as they shall from time to time agree, or, in default of agreement, equally, and any Director holding office for part of a year shall be entitled to a proportionate part of such remuneration.
The contract for purchase is dated June 6, 1901, and is made between the Wafricana Share Trust, Limited, of 158, Palmerston Buildings, London, E.C., and the Company. The price payable by the Company is £70,000, of which £40,000 is payable in fully-paid Shares of this Company and the balance in cash or fully-paid Shares, at the Directors' option; the Vendors also have, as part of the consideration, the right to subscribe and have allotted to them or their nominees, at par, 40,000 Shares in the original Capital of the Company at any time within one year. The purchase consideration will be paid and allotted when a conveyance is executed by the West African Gold Mines and Estates, Limited, in favour of the Company, after which the Company will take any steps which may be deemed necessary to have the conveyance registered in the colony, and to comply with the Concessions Ordinance, 1900.
The Company has also by agreement dated June 6, 1901, and made with the Aigahina Corporation, Limited, 16, Great St. Helens, London, agreed within fourteen days after the Company shall be entitled to commence business to pay £10,000 to the Corporation for preliminary expenses - viz., those of and relating to the formation of this Company, the printing, issuing, and advertising of this Prospectus, and all other expenses (except registration fees and brokerage) up to allotment, including a commission of 5 per cent., agreed to be paid by the Corporation to various persons and corporations for underwriting 40,000 Shares, part of the present issue.