The following is a list of underwriters: -

The West African Agency, Limited, of Palmerston Buildings, E.C., are holders of 1,750 'A' parts and 1,500 'B' parts in the Wafricana Share Trust, Limited (hereinafter called the Trust), and have-agreed to underwrite 5,000 Shares in this Company. Mr. J. E. Eastwood is a Director and holder of 550 'A' parts and 100 'B' parts in the Trust, and is a Director of the West African Agency, Limited, and holds 500 Shares therein, and has agreed to underwrite 1,000 Shares in this Company. Dr. White is a holder of 100 'A' parts in the Trust, and has agreed to underwrite 2,000 Shares in this Company. Mr. Adamson is a holder of 100 'A' parts in the Trust, and has agreed to underwrite 2,000 Shares in this Company.

The Company will pay to brokers a brokerage of 6d. per Share on Shares allotted on Forms of Application bearing brokers' stamps, estimated to amount to £1,000, and will pay the fees on registration of the Company, amounting to £383.

The following contracts have also been entered into: Contract dated October 2,1900, between Benjamin Preston Harris, of 10, Shardiloes Road, New Cross, London, and James Tag-gart, of 52, Queen Victoria Street, London, whereby the Aigahin Estate was agreed to be sold by the former to the latter for £1,650 in cash and £58,500 in Shares of the West African Gold Mines and Estates, Limited. Contract dated March 8,1901, between the said James Taggart and the West African Gold Mines and Estates, Limited, of 20, Bucklersbury, London, whereby the said estate with other properties was agreed to be sold to the last-named Company for £200,000, partly in cash and partly in Shares, as therein mentioned, the Vendor also obtaining the right to subscribe at par for 99,993 £1 Shares in that Company; and a contract dated April 30, 1901, between that Company and the Wafricana Share Trust, Limited, of 158, Palmerston Buildings, London, for the sale to the Trust of (inter alia) the property to be acquired by this Company, in consideration of £300 in cash and 13,500 'A' parts and 2,700 'B' parts in the undertaking of the Trust. Two letters, each dated June 6, 1901, between Messrs. E. A. McCulloch and Co. and the Trust.

Copies of all the above contracts and the original reports, together with a print of the Memorandum and Articles of Association of the Company, can be inspected-between two and four on any day during which the Subscription List is open, at the Solicitors' of the Company.

A copy of the Company's Memorandum of Association forms part of this Prospectus, and is printed in the fold.

It is intended in due course to apply to the Committee of the Stock Exchange, London, for a settlement in the Company's Shares.

Applications for Shares should be made on the Form accompanying the Prospectus, and sent to the Company's Bankers, with a remittance in the Bankers' favour for the amount of the deposit. If the number of shares allotted be less than the number applied for, the surplus amount paid on application will go in reduction of the sum payable on allotment, and the balance (if any) will be returned. Where no allotment is made the deposit will be returned in full.

Failure to pay the amount due on allotment or any future calls when due will render the Shares liable to forfeiture.

Prospectuses and Forms of Application may be obtained from the Bankers, Brokers, or Solicitors, or at the Office of the Company.

This Prospectus has been duly filed with the Registrar of Joint-Stock Companies. Dated June 8, 1901.

Looking first of all at the directorate, we find that Lords and Baronets have not been thrust into such positions for ornament; but that, with the exception of the chairman, they are all plain Mr's. They may be, or may not be, the right men in the right place, but that has subsequently to be proved. Any way, if they show themselves to be honest, business-like men, the shareholders will not have much to complain of in that respect. As for the consulting engineer, it is to be noticed that he is evidently no member of one of our recognised institutions, though that in itself is no evidence of his lack of ability. Any way, it would undoubtedly influence my judgment, to say the least.

This applies equally to Captain Gilbert, who merely puts M.E. after his name, and is evidently no M.I.M.M., F.R.S., F.G.S., etc., and therefore I cannot say, at the outset, that I am at all impressed by the initials as they stand. Nor am I impressed with Captain Gilbert's report, which in its vague and generalized statements is far too much like the ordinary prospectus report to please me. He first of all lays much stress on the transport facilities which, especially in a place like West Africa, are of vital importance, for in the absence of railways and good roads transport is exceedingly costly. But I do not think much of the facilities he describes, for unless they are greatly improved by the time the property is opened up, and about to crush, they will, in all likelihood, place great difficulties in the way of its profitable working.

Then, it is situated, we are told, close to some of the best-known mines, but we must take particular notice of the words in this paragraph, for it is no logical deduction that because a large range or belt of lodes traverse the north-west side, therefore 'this property may be considered almost in the heart of the great mining district.' There may be several companies operating in some fashion for many miles around, but it does not follow, any more than it has followed in the case of Western Australia and other gold-fields, that this constitutes an industry, and still less a payable industry, for only one or two may meet with anything in the nature of success. But evidently this property is not even in the heart of the so-called industry, but almost in it, and therefore, as far as its particular value is concerned, taking this evidence alone, the statement is valueless. We want to know, with some definiteness, what reefs have been discovered in the property, or what reefs are likely to dip into it. However, in the next paragraph he says, 'The reefs traversing it are of the banket formation,' so there are some reefs evidently; but surely he could have given us some idea of their width and value. The word 'banket' means nothing by itself, for a banket formation may be as profitless as any other formation. Evidently his excuse for not knowing more was because when he was last on the property - when was that? - portions of the native workings were under water. Could he not have assayed at some time or other portions of it? Thus, he is too indefinite, he commits himself to nothing in particular; it is but a vague generalization, and in the absence of other necessary particulars and details we cannot form any opinion as to the likelihood of the property being worked successfully, or whether the working capital will be sufficient or not to develop it thoroughly.