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

Purchase

The purchase price has been fixed by the Vendors (the Rhodesia Exploration and Development Company, Limited, 15-16, George Street, Mansion House, E.C.), who are also the promoters of the Company, at £75,000, which includes the amount payable to the British South Africa Company for the purchase of their interest, payable in fully-paid Shares, and these Shares are, by the contracts mentioned below, agreed to be issued as fully paid accordingly, for the purchase of the property discharged from the claims of the Chartered Company.

The only agreements entered into are one between the Rhodesia Exploration and Development Company, Limited, the British South Africa Company, and the Gatling Hill Gold Mining Company, Limited, dated 8th May, 1901; and one between the Rhodesia Exploration and Development Company, Limited, and the Gatling Hill Gold Mining Company, Limited, dated 20th March, 1901, copies of which, and of the Memorandum and Articles of Association of the Company, and of the full reports of Mr. Telford Edwards and Mr. Evans, above referred to, may be seen at the Offices of the Solicitors to the Company, between the hours of ten and four o'clock, on each day during which the Subscription List is open.

The British South Africa Company have had the property examined by their Engineer, and have agreed, by the first above-mentioned agreement, and subject to the terms thereof, to subscribe for a substantial amount of Working Capital.

Prospectuses and Application Forms can be obtained from the Bankers, Brokers, and Solicitors, the Offices of the Company, and of the Rhodesia Exploration and Development Company, Limited, 15-16, George Street, Mansion House, London, E.C.

Dated this 10th day of June, 1901.

Although Rhodesia has not yet proved itself to be a payable gold-field, and the evidence of that has still to be furnished us, this company appears to be an undoubtedly promising venture. It is not an undeveloped mine, like so many that are floated, for £23,000 has been expended in opening it up, exclusive of the cost of machinery, so that the £50,000 available for working capital would appear to be ample: whilst the purchase price of it seems to be anything but excessive. The mine, therefore, is practically on the eve of crushing, whilst three reefs have so far been worked upon, the result being encouraging enough to induce us to exploit them further.

True, there seems to be one great drawback, and that is the lowness of yield. Therefore the working expenses must be correspondingly low to leave a margin for profit. But the reefs are wide and of a good length, whilst the assays here and there run over an ounce to the ton. As Mr. Telford Edwards thinks the working costs will not exceed 6 dwt. to 7 dwt. to the ton, profits should be earned, though they are not likely to be high, and therefore those who invest and speculate in the shares should be cautious as to the price at which they purchase them. Of course, there is every chance that other reefs will be discovered in the course of development, which will enhance the values of the property and the shares; hence the importance of following closely the opening up of the mine. On the whole, however, this is a property which, if properly and honestly managed - it has, at any rate, been put before the public honestly, which is a great deal in its favour - offers many chances of success, and therefore the shares are undoubtedly attractive as a speculation, and perhaps later on they may be a good investment. It is, to say the least, anything but a blind speculation.