Henceforth the new name of the company will be the New Gold Coast Agency, Limited. These two companies are practically the whole of the Consolidated Gold-fields group, of which we hear so much in our financial papers, and therefore it is not a large group, but it will make up for quantity in quality.
Another well-known group is the Turbutt group, and these comprise: The Abbontiakoon (Wassau) Mines, Limited; the Ashanti Gold Trust, Limited; British Gold Coast Company, Limited; the Effu-enta (Wassau) Mines, Limited; Fanti Consolidated Mines, Limited; Fanti Corporation, Limited; Gold Coast Investment Company, Limited; Wa Syndicate, Limited; and West African Gold Trust, Limited.
Most of these companies have properties situated in the Tarkwa district, and though little or no development work has been done upon them, it has been practically proved that they will all have the banket reef.
Another promising company with properties in the same district, and neighbouring on the properties of the Wassau and Gold Coast Agency, is the Taquah and Abosso. This is, however, a very old concern, having been formed something like twenty years ago. It was originally acquired by a French syndicate, but since then it has undergone various reconstructions. The last reconstruction was based upon a nominal capital of £350,000, and also £75,000 of 6 percent. first debentures and £30,000 of 6 per cent. second debentures, together with £37,500 of income bonds, the last entitling their holders to dividends equal to those which would be paid on an equal amount of shares. The first and second debentures have the option up to January 1, 1904, of conversion at par into shares. The company has two blocks on the Tarkwa range, separated from each other by an interval of about four and a half miles. The one is the Abosso block, adjacent south-west to the Wassau Company's outcrop area, and the other is the Taquah block. Most of the work in the past has been done on the latter, the returns for seven years having been about 21,500 oz., worth £82,000, from 28,000 tons of ore. The area of this block is about equal to 1,452 Transvaal claims, of which 900 are reported to be on the dip of the reef, and thus mineralized. The Abosso area is equal to about 900 Transvaal claims, most of which are on the dip of the reef. It is intended to test the Abosso with a couple of diamond drills, and the results will be awaited with great interest.
The Ashanti Grold-fields Corporation, another prominent West Coast concern, was formed in 1897 with a capital of £250,000 in £1 shares, which have stood as high as 30 per cent. this year. The company's lease covers an extent of 100 square miles, and a fair amount of development work has been done. As many as forty-five stamps have been at work hitherto, and up to June 30 last they crushed 5,366 tons of ore for a yield of 11,257 oz., exclusive of tailings, estimated to be worth 10 dwt. to the ton. A further twenty stamps are now in operation, and eighty more are on the property to be subsequently erected. Proof has been afforded that the reefs are of considerable extent and richness. One of the most promising sections of the property is the Obbuassi mine, where a lode reported to be 80 feet thick is being driven upon. There are three parallel reefs in this property, the ore from which has averaged as much as 3 oz. to the ton. These three reefs have also been proved to exist in the Insintsiam mine, to the north of Obbuassi. Still further north, on another line of reefs, is the Korkortaswia mine, where there is an enormous body of reef, of approximately 1/2-oz. grade, but the lode is somewhat disordered. Southwest of the Obbuassi is the Ayeinm mine, apparently on the Obbuassi lines of reef. In this mine three distinct veins have been opened up by crosscuts and levels, and four other veins proved, and the ore is estimated to have a value of 1 1/2 to 1 3/4 oz. to the ton. A little distance south-east of the Obbuassi is the Cote d'Or mine, where again the reef is of considerable thickness, probably averaging 20 feet, whilst a recent cable announces that its approximate value is 2 oz. to the ton. In July of last year this company sold a portion of its property, half a square mile in area, to the Ashanti Consols, Limited, and floated as the Ashanti Sansu Mines, Limited. Partly out of the proceeds of gold secured, and partly out of the profits derived from this sale, the company has paid four quarterly dividends of 5s. per share, making 100 per cent. on the capital.
Another group is the Gold-fields of Eastern Akim group, and these comprise the following companies: The Birrim Valley Gold Mining and Dredging Company, Limited; the Kwaben Mines, Limited; the Asiakwa Hydraulicking and Mining Corporation, Limited; the Abompeh Syndicate, Limited; the Tete Concessions Syndicate, Limited; the Accra Consolidated Corporation, Limited; the Castle Gold Exploration Syndicate, Limited; the Akinassi Syndicate (Ashanti), Limited; and the New Castle Gold Corporation, Limited.