The past record of the Lake View Consols has also been far from pleasing and satisfactory. The shares have hitherto been used as pure gambling counters, and the development of the mine has been subordinated to punting in the shares. It has been the cause of many painful episodes on the Stock Exchange, but there seems some hope now that there is a brighter and less evil future for the mine and the company. The annual meeting of the company has been recently held, at which the chairman held out many promises to the shareholders of reform in the future management both here and at the mine; and should these promises be fulfilled, we shall probably see the mine settle down into a solid and permanent dividend-payer, and thus be allowed to do itself justice. The Diehl process has had a good trial here, and has been found to be a great success, and therefore, as far as the treatment of the sulphides is concerned, the future is assured. The mine is certainly improving as it is developed. A new ore body has been found close to the Boulder Perseverance boundary, running several ounces to the ton. Rich developments have also occurred at the 600 and 700 feet levels, and the new manager estimates the existence of 100,000 tons of ore above the 500 feet level, of an average value of 1 1/2 oz. to the ton. The chairman holds out the promise of 100 per cent. dividends in the future, and we can only hope that he is not too sanguine.

The career of the Golden Horse Shoe Company has been a chequered one, and the shares of the company have reached a higher price than that of any other West Australian company. In 1899 they went as high as 48 1/2, and at one time were as low as 18 1/4. In that year the shares were divided into £5 shares, and a new company was formed with an authorized capital of £1,500,000, all the shares of which were issued as fully paid in the proportion of three for each £l share of the old company. The highest and lowest prices of the new shares have been: in 1899, 17 7/8 - 12 5/8; in 1900, 15 - 9 1/2; whilst this year they have been as high as 10 1/2 and lower than 8. The first dividend paid was 15s. per share in 1898, 30s. in 1899, and 15s. in 1900. Four reefs are being worked, all of which are very rich, especially the eastern reef. This reef has twisted into the Golden Horse Shoe from the Great Boulder, and then twists back again into the Boulder, in which property it is the richest section worked. The mine is, in fact, an extremely rich one, and should continue to pay big dividends for many years to come, so that if investors and speculators can buy a few at a moderate price, it would likely turn out a good bargain for them.

The Ivanhoe mine seems destined to a long life, and also to a brilliant career as a dividend-payer. The past management of this mine has been free from scandal, and that is saying a great deal in its favour. There are several payable lodes in the property, all of unusual width and great regularity. It was floated by the London and Globe Finance Corporation, which company made a big profit out of the transaction; and the only objection that can be taken to it is that it is overcapitalized, and in the future it may have a difficulty in maintaining the dividends it has paid in the past. The capital is now £1,000,000 in 200,000 shares of £5 each, all of which have been issued. From September, 1896, to June, 1897, dividends of 2s. 6d. were paid. In the latter year the new company was formed, and since then dividends of 5s. per share were paid in 1898, 25s. in 1899, 17s. 6d. in 1900. The highest price of the new share was 18 9/16, and the lowest 6 5/8, in 1899; in 1900 the highest was 151/2 and the lowest 8 3/4, whilst this year they have been as high as 15 1/2 and as low as 8 3/8. The directors are making further additions to the plant, which will cost £38,000. This will increase the battery to 100 stamps, and thus enable the company to deal with a greatly increased output. The future dividends are likely to be maintained at 25s. per share. That being so, the share may be safely bought at between £9 and £10.

The Great Boulder, although a rich and promising mine, has been keeping in the background of late, having been quite overshadowed by the other leading mines. At depth the lodes of this mine are found to maintain their size and value. There are four or five payable lodes in the mine, and the returns from these are likely to keep the mine going for several years. The company has paid regular dividends since 1895. The record is: 6s. per share in 1895, 18s. in 1896, 20s. in 1897, 2s. 6d. in 1898 and 1899, and 1s. 6d. last year.

The gross receipts from the gold won have greatly increased, whilst the profits have also been greater, but the expenditure has appreciated considerably. The general manager says that the returns from the mine for 1901 will be a record; and though this prediction may be verified, it is hardly likely that the profits will be much increased. I should explain that in 1897 the £l share was subdivided into ten 2s. shares, which explains fully the seeming falling off in the dividend. At the time of writing the future of this mine does not look to be so assured or so promising as are the prospects of the others, but it should be able to pay dividends of 100 per cent. for some time to come.

Another fine mine is the Great Boulder Perseverance, although the past year's results have been sadly disappointing. It has not been a regular dividend-payer, its record being 4s. per share in 1897, and 1s. per share in 1899. The annual report issued a short time ago showed a net profit of £17,743 from a recovery of 48,102 oz. of gold, thus showing a most unfavourable contrast with a profit of £78,419 from 45,283 oz. in the previous year. Although 21,880 tons of oxidized ore were treated for a yield of 10,722 oz., the future of the mine depends upon its sulphides, and the problem of their profitable treatment the manager is now tackling successfully. The Perseverance and Lake View lodes have been cut at 700 feet, the former showing a width of 6 feet and assaying 1 1/2 oz., and the latter a width of 20 feet, of which 5 feet assayed 2 oz. The chairman looks to dividends for the current year of 30 to 40 per cent., and for the future 5s. per quarter, with a balance dividend of 10s. on the making up of the account. We shall see if this is too sanguine or not.

The Hannan's Brownhill has worked out its oxidized ores, and is now working its sulphides, of which it has a vast quantity. The problem of their treatment has been solved here, and dividends should be paid for many years to come. Its dividend record is: 10s. per share in 1897, 7s. 6d. in 1898, 42s. 6d. in 1899, and 27s. 6d. in 1900.

All these are mines in the West Australian list to which the investor and the speculator should first direct his attention. There are many others in outside districts now being developed which have promising prospects, and in which speculation will always be active. These are: Kalgurli, Sons of Gwalia, South Kalgurli, Golden Link, Great Fingall, Chaffers, Cosmopolitan Proprietary, Hannan's Oroya, Norseman, Menzies Alpha, Menzies Gold Reefs, Menzies Mining and Exploration, Florence, North Kalgurli, Lady Shenton, East Murchison United, Westralia Mount Morgans, White Feather Reward, and one or two others; and if speculators study the careers of these they need not look elsewhere in the West Australian list - at any rate, not for the present.