sands and slimes being worth 135. per ton in addition. The company has called up 4s. 6d. a share on its 50,000 contributing shares. Preparations are now forward for deepening the shift another lift of 100 ft. For the half-year ended December 31 the company earned a profit of £5,370, which, less the debit balance of £1,045 at the beginning of the term, left a credit of £4,325 available. In addition, £2.340 was paid for plant and machinery during the term. The schistose formations known as "Hooper" and "Savage" lodes also provided crushing material, but values were erratic, and the ore mostly low-grade. From the outlook at the end of the half-year it was expected that good average values would be maintained.

Westralia Mt. Morgans Gold Mines Co., Ltd.

One of the most prolific gold mines to the north of Kalgoorlie and which has been in continuous operation by the present company since 1899 is the Westralia Mt. Morgans, named after its promoter and managing director, Mr. A. E. Morgans. The company it may be stated was registered on April 18, 1899, to acquire the property of the Westralia Mt. Morgans Gold Mines, Ltd. (a local company) consisting of gold mining leases Nos. 321T and 759T, 48 acres, on the North Coolgardie (now Mt. Margaret) Goldfield. Since then the company has acquired adjoining leases (including the property of Guests Gold Mines, Ltd.) making a total area of 272 acres. The purchase consideration for the colonial company's leases, plant, etc., was £100,000 in fully paid shares, being at the rate of one for each fully paid share of that company. In March, 1906 the adjoining Lily lease was acquired for 40,000 fully paid ordinary shares. There are 60 head of stamps some of which are of 1,750 lb. each, complete cyanide and filter press plants, a very fine power house and compressor engines to drive rock drills and a water supply which is pumped to the mine from a well some few miles out on the Laverton road. In 1907 the tonnage crushed, 66,815 tons, yielded bullion valued at £82,966, and in 1908 and 1909 the yield was about the same, and the grade treated owing to the lack of development at depth was a shade lower, but thanks. to the efficient management of Mr. C. Martin the total working costs were kept to about £1 per ton-a result, considering the erratic character of the lenses of ore and the cost of mining timber and fuel speaks well for the economy of the management, both on the mine. and in the Perth office, where Mr. A. E. Morgans directs the policy.

The capital of this company is £162,500 in 130,000 preference and 520,000 ordinary shares of 5s. each; 107,875 preference and all the ordinary shares are issued and fully paid, the final call of Is. 3d. per share on the preference was made payable on November 15, 1906. The capital was formerly £125,000 in £1 shares. 100,000 were issued to the vendors, 5,000 to sharehodlers at £2 each and 9,492 at £5; in 1902 each share was subdivided into four 5s. shares, and 22,000 were

issued to shareholders at £1 10s. each. In March, 1906, the capital was increased to the present amount by the creation of the preference shares and a further 20,000 ordinary (to' make 40,000 to purchase the Lily lease); the preference shares were offered to shareholders at par and first entitled to dividends amounting to 100 per cent. and then to half profits until they have received another 100 per cent., after which they become ordinary. Dividends paid by the Westralia Mt. Morgans G.M. Co., Ltd. :—

At a meeting of the shareholders held in London in November, at which Mr. A. E. Morgans was present, a scheme of reconstruction was submitted and finally approved of which had for its object the raising of further capital to develop the mine at depth and locate new leases of ore which the manager had reason to believe would be encountered if a new scheme of shaft sinking was carried out. Mr. Morgans, who addressed the shareholders spoke at some length on the work of the mine, and expressed the same unbounded faith as he has always done in regard to this fine mine. He regretted the loss of many of his ordinary shares, which would be absorbed by the scheme, but he only saw that way to restore the mine to its former splendid state as a gold spinner and the paying of dividends, and he did not hesitate in urging the shareholders to come in and find the money to sink the shaft. He said that the manager had proved beyond the shadow of doubt that the intrusion which might be called a geological cataclysm has been passed through and pay rock entered again. In order that this new make of ore might be mined at a profit a new policy in shaft sinking was absolutely necessary. The meeting approved of the scheme and the necessary resolutions were passed to provide for the assessment and since then the capital has been subscribed and in February of this year Mr. Morgans visited the mine and put in hand the new policy which the company gave authority to have carried out.

Shows Kalgurli, Associated, Hainault, South Kalgurli, Perseverance and Gt. Boulder Dumps. Boulder and Mines Railway in foreground.