“Another cause of non-success has been the time at which British capital has been invested. It has come in on the crest of a boom, a prospect being purchased as, and at the price of, a mine. When the prospect fails to develop into a mine—and only a very small percentage of prospects can reasonably be expected so to develop—one more investment is announced as a failure. If prospects are invested in, the investors should be prepared to take up a considerable number, and only after careful selection, so that there may be a reasonable chance of one of them developing into a mine. The selection should be made on the best possible technical advice, which should include the recommendation of a reputable expert who has local knowledge. The mining engineers of Canada are as intelligent and reliable as those to be found elsewhere, and they have their local reputations at stake and—I am sure I can add—their country’s good at heart. That expert local knowledge is the best insurance one can have against an unfortunate investment. No matter how tempting an option may seem, it should not be taken up until there has been a personal investigation by, and a favourable report from, an expert of professional standing and local knowledge. When that principle is more generally understood and acted upon, Canadian mines will become reliable and prosperous investments for British capital, instead of mere speculations. “You are not altogether free from the wild-cat promoter. There have been instances of properties being purchased, without regard to their merit or lack of merit, in a district that happened to be in the public eye, and, following the appointment of a management calculated to command confidence, the investor has been invited to subscribe for stock. In the case of property purchased in such a way, it would not be at all surprising if the best management in the world should fail to achieve success. “Of lavish and superfluous expenditure on home offices I have already spoken. At the mine itself there has also been, in some instances, a good deal of money wasted on excessive plant and improvements—notably on permanent works when only those of a temporary character were warranted. This extravagance has resulted largely from a want of familiarity with local conditions.