The Naraguta (Nigeria) Tin Mines is not only a productive concern, but one that has already entered the dividend list, 1s. per share having been distributed. The property was originally five square miles in extent, but the area has since been extended. It was held under option by Champion Gold Reefs, who transferred their option to the present company. The purchase consideration paid to the Niger Company was £50,000, payable as to £30,000 in cash and £20,000 in fully-paid shares. The Government and the Niger Company are together entitled to a royalty of 10 per cent. on the profits. Before the present company was formed the Niger Company obtained from the Naraguta property over 1,000 tons of tin concentrates, and it is stated that in one square mile of the property, which has been systematically tested by pits, there are 10,000 tons of black tin awaiting extraction. Up to the present time, the ground treated has produced tin to the value of £3,000 per acre, whereas in other countries, such as Australia and the Malay Peninsula, £1,000 per acre is considered phenomenal. Some of the ground gives fully 5 lbs. of tin to the cubic yard. There can be no doubt that Naraguta is going to be one of the “gems” of the district. The Lucky Chance Mines, Ltd., was originally formed in May, 1905, to acquire property in New Zealand, but at the end of 1908 only seven shares had been issued, and the paid-up capital was £5 5s., the company having no assets or liabilities. Towards the end of last year, however, it was placed on its financial legs by the Champion Gold Reefs of West Africa. The latter company sold certain of its tin areas to the Lucky Chance Company for 200,000 shares, and agreed to procure the subscription of 8,000 further shares. To-day the Lucky Chance Company is a robust and ably-controlled enterprise, with excellent prospects of development. Its properties comprise nearly 12,000 acres. The South Juga property has recently been sold to the Juga (Nigeria) Tin and Power Company for £10,000.