impossible that, unaided, it can develop so large a sett. THE REIN RIVER (NIGERIA) TIN MINING CO., LTD. _Capital._—£76,000, divided into 270,000 ordinary shares of 5s. each, and 170 deferred shares of 1s. each. _Directors._—S. R. Bastard, Chairman of Champion Gold Reefs of West Africa, Ltd., Lucky Chance Mines, Ltd., Tin Fields of Northern Nigeria, Ltd., South Bukeru (Nigeria) Tin Co., Ltd., Director of Juga (Nigeria) Tin and Power Co., Ltd. (Chairman). C. G. Lush, M.E., Director of Tin Fields of Northern Nigeria, Ltd., and Goss Moor, Ltd., Consulting Engineer to South Bukeru (Nigeria) Tin Co., Ltd., and Naraguta (Nigeria) Tin Mines, Ltd. Julius L. F. Vogel, M.I.E.E., M.I.M.M. John Waddington, J.P., Director of Naraguta (Nigeria) Tin Mines, Ltd., Champion Gold Reefs of West Africa, Ltd., South Bukeru (Nigeria) Tin Co., Ltd., and Great Boulder Proprietary Gold Mines, Ltd. _Offices._—Friars House, New Broad Street, E.C. This company has acquired an exclusive prospecting licence over about 1,440 acres of alluvial tin-bearing ground, situated at Forum on the Rein River, in the Province of Bauchi, which is at present the richest known tin district in Northern Nigeria. From this district alone over one thousand tons of tin have already been won. The property extends for a distance of about three miles along the river. Hand-washing by calabashes and simple sluice-boxes, using a stream of water, have been employed, and this method will be adopted by this company for the present. ESTIMATES By comparison with the results obtained in the district it is estimated that, when the property is opened out, an output of 50 tons a month or 600 tons a year of “Black Tin” should be obtained, and the following results may be anticipated on the basis of the report:— Sale of 600 tons of “Black Tin” at £90 per ton (the present price being over £100 per ton) £54,000 Cost of production (maximum estimate) at £15 per ton £9,000 Freight under present conditions at £29 10s. per ton 17,700 Administration, rent, royalties, &c., about 4,300 ------- 31,000 ------- Estimated nett annual profit £23,000 ======= By about March the new freight conditions should be in force, which would increase the estimated nett profit to about £29,000 per annum. _Life and Tonnage._—Assuming Mr. Wethered’s figures that more than two-thirds of the area carries 3 to 5 lbs. per cubic yard for a depth of from 1 to 4 yards, the following is an estimate of the tonnage of tin and the life of the property:—