It is unwise to dogmatize about a new country where further discoveries may give a different complexion to the situation. But in the present state of our knowledge, the statements describing Northern Nigeria as the “richest tin field in the world,” are, to put it mildly, a manifest exaggeration, and the happiest thing which could happen to the country and to the industry would be a cessation of the “boom.” It may be fairly urged that the Government’s business is not the protection of the home investor. All the same, it is not in the public interest that Northern Nigeria should get a bad name, through wild-cat schemes and dishonest finance. Five years hence a boom may be justified by results. At present it is not. Disinterested expert opinion on the spot estimates the eventual output of the discovered field at 5000 tons per annum. It is always possible that further and valuable deposits may be struck. On the other hand, the life of an alluvial tin mine is, by general consent, a short one, and ten years will probably cover the life of the existing mines. Under the circumstances it is very evident that a great number of the companies which have been floated are over-capitalized and will never pay an honest dividend. Companies with a small capital, whose property is a good one and favourably situated, have every chance of doing so. For the small man, working with a modest capital, who is fortunate enough to select a good site and who is prepared to come in and do the actual mining, the prospects, I should say, are distinctly good; and prospectors of that sort could count upon receiving every assistance from the Administration, which is anxious to encourage them. For two energetic men—it is always better to be _à deux_ out here—a capital of £3000 would be ample, and the conditions made to licence and lease-holders are not onerous, although the staff for dealing with applications is too small, entailing vexatious delays. There is no serious labour trouble, and there is not likely to be any, provided the natives are properly treated. The representative of the Niger Company, who has considerable knowledge of the country and whom I saw at Joss—a beautiful station reflecting the greatest possible credit upon the company and its local staff—was very emphatic on this point, and his views were borne out by the most experienced people I consulted. In this connection I feel impelled to remark that both from the political point of view, as from the standpoint of the interests and progress of the industry itself—not to mention other considerations—it is absolutely essential that abusive acts, such as the incident which occurred at the close of last year at Maiwa, should be punished with exemplary severity. On that occasion the guilty party escaped with a substantial fine. Should anything of the sort recur, expulsion from the country ought to accompany the fine. The Bauchi province is not yet entirely “held,” and much of it is peopled by