The history of the 'African Gold Coast' Mine in the hands of Franco-English shareholders has already been noticed. M. Bonnat preferred reworking the old native diggings to the virgin reefs lying north and south of them. Some of the latter can be worked for years without pumping; on the others the plant will be expensive. But the Company, instead of mining, has gone deeply into concession-mongering, and their grants are scattered broadcast over the country. One of them, the 'Mankuma,' near Aodua, the capital of Eastern Apinto, extends twenty-six miles, with a depth of 500 yards on either bank of the Ancobra River above the mouth of the Abonsa influent. These gigantic areas will give rise to many lawsuits, and no man in the country has power to make such a grant. The ownership of the land is vested in a 'squirearchy,' so to speak, and only the proprietors have a right to sell or lease. When gold is worked the 'squire' takes his royalty from the miner, and he or his chiefs must in turn pay tribute to the 'king.' Hence the money may pass through three or four hands before reaching its final destination. These indiscriminate concessions will be very injurious to the future of the Protectorate, and should be limited by law. At present the only use is to sell them to syndicates and companies, and so to pay a fictitious dividend to the _actionnaires_. Evidently such a process is rather on the 'bear and bull' system of the stock-market than legitimate mining. I was well acquainted with the late M. Bonnat, a bright, cheery little Frenchman of great energy, some knowledge of the Fanti, or rather the Ashanti, language, and perfect experience of the native character. Born at a village near Macon, he began life as a cook on board a merchant ship; he soon became agent to some small French trading firm, and then pushed his way high up the unexplored Volta River. Here the Ashantis barred his passage, and eventually took him prisoner as he attempted to cross their limits; he was carried to Kumasi, where he remained in confinement for three years. When the war of 1873-1874 set him at liberty he passed through Wasa to Europe, and by his local information, and that gathered in captivity, he secured the public ear for the gold-mines. His later proceedings are well known, and some of their unfortunate results are best unrelated.