remains outstanding. A last desperate effort
to get rid of the shares at any price is then
resorted to before the call of one shilling per
share becomes payable, and some thousands are
offered at one shilling and sixpence each. After
the time has expired for paying the call, a last
circular is issued, intimating briefly that the
eminent engineer, who has originally given such
a glowing account of the mine, now reports that
there is no present indication of gold on the
property, but that possibly some might be found
if they dug deep enough!

The name of the company has disappeared
from the mining share list, and it will be heard
of no more. It is doubtful if there ever was any
property, or engineer, or board of directors, or, in
fact, anything more than the outside broker and
his confederates.

Of the _bona fide_ speculative undertakings in
South Africa and Australia, the exploration
and finance companies, or some few of them,
have made the largest profits. Their system,
broadly speaking, is to acquire certain tracts of
land in a gold-bearing district, and then let
small portions on lease to different subsidiary
companies, which have been floated to develop
gold or whatever else these portions may con-
tain. The price paid to the parent company is