and an additional vote for every ten shares held beyond the first hundred, provided all calls be paid and the shares have been passed and registered for three months previously; such votes to be given personally or by proxy in favour of a shareholder, to be lodged at the office forty-eight hours prior to being used.

The number of directors to be determined by first subscribers to memorandum of association, and afterwards one third to retire annually, but eligible for re-election. Directors to vacate office on becoming bankrupt, insolvent, or deriving profit from contracts under the company. A director may summon a director's meeting at any time. All business transacted and all appointments made by them to be entered in a book signed by the chairman, which shall be receivable in evidence without further proof.

Auditors and their Duties.

Shareholders or any persons not otherwise interested than as shareholders, may be elected auditors annually by the shareholders at a fixed remuneration. To retire every year, but eligible for re-election. To have access to the books at all times, and to present a report at the annual meeting.

Transfer of Shares

To be made in a form prescribed by the Company, and no person to be deemed a shareholder until he has accepted the shares under his handwriting. Shares may be declined for registration by the company until all calls are paid thereon. Certificates for shares

held, issued on payment of one shilling each certificate, and, in case of loss, duplicates are given at the same charge. Persons entitled to shares through death, marriage, bankruptcy, insolvency, or otherwise than by transfer, may hold them in their own names or nominate another person whose name shall be registered.

Calls.

Twenty-one days notice to be given for calling up that portion of capital not paid, and interest to be charged at the rate of five per cent. per annum, from date of being due to date of payment.

Dividends.

Dividends to be paid out of real profits, reserving sufficient for a contingency fund; if declared or paid by the directors whilst the concern is insolvent, the directors to be liable for the total amount of such dividend.

P

Forfeiture of Shares.

Shares to be forfeited in default of payment of calls after due notice; such shares becoming the property of the company, and the shareholder whose shares are thus forfeited may be sued for calls owing.

Accounts.

The accounts to be kept upon the system of double entry with cash book, journal and ledger, all facilities given to shareholders for inspecting them. A balance sheet to be prepared for every annual meeting, made up to a date not more than three months previous to such meeting, and a printed copy to be forwarded to each of the shareholders, seven days previous to the meeting.

The foregoing rules abstracted from the act may be modified to suit the circumstances of any particular company, so long as the alterations are in conformity with their general interpretation. With regard to the duties of auditors it would be desirable that their powers should be so extended as to embrace the privileges of examining all books, documents, letters and accounts, at such periods as they may deem fit, and that their investigation should comprise the analysation of every item of receipt and expenditure, as well as trace these out in the various pay-sheets, banker's passbooks, letters, invoices, bills, cheques, and every other document upon which the entries in the cash book, journal and ledger, are founded.

SPECIAL REGULATIONS.-Our last division, Special Regulations, requires great attention at the hands of those who purpose availing themselves of this act, since it contains several important provisions to be observed, viz.—

Seal. Every company to have a seal on incorporation.

Office.-Every company to have a principal registered office, whose address and subsequent changes are to be registered, under heavy penalties for each day's default.

Name.-"Limited" to be the last word in the name of a company, and to be conspicuously affixed on the outside of the door of its place of business, and used upon the seal and every document issued by the company, under heavy penalties.

may

Contract.-Contracts be made under the seal of the company in writing, or verbally by a person duly authorised.

Deeds.-Deeds out of the United Kingdom may be executed for the company by any person fully empowered by instrument or writing under their seal.

Bills of Exchange, &c.

Bills of Exchange and Promissory Notes may be made, accepted or endorsed, by persons duly appointed.

Mortgages and Conveyances.

Mortgages and Conveyances made under special covenants. Notices on company may be sent to the registered office by post or otherwise, or served upon the chief officer of the company. Company's notices to be signed by authorised officer.

Winding-up.

The winding-up of companies is specially provided for by public or private arrangement, Persons who have transferred their shares one year previous to the commencement of the winding-up, are still liable to contribute towards the payment of debts and winding-up expenses; but the transferees of such shares shall indemnify the transferror against all calls made.

Having concluded our notice, in which we have endeavoured briefly to remark upon the various points in the act, we shall feel satisfied if the information afforded is found to assist in the elucidation of its provisions and powers. Upwards of ninety Mining Companies have already registered with limited liability, besides many others which are engaged in various mercantile transactions.

MINING ECONOMICS.

THE minerals of Great Britain do not, as in many continental countries, belong solely to the crown, but are frequently the property of private individuals and corporate bodies. The surface and mineral rights are moreover not always united; consequently, the mineral lord may be in receipt of a handsome income from mining explorations, whilst the surface proprietor whose land is destroyed receives no compensation. In most of the mining districts mineral veins cannot be explored without the express consent of the proprietor, but in one or two localities they may be attacked without any special license or authorization. In such cases, tradition and custom constitute the acting covenants, and necessitate each miner to become a conservator of the general privileges.

The consideration for the right of exploring and extracting the contents of a vein is usually a proportion of the value produced, rendered either in kind or money, and technically known as royalty. This is almost invariably secured to the lessor by a lease, which also embraces a variety of covenants with the lessee relative to the management of the property, and which instrument remains in force for a variable term of years.

The operations of the lessee are generally confined within specific limits, denominated a sett, in which he may usually, subject to certain restrictions, work as he thinks proper. Previous to obtaining a lease, the miner sometimes works under a "take-note" which extends for one, two, or more years. This document is shorter than a lease, and its cost comparatively trifling. Many forms are employed for this instrument; but one of the best that has come under our notice, was drawn some years since, by Mr. John Taylor, of which the following is a copy.

Memorandum of Agreement, entered into this
One thousand eight hundred and fifty

of

BETWEEN the

THE said

of the one part, ana

of the other part.

day

in the county of

doth hereby, for himself, his Heirs, Executors, and Administrators, agree with the said

their Executors, Administrators, and Assigns, that they the said their Executors, Administrators, and Assigns, shall have full and free liberty, power, and authority, for themselves, their agents, and workmen, at any and at all times during the term of from the date hereof, without any let, suit, or molestation from the said

his Heirs or Assigns, to sink, drive, or make, and use, any shafts, adits, levels, or workings, for exploring, searching for, opening, and effectually working the mines, veins, or beds of lead, lead ore, calamine, black jack, and all other metallic minerals whatsoever, in or upon the several closes or pieces or parcels of land of him the said

part of

of

the whole

forming

Farm, situate in the Parish and containing in

in the said County of

acres

roods and

more or less, and now in the occupation of

perches,

and which said closes, pieces, or parcels of land are, as to their extent, form, and boundaries, more particularly delineated and described in the map or plan thereof drawn on these presents, and coloured red :

AND ALSO to erect, build, or set up any engine or engines, mills, or other buildings; and to do all acts necessary or proper for raising, washing, dressing, making merchantable, carrying away, and disposing of the metals and metallic ores thereby obtained:

AND ALSO to take down all such machinery from off the said land or premises, as their sole property; but to do as little damage as possible to the buildings wherein such machinery shall or may be erected and fixed. AND the said do hereby agree, for themselves, their Executors, Administrators, and Assigns, that they will commence such trial or search within one month from the date hereof, and continue to work with able-bodied miners at the least, and without intermission, except when prevented by inevitable accident, or during the execution of repairs :

AND WILL without delay dress and make merchantable all metals and metallic ores gotten, and within reasonable periods sell the same by public ticketings, or other manner of open or public sale, for the best price that can be reasonably obtained for the same:

AND WILL give to the Agent for the time being of the said

three clear days notice in writing, before each weighing of the said ores or minerals; and, in case any ores or minerals shall be left unweighed for a longer period than three months, such ores or minerals shall be considered the sole property of the said his Heirs or Assigns:

AND WILL at all times give a correct account of the state of the Mines or works of trial to the said his Executors, Adminis

trators, and Assigns, or his or their Agent, when required:

AND WILL render and pay, by way of rent, to the said

his Heirs, Executors, Administrators, or Assigns, a sum equal to one part of the monies for which the metals and metallic ores and minerals obtained under this Agreement, after the same shall have been dressed and made merchantable, shall be sold, clear of all deductions whatsoever :

AND WILL allow and pay for all trespass that may be done in getting, dressing, or carrying away the said metals, ores, or minerals; such trespass to be valued by two indifferent persons, each party choosing one:

And it is further agreed that the said his Heirs and Assigns, shall be at liberty from time to time to examine and take plans of all workings under this Agreement:

And it is further agreed that the said

their Executors, Administrators, and Assigns, shall at any time during the aforesaid term apply for a lease of the said ores, metals, or minerals, such