ore; the most remunerative
mine is generally one of comparatively small area, but containing a
large lode formation of payable but often low grade, ore.

It is worse still, of course, to buy a practically worked out mine,
though this too is sometimes done. It must be remembered that mining,
though often so profitable, is nevertheless a destructive industry, thus
differing from agriculture, which is productive, and manufactures, which
are constructive. Every ton of stone broken and treated from even the
best gold mine in the world makes that mine the poorer by one ton of
valuable material; thus, to buy a mining property on its past reputation
for productiveness is, as a rule, questionable policy, unless you know
there is sufficient good ore in sight to cover the purchase cost and
leave a profit.

One of the greatest causes of non-success of gold-mining ventures,
particularly when worked by public companies, is the lack of actual
personal supervision, and hence, among other troubles, is that
ultra-objectionable one--gold stealing from the mills, or, in alluvial
mining, from the tail races. As to the former, the following appeared
in 1893 in the London _Mining Journal_, and is, I think, worthy of the
close consideration of mine directors in all parts of the world:--

"No one that has not experienced the evil of gold thieving from
reduction mills can have any idea of the pernicious element it is, and
the difficulty, once that it has got 'well hold,' of rooting it out.
It permeates every class of society in the district connected with the
industry, and managers, amalgamators, assayers, accountants, aye, even
bank officials, are 'all on the job' to 'get a bit' while there is an
opportunity. To exterminate the hateful monster requires on the part
of the mine proprietors combined, stern and drastic measures undertaken
under the personal supervision of one or more of their directors, and
in many instances necessitating the removal of the whole of the official
staff."

The writer narrates how about twenty years ago he was led to suspect
that in an Australian mine running forty head of stamps, in which he
held a controlling interest, the owners were being defrauded of about a
fourth of the gold really contained in the ore, and the successful steps
taken to check the robbery.

"We first of all dispensed with the services of the general manager, and
then issued the following instructions to the mine and mill managers,
I remain