be no answer to the objection of the lawyers that the borrowing powers had been exceeded. Consequently the directors must ask for authority to extend the Trust's borrowing powers, but it was not contemplated to make any further issue of share capital or of bond capital beyond that which they had already discussed with the shareholders. It was unlikely that the balance of the debentures would be issued for some time to come. To-day money was readily obtainable at 3 per cent. to 3 per cent. with every prospect of a reduction in the rate, and while money remained cheap it would be obviously inadvisable and unnecessary for the board to issue debentures upon which 41⁄2 per cent. must be paid. He referred to other reasons for the extension of the borrowing powers, and said that with the return of normal conditions the board were fully entitled to believe that they would handle business bringing substantial profits. Competition was keen, and only the other day a new trust came into existence which, according to the prospectus, desired to obtain the same class of business as that with which they were identified. He remarked that the Anglo-Russian Trust had always had powerful associates and the practical sympathy and support of very varied interests, and the board had matured plans to enable the Trust to hold its own. It was proposed to pay a final dividend on the ordinary shares of 6d. per share, making 6 per cent. for the year, and leaving £13,644 to be carried forward. He moved the adoption of the report and payment of the dividend as recommended.

The Hon. Frederic W. Anson seconded the resolution, which was carriod unanimously without discussion.

At an Extraordinary General Meeting which followed a resolution was passed agreeing to the proposed increase in the borrowing powers of the Trust.

1. To receive and consider the balance sheet and accounts for the year ended December 31, 1913, together with the reports of the directors and auditors.

2. To elect directors in the place of Messrs. S. B. Joel and G. Imroth, who retire in terms of the Articles of Association, but are eligible and offer themselves for re-election.

3. To appoint auditors in the place of Messrs. Henry Hains and Thos. Douglas, who retire, but are eligible for re-appointment, and to fix their remuneration for the past audit.

4. To transact any other business which, under the Articles of Association, may be transacted at an Ordinary General Meeting. The Transfer Ecoks will be closed from May 12 to 27, 1914, both days inclusive.

By Order of the Board,

PROPERTY.

Your Property remains unaltered, and consists of :(A) Mynpacht No. 379, in extent 33 morgen 183 square roods, equivalent to 47.9592 Claims;

(B) Mynpacht No. 330, in extent 66 morgen 461 square roods, equivalent to 96.15 Claims, on which ordinary Claim licences are payable;

(c) 409.7750 Claims;

(D) 3 Water-rights;

(E) An area equivalent to 30.5 Claims, leased for the purpose of erecting buildings, depositing sites, etc.;

all on the Farm Langlaagte No. 13, in the Mining District of Johannesburg. OPERATIONS.

As compared with 1912, working costs were reduced by nearly ment of £128,394. The mine development still continues to expose 1s. 6d. per ton, and the gross profits realised show an improveore of satisfactory grade. The payable ore reserves at the end value of 7.4 dwte., being an increase of 124,778 tons as compared of the financial year amounted to 2,194,408 tons of a mine stoping with 1912. Full and interesting information in regard to the year's work will be found in the reports of the Consulting Engineer and Mine Manager.

DIVIDEND.

During the year Dividend No. 1 of 10 per cent., absorbing £95,000, was declared, payable to Shareholders registered on 31st December 1913.

INVESTMENTS AND INTERESTS IN OTHER CONCERNS. There is a decrease in this account of £1,742 14s. 5d., principally due to the liquidation of the Group's Native Labour Organisation.

DIRECTORS.

You will be asked to elect Directors in place of Messrs. S. B. Joel and G. Imroth, who retire in terms of the Articles of Association, but are eligible and offer themselves for re-election.

AUDITORS.

You will also be asked to appoint Auditors in place of Messrs. Henry Hains and Thos. Douglas, who retire, but are eligible for re-appointment, and to fix their remuneration for the past audit.

MANAGEMENT.

Mr. A. E. Payne continues as Manager of your Property, under the direction of the Consulting Engineer.

GOVERNMENT GOLD MINING AREAS (MODDERFONTEIN)

CONSOLIDATED,

LIMITED.

(Incorporated in the Transvaal.)

REPORT OF THE DIRECTORS.

To be submitted to Shareholders at the Annual General Meeting, called for the 27th day of May, 1914, at 3 o'clock in the afternoon, in the Board Room, Consolidated Building, corner of Fox and Harrison Streets, Johannesburg.

To the Shareholders,

Gentlemen,--Your Directors beg to submit their Report for the twelve months ended 31st December, 1913, together with the audited Balance Sheet and the Reports of your Consulting Engineer and Mine Manager for the same period.

CAPITAL.

The Registered Capital of your Company is £1,400,000, in shares of £1 each. Of these 1,025,000 shares are fully paid, and 2s. per share has been paid on the remaining 375,000 shares.

PROPERTY.

It will be noticed from the Consulting Engineer's Report that the two Southern Shafts reached the reef during the year. Unfortunately, the reef in both shafts was deeper than had been estimated, and at the South-West Shaft at a depth of 3,400 feet a considerable amount of water was encountered. Development is being pushed on in all four shafts.

A reduction plant, capable of treating 50,000 tons per month, has been ordered, and work in connection with the excavations and foundations is already well in hand. There were developed in the Northern Section at the end of the year 559,500 tons of ore of an average value of 6.6 dwts.

The administration and general expenses for the period under review amounted to £16,444 6s. 4d., less £5,119 2s. 9d., which was received for rents, brokerage, &c.

INVESTMENTS AND INTERESTS IN OTHER CONCERNS. During the year there was a decrease of £664 6s., which was accounted for by the liquidation of the Group's Native Labour Organisation; against this decrease an amount of £555 15s. was paid to the Native Recruiting Corporation, Limited, being a further deposit per unit of the Company's native complement, thus leaving

a net decrease for 1913 of £108 11s.

Your investments now consist of :

£1,287 0 0

Balance to next Account

555 0 0

DIVIDENDS.

855 15 0 £2,697 15 0

23 17 7

2,883 5 3 20,445 12 0 690 10 1

£422,438 8 4 £21,565 11 1

DIRECTORATE.

You will be asked to elect a Director in the place of Mr. S. B. Joel, who retires in terms of the Articles of Association, but is eligible, and offers himself for re-election.

AUDITORS.

You will also be asked to appoint Auditors in the place of Messrs. Thos. Douglas and Ernst Danckwerts, who retire, but are eligible for re-appointment, and to fix their remuneration for the past audit.

MANAGEMENT.

During the year under review Dividends Nos. 40 and 41 of 30 per cent. each, absorbing £195,000, were declared, payable to Shareholders registered on the 30th June and 31st December, 1913, respectively.

INVESTMENTS AND INTERESTS IN OTHER CONCERNS. due to the liquidation of the Group's Native Labour Organisation. There is a decrease in this account of £1,431 10s. 3d., principally

DIRECTORS.

You will be asked to elect Directors in the place of Messrs. C. Marx and E. Brayshaw, who retire in terms of the Articles of Association, but are eligible and offer themselves for re-election.

AUDITORS.

THEOLOGY

ART AND ARCHITECTURE

The Works of Man,' by Lisle March Phillipps. Illustrated, (Duckworth. 7s. 6d. net.)

A new edition of the work published in 1911, devoted to the consideration of art as an expression of human life and character. The author has selected some of the great periods, or creative epochs, in the art of the world, and discusses the distinguishing qualities, limitations, and point of view of the races which produced them.

BIOGRAPHY

Ouida: A Memoir, by Elizabeth Lee.

10s. 6d net.)

Illustrated. (Fisher Unwin.

A plain statement of the facts of the life and career of "Ouida" (Maria Louise Ramé, 1839-1908). Richard Corfield of Somaliland, by H. F. Prevost Battersby. Illustrated. (Edward Arnold. 10%. 6d. net.)

Corfield was killed when leading the Camel Corps against the Dervishes in August of last year, and this volume, besides giving an account of his life, deals with the affairs of Somaliland during the last ten years.

The Millers of Haddington, Dunbar, and Dumferline, by W. J. Couper. Illustrated. (Fisher Unwin. 8s. 6d. net.)

A record of Scottish bookselling, dealing with the work of George Miller (1771-1835), James Miller (1791-1865), John Miller (17801852), and John Laing Miller (1811-1883). "None throughout Scotland," says the autnor, " played a greater part in the work of providing and popularising li erature among the common people than the Millers of Dunbar and Hadding on."

EDUCATIONAL

The Origin of the World, by R. McMillan. Illustrated. (Watts. 2s. net.)

Intended for children, this work describes in simple language the growth of stars, the birth of the world, the beginning of lite, and the slow advance of living forms up to the level of man.

HISTORY

Napoleon in Exile: Elba, from the Entry of the Allies into Paris on March 31, 1814, to the Return of Napoleon from Elba and his Landing at Gol'e Jouan on March 1, 1815, by Norwood Young. With a chapter on the iconography by A. M. Broadley. Illustrated. (Stanley Paul. 21s. net.)

The author has had free use of the unpublished material concerning Napoleon's stay in Elba, including a large number of letters signed or initialled by Napoleon. He has also had access to Mr. A. M. Broadley's valuable Napoleonic Library and collection of MSS., from which the 51 illustrations are taken. Hutchinson's History of the Nations: A popular, concise, pictorial, and authoritative account of each nation from the earliest times to the present day. Edited by Walter Hutchinson. Illustrated. (Hutchinson. Part V. 7d. net.)

NATURAL HISTORY

Antarctic Penguins: A Study of their Social IIabits, by Dr. G. Murray Levick. Ilustrated. (Heinemann. 6s. net.)

A description of the "manners and customs" of the Adelie penguins of the Cape Adare rookery, Dr. Levick having been zoologist to the British Antarctic Expedition (1910–13).

Some Minute Animal Parasites, or Unseen Forces in the Animal World, by H. B. Fantham and Annie Porter. Illustrated. (Methuen. 5. net.)

An account of some of the minute animal parasites that produce diseases, detrimental alike to man and beast. The book is written in popular form, and is intended for the use of many different classes of readers.

The Pot o' Gold: at the End of the Rainbow, by Marian Keith. (Hodder and Stoughton. 6s.)

Broken Music, by Phyllis Bottome. (Hutchinson. 6s.)
Where Bonds are Loosed, by Grant Watson. (Duckworth.
6s.)
The Log of a Snob, by Percy F. Westerman. (Chapman & Hall. 6s.)
The Maker of Secrets, by William Le Queux. (Ward Lock. 6s.)
Old Valentines, by Munson Havens. (Constable. 2s. 6d. net.)
Blind Man's Buff, by Jacques Futrelle. (Hodder and Stoughton.

2s. net.)

Judge Gibson. (A. and C. Black. 35. 6d. net.)

The author's conclusion is that "we not only can but must be Chris ians-only, however, on the one condition that Christianity be recognised as a progressive historic movement still in the making, that it be shaken free from the numbing influence of ecclesiasticism, and placed upon a broader foundation."

The Historical Christ; or, An Investigation of the Views of Mr. J. M. Robertson, Dr. A. Drews, and Professor W. B. Smith, by Dr. F. C. Cony beare. (Watts. 35. 6d. net.)

Is intended "as a plea for moderation and good sense in dealing with the writings of earlier Christianity. It provides a middle way between traditionalism on the one hand and absurdity on the other, and as doing so will certainly be resented by the partisans of each form of excess. 99

Christianity and Civilization, by Charles T. Gorham. (Watts. 9d. net.)

In

After discussing the extent to which the Christian religion has assisted man's efforts to reach the ideal civilisation, the author says: "A sane and rational interpretation of those scriptures, which have justified or been used to justify all this bitter and prolonged opposition to intellectual progress, has in recent times been scouted, misrepresented, and opposed in the most unmeasured language. Under the influence of traditional theologies, men become so little-minded that they are really unable to perceive new truth when it is put before them."

Quest of Truth: being a correspondence between Sir Arthur Conзa Doyle and Captain Stansbury, R.N. (Watts. 2d)

TOPOGRAPHY AND TRAVEL Gloucestershire, by J. Charles Cox. Illustrated. (Methuen. net.)

2s. 6d. Is the newest volume in Messrs. Methuen's Little Guides series, and gives a concise description of the county, with its history, industries, and antiquities.

The Sea is Kind, by T. Sturge Moore (Grant Richards. 65. net.) Flowers from the Fatherland, collected by A. M. Everest. (Erskine Macdonald. 35. 6d. net.)

Selections from the Epigrams of M. Valerius Martialis: translated or imitated in English verse, by W. J. Courthope. (Murray. 35. 6d. net.)

The

MISCELLANEOUS
Renaissance of the Greek Ideal, by Diana Watts (Mrs. Roger
Watts). Illustrated. (Heinemann. 21s. net.)

Mrs. Watts says that "of all the lost secrets of antiquity, perhaps the most important is that which produced the enormous physical superiority of the Greeks over any race of human beings known to us either before or since their time." She claims to have discovered the law of balance which was their secret, and the book is illustrated by photographs of herself in Greek actions and poses, which are explained by means of sections reproduced from cinematograph films showing the evolutions and movements of a perfectly balanced body. Knowledge: A Monthly Record of Science, vol. x. 1913. (Knowledge Publishing Co. 15s net.)

Intermediate Types among Primitive Folk: A Study in Social
Evolution, by Edward Carpenter. (George Allen.
4s. 6d. net.)
Discusses the subject of various intermediate types between the
normal man and woman, which the author declares to have existed
in all ages and among all races of the world. The first four chapters,
dealing with "The Intermediate in the Service of Religion," were
published in America and France in 1911; the second part deals
with The Intermediate as Warrior."

Anecdotes of Pulpit and Parish, collected and arranged by Arthur
H. Engelbach. (Grant Richards. 35. 6d. net.)
Chaucer's Parlement of Foules, with an introduction, notes, and
glossary by C. M. Drennan. (University Tutorial Press. 2s. 6d.)
MAGAZINES AND REVIEWS
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is.; Cornhill, Is.; Strand Magazine, 6d.

The Manual of Heraldry, by Francis J. Grant, W.S., Rothesay Herald (Edinburgh: John Grant, 2s. net).-We cannot praise too highly Mr. Grant's excellent little manual of heraldry, which provides the tyro in that most fascinating science-should it not be art?-with a most lucid and concise dictionary of heraldic terms, with appropriate iliustrations, in addition to the chapters in which are set forth the main principles that govern the science. We do not know that we agree with Mr. Grant's summary dismissal of the theory that the origin of heraldic signs may not be traced back legitimately to the signs on ancient seals and even to totemism itself. Of course we admit that true heraldry differs essentially from any of the carlier devices amid which its origins have been sought; nevertheless we are not convinced that it must therefore have no connection whatever with those devices.