on a sounder footing
of ownership. As was said before, the lamb can be in a measure
protected. The engineer's interest is to protect him, so that the
industry which concerns his own life-work may be in honorable repute,
and that capital may be readily forthcoming for its expansion.
Moreover, by constant advice to the investor as to what constitutes
a properly presented and managed project, the arrangement of such
proper presentation and management will tend to become an _a priori_
function of the promoter.

Sometimes the engineer can make a short visit to the mine for data
purposes,--more often he cannot. In the former case, he can resolve
for himself an approximation upon all the factors bearing on value,
except the quality of the ore. For this, aside from inspection of
the ore itself, a look at the plans is usually enlightening. A
longitudinal section of the mine showing a continuous shortening of
the stopes with each succeeding level carries its own interpretation.
In the main, the current record of past production and estimates
of the management as to ore-reserves, etc., can be accepted in
ratio to the confidence that can be placed in the men who present
them. It then becomes a case of judgment of men and things, and
here no rule applies.

Advice must often be given upon data alone, without inspection
of the mine. Most mining data present internal evidence as to
credibility. The untrustworthy and inexperienced betray themselves
in their every written production. Assuming the reliability of data,
the methods already discussed for weighing the ultimate value of
the property can be applied. It would be possible to cite hundreds
of examples of valuation based upon second-hand data. Three will,
however, sufficiently illustrate. First, the R mine at Johannesburg.
With the regularity of this deposit, the development done, and
a study of the workings on the neighboring mines and in deeper
ground, it is a not unfair assumption that the reefs will maintain
size and value throughout the area. The management is sound, and
all the data are given in the best manner. The life of the mine
is estimated at six years, with some probabilities of further ore
from low-grade sections. The annual earnings available for dividends
are at the rate of about L450,000 per annum. The capital is L440,000
in L1 shares. By reference to the table on page 46 it will be seen
that the present value of L450,000 spread over six years to return
capital