A PROSPECTUS purports to be the outline of a plan submitted for public approval, generally for the purpose of obtaining the means for carrying out the plan, and for this reason prospectuses have a natural tendency to be optimistic. Though my remarks will refer more especially to prospectuses of mining companies, still in many respects they will be applicable to the prospectuses of other industries. Some people lay themselves out to draw up prospectuses, their study of the subject, knowledge of human nature, and ability to do a little word-painting often enabling them to place the proposition in such a favourable light that the public come in when otherwise they might refuse.