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162 speculative, as I told a friend of mine the other day—they are always bothering me about mines—and I said to one of my friends, a French financier, ‘I will give you advice at last.’ He was delighted, and asked what I would advise. I said, ‘Either buy French Rentes or Consols.’ Then he went away annoyed. What, however, I desire to put to you is, that when you go into a mining venture you go into a speculative venture; but as a proposition with a capital of £2,000,000, dealing with a country almost as big as Europe, which is mineralised, and with that subscribed capital for its development—and as regards its administration, the revenue paying for the expenditure—it is a fair business-like proposition. When you consider this comparatively—and that is the great secret in life—it represents in capital perhaps one Rand mine. As to the question whether the scrip proposal has been accepted, we have settled with all the chief corporations, and as minerals are found in that territory, you therefore know perfectly well that in reference to the share capital you have an interest in everything that is discovered. I will not say anything more than that with regard to the mineral question, but I would repeat again: do not discount possibilities as if they were proved results.

“Now, gentlemen, I think that on this occasion you cannot accuse me of not dealing with the commercial aspects of the country. I think you will admit that I have shown you the size of it, the cost of it, and the possibilities of it, and if there is any point I have missed, please tell me. We have to consider, because we are a Charter, and are connected with politics, the political position of the country, and I may say that that is most satisfactory. We had a good many