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 CHAPTER V.

THE TRANSVAAL: ITS CONDITION AND PRODUCTS.

Among the products of the Transvaal gold must be reckoned first, because gold in itself is so precious and so important a commodity, that it will ever force itself into the first rank,—and because notice was first attracted to the Transvaal in Europe, or at any rate in England, by the discovery of gold in the country and by the establishment of gold fields. But I believe that the gold which has hitherto been extracted from the auriferous deposits of the country has been far from paying the expenses incurred in finding them and bringing them into the market. Gold is a product of the earth which will be greedily sought, even when the seeker lose by his labour. I doubt even whether the Australian gold would be found to have paid for itself if an accurate calculation were made. I know that the promoters of Australian gold enterprises and the shareholders in Australian Gold Companies would attempt to cover me with ridicule for expressing such an opinion were I to discuss the matter with them. But these enterprising and occasionally successful people hardly look at the question all round. Before it can be answered with accuracy account must be taken not only of all the money lost, but of the time lost also in unsuccessful search,