South Africa; a Study in Colonial Administration and Development

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...and it was marked by a great industrial and commercial expansion. During the fifteen years 1875-1890 the world's gold supply fell to an average of 20,000,000. Assuming that America, Australia, and Russia continue to produce not less than a total output of (say) 18,000,000, the Randt's present contribution of 7,000,000 raises the world's annual gold supply to the level of the period 1850-1875. If, however, the Randt's output be increased, or still more, if both the Randt's output be increased and further contributions are added from other South African gold fields, the supply at the end of the century will exceed that obtained during the ten years 1850-1860, the period of the great initial output of the American and Australian fields (Note No one, I suppose, would deny that this increase in the world's supply of gold will have a beneficial effect upon agriculture, manufactures, and industries. The prices which were obtained by producers during the normal period 1867-1877 had fallen in 1891 by 28 per cent. Since then they have reached a still lower level. We need not stop to enquire to what extent this loss to the producer has been modified by the fact that the producer is also a consumer--a consideration which includes the further fact that the workman's wages have an increased purchasing power. It is sufficient for the moment to assume the truth of the statement, which we hear repeated on every side, that this fall in prices is the immediate cause of the present agricultural and commercial depression. Ultimately, no doubt, the producer would again receive a normal value for his produce. Meanwhile he is at a disadvantage. He is at a disadvantage in payments made for all services from those of an employe1 to the highest professional skill....