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,
