1898 15,942,573 4,999,489 3,329,958
----------- ----------- -----------
£52,898,823 £13,767,598 £16,370,387
=========== =========== ===========

Thus upon £52,898,823 worth of gold produced between the years 1894 and
1898 only 25 per cent. of this amount went to the shareholders, 30 per
cent. was paid to the Transvaal Government, while the cost of production
absorbed 45 per cent. The two last figures show that about 75 per cent.,
that is to say, three-quarters of the entire production remained in the
Transvaal; and we have only taken the average of the last few years,
during which the cost of production has been reduced to a minimum,
thanks to the perfecting of the methods of working.

Let us add that while according to the above table in 1898 the estimate
of the revenue was £3,329,000, the expenditure rose to £3,476,000. In
1899, the estimate of the revenue was £4,087,000.

From 1894-97 the amount paid directly into the Transvaal Exchequer had
exceeded the shareholders' dividends; and when the reverse happened in
1898, the Government of Pretoria determined to put that matter right.


6.--_Cost of Production and the Transvaal._

Dr. Kuyper also complained that the entire cost of production was not
absorbed by the Transvaal. In his statement of January 26th 1899, Mr.
Rouliot proved that the greater portion was in point of fact expended
there. He gave the following figures concerning the expenditure of
fifty-six companies in 1898.