128 



Transactions. — Miscellaneous. 



tinued, and absorbed in the years 1870-93 nearly £70,000,000 

 The bulk of trade over the whole world increased steadily, 

 and a larger proportion of it was conducted on a gold 

 basis. Consequently the general prices of commodities, 

 which had previously risen, showed during this period a con- 

 siderable net fall, bringing them lower than they had been in 

 1850. The general level of wages was probably lower in 1893 

 than in 1870, though the fact of the fall, and especially its 

 amount, is not as certain as the fall in commodities. 



We come now to the consideration of the prices of the last 

 decade and the probable course of prices in the near future ; 

 but it is advisable first to consider the recent supply of gold 

 and the probable supplies of the next few years. 



The Gold-supply of Eecent Years. 



Now, the gold-supply from 1841 to 1900 is given in the 

 following table, with that of some earlier periods also stated 

 for the sake of comparison : — 



The part of this table applying to the period 1850-1900 is 

 illustrated graphically in Plate XV. 



It will be noticed that for the thirty years from 1861 to 

 1890 the annual output of gold did not vary greatly in either 

 direction from £20,000,000. After the latter date it rose, 

 however, with leaps and bounds, until in the year 1899 it 

 reached 64-65 millions. The increase was continuous as 

 well as rapid. The output for 1898 was £11,000,000 greater 

 than that for the previous year, while in the following year — 

 1899 — the output was again greater by £5,000,000, although 

 this was the year in which the war in the Transvaal began, 

 and mining in that country was brought practically to a stand- 

 still. When it is remembered that the Transvaal was putting 

 out gold at the rate of £20,000,000 a year when the war began 

 to disturb mining operations, it will be understood that but 



