The Gold-Fields of Johannesburg. 71 



rich free-milling ore has become or is becomino- 

 rapidly exhausted, and most, if not all, of the 

 mines have now before them an almost inexhaus- 

 tible quantity of hard conglomerate rock, yielding, 

 when treated as a whole and indiscriminately, a 

 considerably lower averao-e of o:old, and to extract 

 the gold from which, with any prospect of fair 

 profit, requires the most ingenious and elaborate 

 appliances and the most skilful and economical 

 administration. (2) In the early days of the 

 Randt gold-field folly and fraud reigned supreme. 

 The directors and managers were, as a rule, con- 

 spicuous for their ignorance on all matters of 

 23ractical mining. The share market was their 

 one and only consideration, the development and 

 proper working of the mine being in many cases 

 absolutely neglected. I was sho"\\TQ the other day 

 the Grahamstown Mine, which, possessing only a 

 claim and a quarter, was palmed ofi" upon the 

 public with a capital of 120,000/. This mine, 

 though situated on the main reef, unfortunately 

 struck upon a spot where the reef was inter- 

 sected by a thick dyke of clay, and it is scarcely 

 an exaggeration to say that hardly an ounce of 

 ii'old ever has rewarded or will reward the 

 victimized shareholders. (3) But this case is by 

 no means unique. Millions of money have been 

 literally thrown away. Bad machinery badly 

 put up has l)een badly situated, l^adly worked. 

 Many of the mines are at a standstill for want of 

 capital, and most of them, so eminent experts 

 assure me, are sadly behindhand with their 



