SECTIONAL TRANSACTIONS.— F. 359 



Certain portions of the aboriginal population developed into permanent or seasonal 

 farm labourers, whilst the social and economic status of the landless white people 

 grew steadily worse. They had not developed into agricultural labourers, whereas 

 land was only obtained with increasing difficulty. 



Under existing conditions of land-holding and farming the rural areas of South 

 Africa are already unable to absorb their natural increase of white population. The 

 European population is faced to-day by a strong rural exodus, one of the main causes 

 of the ' Poor White Problem.' On the other hand, the areas reserved for tribal natives 

 have also become badly congested, thus causing a spirit of restlessness and forcing 

 many natives out to compete still more with the impoverished whites. 



Whilst part of the surplus rural population, European and non-European, can 

 be absorbed by town industries, it is clear that access to the use of the land must be 

 found for great numbers, and that our laws and our policy relating to land, its owner- 

 ship and its use, will have to be thoroughly revised. 



Mr. D. T. Jack.— T/ie Problem of the Future Value of Gold. 



The general return to gold standard conditions within the last five years has again 

 directed attention to the problem of the stabilit}' in the value of gold over long periods. 

 There are reasons for the view that this problem is likely to acquire still greater 

 importance, more particularly in virtue of the sensitiveness of international trade to 

 movements in the level of gold prices and in view of the magnitude of public and inter- 

 national debts. Expert opinion has been sharply divided as to the probable course 

 of gold prices on the assumption that no special efiEorts at ' control ' are made along 

 such lines as have been suggested by Irving Fisher or Lehfeldt. Special consideration 

 will be given to the views of Cassel, Keynes, Kitchin, Lehfeldt and Gregory. World 

 gold production has fallen in comparison with pre-war years, but the further decline 

 which has been anticipated has not yet occurred. More importance attaches to the 

 magnitude of the monetary demand for gold, and it is suggested that Cassel's pre-war 

 estimates require modification. On balance the conclusion is reached that central 

 banking economy is imperative if a rise in the value of gold is to be avoided. 



JOHANNESBURG. 



Wednesday, July 31. 



Dr. J. E. HoLLOWAY. — The Demographic Position in the Union of South 

 Africa. 



Racial. — European and non-European. British, Dutch and other European races. 

 South African and foreign born. 



Geographical. — Predominance of non-Europeans in certain areas. Distribution of 

 population between urban and rural areas. 



Occupational. — The occupational groups ; the coincidence of racial and occupational 

 boundaries. 



Vital. — The natural increase and masculinity of the population. 



Migraiional. — Internal and foreign movement of population. 



The treatment will be based largely on the statistics of the population of the Union. 



Dr. S. H. Frankel. — Road and Rail Transport in South Africa. 



Notwithstanding the fact that oil has not yet been discovered in South Africa, 

 and that the cost of imported oils, petroleum products and motor fuels is still 

 extortionately high, there has been a development of road motor transport which, 

 if the unorganised condition of South African roads is taken into account, has, in 

 comparative extent, probably been second to few European countries with similar 

 conditions. South Africa, just as other ' young countries,' has passed the stage where, 

 with a handful of white settlers spread over wide areas of the country, the road 

 problem was merely to keep long road lines passable by ox- or mule-wagons for a few 

 tons of produce a year. Similarly it has passed the stage where, whenever an extended 

 form of organised transport was necessary, a branch railway line was built, more to 

 satisfy local expectations than in accordance with economic considerations which 



