6 SUESS, The New Gold Discoveries. 



annum were at the disposal of the world excepting the 

 four countries named. At the same time the variability 

 of the reduced figures may be seen (one of them showing 

 even a negative result), and the treacherous character of 

 averages. But, although the production varies, the vari- 

 ability of demand is incomparably greater, having regard 

 to quantity as well as to origin. It may be said, that the 

 bad harvest in Europe, and Russia's preparations for a gold 

 currency, are claims of a temporary and passing character 

 which give abnormal figures. But the demands are very 

 often of a temporary character, and it is a justifiable 

 requirement that the disposable quantity of gold should 

 be adequate even to meet much stronger claims ; let us 

 not speak of war. 



In 1897 the position was no better, and it is hard to 

 assume that it will be much improved in 1898. 



In Australia the export of agricultural produce is 

 rather retrograde, English capital has also been withdrawn, 

 and therefore Australia gives more gold ; the export of 

 gold to Europe has been strong in 1897 and is expected 

 to be considerable in 1898 (say 11 to 13 millions sterling). 



South Africa delivers up a great part of her increasing 

 production, but part of the outcrop mines on the Rand have 

 already closed up ; the life of others is reckoned approxi- 

 mately to last four or five years longer. The life of the 

 deep levels is estimated by mining authorities at about 25 

 years. Let us accept these figures. South Africa is now not 

 only one of the very first producers, but also delivers up the 

 greatest part of her gold, and let us ask. What after 25 years? 



Russia has continued her gold policy, she has retained 

 her own produce (6*5 millions sterling or more) and has 

 continued to import foreign gold. Mr. Witte's last 

 report says, that in 1897, iO'9 million dollars have been 

 added to the Government's gold treasure, besides very 

 large sums of gold which entered into commerce. 



