VISIT TO SOUTH AFRICA. 
297 
represent it by a curve. Thus, considering the nominal value of shares 
as one unit, and starting from the middle of 1891, the curve is com¬ 
menced by two units. From there an almost steady rise until October, 
1895, shows the highest point, namely 9. By the end of the year 1895, 
however, we drop to 5. In 1896 the curve, almost a semi-circle, rises 
from 5 to 7 in June, and back again to 5 by Christmas, 1896, when I 
was in Johannesburg. 
I have seen it stated that, at an expenditure of under twenty millions 
the value of this industry through financial cleverness, represent over 
one hundred and twenty millions. 
Ladies and gentlemen, had time permitted, it was my intention to 
have told you more of this wonderful gold industry, and thence to have 
carried you on my travels over the battlefields of Boer and Zulu wars. 
The subject is almost infinite, the time is very finite. May I therefore 
conclude my remarks, by asking you to try to apply to lecturers, the 
advice Delme Radcliffe gives in The Noble Science ” to horse owners, 
namely :— 
Be to their faults a little blind, 
But to their virtues ever kind. 
(Loud and prolonged applause). 
Note. —It may be noted that since these remarks were made (March 4th, 1897) the 
garrison has been largely increased ; the Volunteer and Defence Commission has reported 
urging reforms ; the Buluwayo railway has reached Tati ; the rinderpest is still spread¬ 
ing ; horses are being purchased in S. America for the Cape ; the Mashona rising and 
various colony native troubles still exist ; the fleet has gone to Delagoa Bay. 
