The Stock Exchange of Johannesburg sprang into existence in 1887, and before the end of that year some sixty-eight mining companies were on its list, with an aggregate nominal capital of £3,000,000. During the 1895 'boom' in the market for mining shares in London and Paris, the market value of the shares of the group of South African companies was in the aggregate over £300,000,000! It is true that these are not all gold-mining shares, but the great majority are of companies either for or in connection with gold-mining. In 1887 the Transvaal produced only about 25,000 ounces of gold; in 1894 the output was 2,024,159 ounces; in 1895 it was 2,277,633 ounces.
Just before the Californian discoveries--namely, in 1849, the world's annual output of gold was only about £6,000,000. Then came the American and Australian booms, raising the quantity produced in 1853 to the value of £30,000,000. After 1853 there was a gradual decline to less than £20,000,000 in 1883. This was the lowest period, and then the De Kaap and other discoveries in Africa began to raise the total slowly again. Between 1883 and 1887 the El Callao mine in South America and the Mount Morgan in Australia helped greatly to enlarge the output, and then in 1807 the 'Randt' began to yield of its riches. The following are the estimates of a mining-expert of the world's gold production during 1890, £23,700,000; 1891, £26,130,000; 1892, £29,260,000; 1893, £31,110,000; 1894, £36,000,000; 1895, £40,000,000.
As to the future of the South African sources of supply, it is estimated by Messrs Hatch and Chalmers, mining engineers, who have published an exhaustive work on the subject, that before the end of the present century the Witwatersrandt mines alone will be yielding gold to the value of £20,000,000 annually; that early next century they will turn out £26,000,000 annually; and that the known resources of the district are equal to a total production within the next half century of £700,000,000, of which, probably, £200,000,000 will be clear profit over the cost of mining.
These estimates are considered excessive by some authorities; nevertheless it is to be remembered that the productivity of deep level mining has not yet been properly tested, that even the Transvaal itself has not yet been thoroughly exploited, and that there is every reason to believe that Matabeleland and Mashonaland are also rich in gold. But we have not to look to Africa alone. In Australia, besides the regular sources of supply which are being industriously developed, new deposits are being opened up in Western Australia at such a rate that some people predict that the 'Cinderella of the Colonies' will soon become the richest, or one of the richest, members of the family.