The accuracy of the reports as to the gold-field said
to have been discovered in Wales still requires confirmation, previous explorations there having resulted in disappointment. The owner, however, from his letters seems to dream of an out-turn of two millions a year; and it is certain that the out-turn from the gold-mines in the Transvaal will be very large. Ninety Com- panies, with a paid-up capital of nearly £5,000,000, are already at work there, cities are springing up, and the rush of English diggers will, it is believed, greatly modify the aspect of political affairs. If the new supply proves continuous, it must improve the prospects of trade, which is suffering, in part at least, from the appreciation of gold. A new supply of even £5,000,000 a year would make a great difference, and this even if the extraction of the gold yielded very little profit on the labour and machinery devoted to it. it is gold for currency, not profit on gold-digging, that the nations with a gold standard are sighing for.
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