The discovery of two large gold-fields, or rather systems of
gold-fields, is announced this week. The first is in Tasmania, and is a little too brilliant for belief, the local editors writing of reefs which yield 164 ounces to the ton. The exaggeration appears, however, to cover this truth, that a rich field has been found. The other discovery is of mines extending along the Southern and Western border of the Transvaal Republic in South Africa. The gold is found in quartz reefs extending over a great area, and as rich as any in the world. A great number of companies have been formed, and one of them has paid a dividend after its first crushing ; while another has already returned 31 per cent, on its capital. Another field is also reported at Etheredge, in Queens- land, to which miners are hastening from all Australia. As the world wants gold to make up the increasing scarcity, this is good news, and it is especially good for the future of South Africa. Really large fields there would soon attract English settlers enough to reduce both the native question and the Dutch question to manageable proportions. It is the extent of the fields, however, which is important, rather than the quantity of gold yielded per ton. The latter concerns share- holders ; the former involves the duration of the new industry, which is shrinking both in California and Australia.
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