In 1898 of the 77 Gold Mining Companies at work, three-fourths reported a yield of 1/2 oz.

per ton; some only 6 to 7 dwts.

per ton.
Consequently we find mines worked where one ton of rock will yield 1/2 oz.

of ore, or perhaps only half as much.

There are other mines which swallow up the capital, and give no return at all.
3 .-- _Cost of Production._ In 1892 gold producing in the Transvaal cost 35s.6d.per ton; in 1897 the cost was reduced to 28s.