of this amount went to the shareholders, 30 per cent.

was paid to the Transvaal Government, while the cost of production absorbed 45 per cent.

The two last figures show that about 75 per cent., that is to say, three-quarters of the entire production remained in the Transvaal; and we have only taken the average of the last few years, during which the cost of production has been reduced to a minimum, thanks to the perfecting of the methods of working.
Let us add that while according to the above table in 1898 the estimate of the revenue was L3,329,000, the expenditure rose to L3,476,000.

In 1899, the estimate of the revenue was L4,087,000.
From 1894-97 the amount paid directly into the Transvaal Exchequer had exceeded the shareholders' dividends; and when the reverse happened in 1898, the Government of Pretoria determined to put that matter right.
6 .-- _Cost of Production and the Transvaal._ Dr.Kuyper also complained that the entire cost of production was not absorbed by the Transvaal.

In his statement of January 26th 1899, Mr.
Rouliot proved that the greater portion was in point of fact expended there.