South African Goldflelds.

For the past year, ever since the dis* oovory of tae Sheba reef, the world has waited in vain for the part realisation of the prophecy that these fields would rank among the richest in the world. Nothing has ocenred to prove that the prophecy was a false one. On the contrary, fresh discoveries go to strengthen it. Quartz reefs will retain their gold for ever unless it if crashed oat of them by machinery. It is just this want of machinery.that delays the development of these fields. The chief causes of the want are two, viz., first, dearth of capital; second, difficulty of transport. With referenoe to the first, South Africa has had her taials, and she Is not noted for .wealth. If any of her. sons, desirous of seeking his fortune, ar» j rivea.on the fields with £50 to £100, he is , passing rich. This amount soon dwindles to m'Zin theeost of prospecting; and let him discover a reef ever so rich, he must * perforce wait, till that man of might, the capitalist, comes along. Much as he longs for machinery, it must all remain a dream for him. The capitalist is generally a speculator; he.does not mean to work the reefs; he merely buys to sell to, or to promote a company. Then the ' company has to be formed ; more time is needed tor developing the reef, more deliberations as to whether a battery shall be ordered or not (in some instances no battery is needed, for no reef exists), and bo on till the naturally long time before, bullion can be remitted is lengthened out. into an apparent space of at least two or three years. When the Sheba reef was discovered £15,000 was with difficulty raised in £15,000 £1 shares. The real value of these shares soon took the pnblio fancy, and that sage body rushed them up to £100. each, or to a value of £1,500,000 ; for the property. Eich as the mine un- . doubtedly is it was a ridiculous price, seeing the difficulties to be overcome before steady dividends could be paid. Other shares ran up in the same way. Orientals, with a capital of £65,000 in £1 snares, being sold at £20. Now they are suffering a reaction, and shares are falling more nearly to a legitimate value. The difficulties of transport of machinery, are heart-rending. The cost from Ladysmith, .the terminus of the Natal railway, ranges from £20 to £30 per ton, and owing to the frightful state of the roads, many parts arrive broken. The feeble Transvaal Government, rapacious for English gold; also does its best to strangle its newborn, babe with the most deadly taxation. Another unfortunate hitch intensifies the .delay. The Sheba Tramway Company, , with a capital of £25,000, was formed,to :: convey quartz frpin, two or three of the inosl important reefs to the batteries on the river sites. This company, now finds that the capital is not sufficient to complete the work. The delay is not expected to.be more than temporary, as most of the . tramway material is upon the ground. It is supposed that about £5,000,000 has already been invested in the De Kaap fields. A very simple calculation suffices to show the number of stamps required to orush oat enough gold to pay a 10 per cent, dividend upon this capital. If after paying expenses each stamp crushes out gold ,to the net value of 30s per day, it will represent a fair average return; £500,000 per annum is needed to pay a 10 per cent, dividend. Taking 300 working days per. year, 1100 stamps are needed.. Towards this number not more than 120 stamps are .at work, with a possibility of an increase to 250 stamps during the year 1887. It will be seen, therefore, that the eager purchasers of gold shares at a high premium, or otherwise, will {have to c x•rcise a good deal of patience yet. JCriet's Oriental Sheba Company has been the first to take in the situation: Instead of sitting still and gazing at* its reef, . hoping that gold would Ay out of its own sccord, energy and foresight will bring their reward by^the starting of a battery of 20 stamps in the month of April, and of another battery.of 30 stamps during the following month. Other companies, who shall be nameless, either from a want of funds or a want of energy, are as far off a battery as they were six months ago. The Delagoa Bay railway, if made, would develop the fields more, quickly than anything else. Delagoa Bay is only 130 miles from Barberton. <\ No difficulties exist id the way of constructing the railway, and it is astonishing, that, with a heaty traffic which would almost block it at first wait* ing anxiously for its completion, it is not made at once. ' ,