South Africa and the Transvaal war . more so in the future, when all the beneficent proposals contemplatedby the Government, and the local advantages resulting from the neworder of things have had time to come into operation—lessened tothe extent of yielding substantial accretions to the dividends of thealready paying mines, while facilitating the development of thedeeper mines, and the multitude of minor low-grade concernshitherto incapable of profitable working. Estimates have beenadventured in the earlier part of this chapter of the amount of thesaving of working costs to the extent of los.
South Africa and the Transvaal war . more so in the future, when all the beneficent proposals contemplatedby the Government, and the local advantages resulting from the neworder of things have had time to come into operation—lessened tothe extent of yielding substantial accretions to the dividends of thealready paying mines, while facilitating the development of thedeeper mines, and the multitude of minor low-grade concernshitherto incapable of profitable working. Estimates have beenadventured in the earlier part of this chapter of the amount of thesaving of working costs to the extent of los. per ton, but this is apure approximation, and the actual outcome is likely to be twofoldor more. Similarly the yield of gold per year from the Randcentral district of ^J to 40 millions is only a rough estimate,the production in the future, as in the {)ast, being likely to be muchabove the forecasts, taking into view the beneficent circumstanceswhich will henceforth rule, the full appraisement of which is atpresent impossible. 110. Ill South Africa and its Future Altogether, therefore, the outlook is one of undimmed brightness,for the misgivings entertained in some quarters regarding newtaxation burdens to be imposed, calculated to hamper or hinder theprogress of the industry, must be allowed to have no shadow ofsubstance. The pronouncements of the Government hitherto, andthe recommendations of their Transvaal adviser, are clear on thishead. Taxation will naturally have to be borne, and the tax onprofits was accepted in principle by the mining industry before thewar. Its incidence, whatever be the amount, will only reduce to afractional extent that portion of the yield set apart for dividends,which will bear the burden, whatever it be, with the greaterease in view of the accretion of dividends rendered possible by thenew conditions. There are, indeed, grounds for assuming that apart of the agitation on foot is lacking in singleness of aim, andengineered by persons who have so
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