ined from it was a candid confession
of personal principles on the part of Mr. Kruger himself, who when
the exposure took place stated that he saw no harm in members
receiving presents. Debentures to the amount of L500,000 were issued,
bearing Government guarantee of 4 per cent. The Company received L70
for each L100 debenture. Comment is superfluous. A second issue of a
million was made, nominally at L93 10s., but the Company only
received L86--a commission to the brokers or agents of 8-3/4 per
cent., at a time when the Company's previous issue of 4 per cents.
were standing at L97 in the market. The costs of flotation were
charged at upwards of L32,000; the expenses of one gentleman's
travelling, etc., L6,000.

But these are 'trifles light as air.' This Selati Railway Company,
which being guaranteed by Government is really a Government
liability, arranged with a contractor to build the line at the
maximum cost allowed in the concession, L9,600 per mile. Two days
later this contractor sub-let the contract for L7,002 per mile. As
the distance is 200 miles, the Republic was robbed by a stroke of the
pen of L519,600--one of the biggest 'steals' even in the Transvaal.
During the two years for which Dr. Leyds was responsible as the
representative of the Republic for the management of this affair,
none of these peculiar transactions were detected--at any rate none
were reported or exposed; but on the accession to office of an
ignorant old Boer the nest of swindles appears to have been
discovered without any difficulty. And it is generally admitted that
Dr. Leyds is not a fool. This exposure took place at the end of the
Session of 1894, and, inured as the Uitlanders had become to jobs,
this was an eyeopener even for them, and the startled community
tax-payers--who had to bear the brunt of it all.

[Revenue.]

Turning to the finances of the country, the following tables are as
instructive as anything can be:

REVENUE AND EXPENDITURE OF THE SOUTH AFRICAN REPUBLIC.{10}

Fiscal period. Revenue. Expenditure. Remarks.
L L
Aug. 1, 1871 to July 31, 1872 ... 40,988 ... 35,714
" 1, 1872 " Jan. 31, 1873 ... 43,239 ... 41,813
Feb. 1, 1873 " " 31, 1874 ... 49,318 ... 45,482 Gold discovered
in Lydenburg.
" 1, 1874 " " 31, 1875 ... 58,553 ... 61,785
"