of his Honour, executed by the late Mr. Schroeder, South Africa’s one artist.  The picture cost L600.  The affair was a notorious and shameless matter of bribery and the only profit which the country gained 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
" 1, 1875 " " 31, 1876 ... 64,582 ... 69,394
" 1, 1876 " " 31, 1877 ... 62,762 ... 64,505
" 1, 1877 " April 12, 1877 ... 25,752 ... 17,235
April 12, 1877 " Dec. 31, 1877 ... 54,127 ... 70,003
Jan. 1, 1878 " " 31, 1878 ... 76,774 ... 89,063
" 1, 1879 " " 31, 1879 ... 93,409 ... 177,596
" 1, 1880 " " 31, 1880 ... 174,069 ...