Just before the Californian discoveries--namely, in 1849, the world's annual output of gold was only about £6,000,000. Then came the American and Australian booms, raising the quantity produced in 1853 to the value of £30,000,000. After 1853 there was a gradual decline to less than £20,000,000 in 1883. This was the lowest period, and then the De Kaap and other discoveries in Africa began to raise the total slowly again. Between 1883 and 1887 the El Callao mine in South America and the Mount Morgan in Australia helped greatly to enlarge the output, and then in 1807 the 'Randt' began to yield of its riches. The following are the estimates of a mining-expert of the world's gold production during 1890, £23,700,000; 1891, £26,130,000; 1892, £29,260,000; 1893, £31,110,000; 1894, £36,000,000; 1895, £40,000,000. As to the future of the South African sources of supply, it is estimated by Messrs Hatch and Chalmers, mining engineers, who have published an exhaustive work on the subject, that before the end of the present century the Witwatersrandt mines alone will be yielding gold to the value of £20,000,000 annually; that early next century they will turn out £26,000,000 annually; and that the known resources of the district are equal to a total production within the next half century of £700,000,000, of which, probably, £200,000,000 will be clear profit over the cost of mining. These estimates are considered excessive by some authorities; nevertheless it is to be remembered that the productivity of deep level mining has not yet been properly tested, that even the Transvaal itself has not yet been thoroughly exploited, and that there is every reason to believe that Matabeleland and Mashonaland are also rich in gold. But we have not to look to Africa alone. In Australia, besides the regular sources of supply which are being industriously developed, new deposits are being opened up in Western Australia at such a rate that some people predict that the 'Cinderella of the Colonies' will soon become the richest, or one of the richest, members of the family. The following shows the contributions towards the world's gold supply on the basis of 1894: United States £7,950,000 Australasia 8,352,000 South Africa 8,054,000 British Columbia and South America 2,000,000 Russia 4,827,000 Other Countries 4,807,000 ----------- £35,990,000 JOHANNESBURG--THE GOLDEN.