Rightly to understand the problem before the little Transvaal Republic to-day, it is necessary for Englishmen to imagine not merely that, within the space of ten or twelve years, forty millions of Russians, Frenchmen and Germans should enter England, not in driblets and in time extending over half a century, so that they might, in a measure, be absorbed and digested into the original population, but instantaneously and at once; not merely, that the large bulk of them did not intend to remain in England, and were there merely to extract wealth; not merely, that the bulk of this wealth was exported at once to other countries enriching Russia, France and Germany out of the products of English soil; that would be comparatively a small matter--but, that the bulk of the wealth extracted was in the hands of a few persons, and that these persons were opposed to the continued freedom and independence of England, and were attempting by the use of the wealth they extracted from England to stir up Russia and France against her, that through the loss of her freedom they might the better obtain the command of her wealth and lands. When the Englishman has vividly drawn this future for himself, he will hold, as nearly as is possible, in a nutshell an image of the problem which the people and government of the Transvaal Republic are called on to face to-day; and we put it straightly to him whether this problem is not one of INFINITE COMPLEXITY AND DIFFICULTY? Much unfortunate misunderstanding has arisen from the simple use of the terms “capitalist” and “monopolist” in the discussion of South African matters. Without the appending of explanation, they convey a false impression. These terms, so familiar to the students of social phenomena in Europe and America, are generally used in connection with a larger, but a quite distinct body of problems. The terms “capitalism,” “monopolist,” and “millionaire” are now generally associated with the question of the forming of “trusts,” “corners,” etc., and the question whether it is desirable that society should so organize itself that one man may easily obtain possession of twenty millions, while the bulk of equally intelligent and equally laborious men obtain little or nothing from the labor of humanity. This question is a world-wide question; it is not one in any sense peculiarly South African; it is a world-wide problem, which, as the result of much thought, careful consideration and many experiments, the nations of the civilized world will be called to adjudicate upon during the twentieth century; but it is not the question with which South Africa stands face to face at this moment. The question before us is not: Shall one South African possess twenty millions, live in his palace, live on champagne, have his yacht in Table Bay, and deck women with a hundred thousand pounds’ worth of jewels, while the South African next door has nothing? This is not our question. Our problem is not the problem of America.