Encountering a gentleman whom I knew in Sydney, Australia, and who is now on the Stock Exchange here, I inquired of him what he thought of the condition of things. He said: "Mostly everything is at a standstill, I think. To-day stocks and real estate are a trifle firmer, but I cannot conceive any reason for it. There is nothing within my knowledge to justify confidence. Old Kruger is relentless and implacable. He will never yield, whatever people may say. And unless the reforms are granted, so that the mines can be worked at a profit, Johannesburg must decline, and things will become as bad for the State as for ourselves. The old man positively hates us, and would be glad to see the town abandoned. On the strength of the Industrial Commission report, many of us bought largely, but when we found that there was a majority against us, we sold out in such a haste that for a while it looked like a panic. The majority in the Raad had been bought out by the Dynamite Company, and, of course, we were helpless. You people at home have no idea of the corruption of our Government. Kruger appears not to know that when he calls the Dynamite Company a corner-stone of the State, he is giving himself away. We know that the Company and its twin brother, the Netherlands Railway Company, support the twenty-four members of the Raad, and as they, with Kruger, are the State, those companies may well be called corner-stones." AND ANOTHER'S. At the club I met a gentleman whose moderate way of expressing himself made me regard him as being inclined to be impartial, and when urged to give his views, he said that "undoubtedly there were great grievances which every well-wisher of the State would desire to see removed. The administration was so corrupt that it was difficult to get a Boer official to attend to any business, unless his palm was oiled beforehand. The officials had got into the habit of excusing themselves from doing their duties because they were overwhelmed with work, or that they had no time. It is a way they have of hinting that unless it is made worth their while, they will not put themselves out to do what they are paid to do by Government. Many companies understand this so well that they set apart a fund from the profits to meet this necessity. You know, perhaps, that the Dynamite Concession is one of the most corrupt things in the State. One member of the Raad gets five shillings a case, and the Government pocket ten shillings for every case of dynamite sold in the Republic. When we know that forty-seven shillings would be a sufficient price for a case of dynamite, to invoice a case at forty shillings higher shows that some people must have grand pickings. Were the mines in full operation they would consume about 250,000 cases, and this extortion of 2 pounds a case means 500,000 blackmail on the mining industry. Then the railway administration is just as bad. The tariff is abnormally heavy.