The Randlord's Bubble 1894-6: South African Gold Mines and Stock Market Manipulation

Wayne Graham

No _010, Oxford Economic and Social History Working Papers from University of Oxford, Department of Economics

Abstract: The early history of the Transvaal gold mines for long has been linked with imperialism, the Jameson Raid and the Boer War. The gold mine owners actually had no financial interest in war with the Boers since their money was made primarily by stock market manipulation, rather than in efficiently utilising the underlying assets. South African gold mining shares were consistently overvalued relative to their true earning power, both before and after the Jameson Raid. Only the outbreak of the war caused them to slump badly.

Date: 1996-08-01
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