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The extent to which the emerging global economic system was being fed by developments in the southern hemisphere was strikingly evident even before 1914. In 1890, the par value of capital invested in the low-grade Witwatersrand mines stood at Ā£22 million, by 1899 it was up to Ā£75 million, and by 1914 it was Ā£125 million. In 1886, the infant Rand industry produced less than 1 per cent of the world’s gold, by 1898 the figure had sprinted to 27 per cent, and by 1914 a whopping 40 per cent of the world’s supply of the precious metal derived from this astounding, still developing new source.