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

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  • Wayne Graham

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.

Suggested Citation

  • Wayne Graham, 1996. "The Randlord's Bubble 1894-6: South African Gold Mines and Stock Market Manipulation," Oxford Economic and Social History Working Papers _010, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:esohwp:_010
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    File URL: https://www.nuff.ox.ac.uk/economics/history/
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    1. Shleifer, Andrei & Summers, Lawrence H, 1990. "The Noise Trader Approach to Finance," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 19-33, Spring.
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    Cited by:

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    2. Alasdair  Crockett, 2000. "Variations in Churchgoing Rates in England in 1851: Supply-side Deficiency or Demand-led Decline?," Oxford Economic and Social History Working Papers _036, University of Oxford, Department of Economics.
    3. Paul A. David & Gavin Wright, "undated". "General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution," Working Papers 99026, Stanford University, Department of Economics.
    4. Jane Humphries & Tim Leunig, 2007. "Cities, Market Integration and Going to Sea: Stunting and the Standard of Living in Early Nineteenth-Century England and Wales," Oxford Economic and Social History Working Papers _066, University of Oxford, Department of Economics.
    5. Jacob Weisdorf & Paul Sharp, 2009. "From preventive to permissive checks: the changing nature of the Malthusian relationship between nuptiality and the price of provisions in the nineteenth century," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 3(1), pages 55-70, January.
    6. Liam Brunt, 2000. "Where theres Muck theres Brass The Market for Manure in the Industrial Revolution," Oxford Economic and Social History Working Papers _035, University of Oxford, Department of Economics.
    7. Daudin, Guillaume, 2010. "Domestic Trade and Market Size in Late-Eighteenth-Century France," The Journal of Economic History, Cambridge University Press, vol. 70(3), pages 716-743, September.
    8. Liam Brunt, 1999. "An Arbitrage Model in Crop Rotation in 18th Century England," Oxford Economic and Social History Working Papers _032, University of Oxford, Department of Economics.
    9. Federico Varese & Meir Yaish, 1998. "Altruism:The Importance of Being Asked. The Rescue of Jews in Nazi Europe," Oxford Economic and Social History Working Papers _024, University of Oxford, Department of Economics.

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