Por atr, Sindl, for For Port 8 Mr, Shumway. For Hong.
A. Buros and Mr. St. Omand, Mr. Goscuen in his address delivered before the Institute of Bankers in April lust, on the probable results of an ins crease in the purchasing power of gold, drew attention to the great fall there had. occurred in the value of many stnplo articles of consumption, With. vut coming to any definite conclusion as to the effect which the withdrawal of tivo lmudred millions of gold—the amount he computed to have been taken by Germany, the United States and Tinly, and applied "to purposes ~for which ten or fourteen years ago it was not necessary (0 apply it,"—he yet attributes to that movement of gold much of the fall he shows to have taken place in the produce markets at home. We inay say hero that it savins. fo have been made evident by other writers that Mr. Goschen seriously over-estimated this shifting of gold, Instead of two hundred millions it appears that the amount taken by the countries we have named did not exceed £130,000,000 to £140,000,000, A was pointed out in answers which appeared to Mr. Goschen's paper that the prices, those of 1872, which he compared with those of Inst year, were considerably inflated, Lhe termination of the Franco-German war caused xpeeulativo period to set in, in almost all kinds of business, Then, again, for some yenrs past there has been a largo inorense in the capital embarked in all descriptions of commerce, and a consequent diminution in the employment of credit, his always has a direct tendency to diminish profits; and this has, no doubt, been the case in foreign and domestic trade, with the effect of lessening the market prices of common dities, In'the Eastern and the Ameri-
Text read from the printed page and cleaned; old type leaves the occasional error.