Asriouen we have on several ocensions lately written on niattere affecting the present depression of trade, we make tio oxotise for referring to a paper entitled " Prices and Gold Supply," in the August number of the Contemporary Review. The author is Mr. Malhall, a well-known statiatioian, and his views may be gathered from the quotation from the late Me. Stanley Jevous which be has affixed to his paper:—The common argument, that there will not enough gold to carry on the trade of the world with, does not stand a moment's examination." There was a steady rise in prices, Mr, Mulhall shows, from'1790 to 1810, followed by a rapid fall after 1820, and a gradual decline between 1830 and 1850; then came avothor period of rise, succeeded by a fall to ® lower level than experienced since 1782. Since 1864, when the American war was near its close, the decline has been almost uninterrupted. The groutest rise was wear the end of the American war, and Mr, Malball shows that prices in the United States, men-sured by gold, rose much higher than in Great Britain, From 1861-70 the price level in the United States was 155 and in Great Britain 114—from 1871-80 the figures in the former wore 133 and in the Intter 109, The fall in prices, therefore, ducing the last decade has been much less in England than in the United States, Mr. Malhall says, and goes on to show that the expression "a uniform depression of prices all over the world" is incor-root, as the industries of the world are not affected alike. In Canada the price level ins actually risen, The its all the world over was in 1861-65 over 1841-50.
The stock of gold in the world ated value of between 620 and 650 millie sterling in 1850; the production in 4 the next ten years was 281 millions, an increase of 44 por cent.; and in the next decade 264 millions, bringivgup the present stock (o nearly 1,200 millions, double what we had in 1850. These figures are given in reference to M. Chovalier's assertion of some thirty years ago, that the inflex of gold from Australia and California would throw Earopo into confusion and ruin, by greatly increasing the values of all commodities. Bat Mr. Malhall shows the acton! position of prices in Eng. Jand cide by side with the stock of gold in the world.
Year, Price Level in
Text read from the printed page and cleaned; old type leaves the occasional error.