100 100 44 103 187 110 227 95 239 87
On this he remarks: "Thins the world has two-nu of gold that it had in 1850, and prices are 13 por cout, lower." But it seems to us that a large deduction should be made from the assumed stock of gold for the great sums exported to India and other parts of the Enst which are to all intents as little available to the business of the world as if the metal were, atill ander the earth, For this gold M. Muthall makes no allow. ance in the ' Consumption' besides coin. age. This 'Consumption,' he estimates from attrition, shipwrecks, fires, &e., ab £280,000, or 2 tons, the existing stock being 11,000 tons, annually, to which he does not add the quantity used by jewel-lors, as it goes to swell the unovined reserve of gold;" which seems rather a curious view. Starting with the statement that the Latin Union coined 349 millions sterling of gold between 1795 and 1879, and that in the Intler year 198 of that coinage existed, the ug been coined twice over in 84 years, he shows a similar progress going on in subsequent periods, Thus, between 1850 and 1880 the world coined 1,022 millions of gold, yet in the latter year the stock of gold coin exceeded that of 1850 by only 490 millions, Lhe total produce of the gold mines ut the world sive 1950 was 862 millions, of which only 581 were coined, leaving over 300 millions which may sooner or later be used for coin, In table of the quantities of gold coined and uncoined since 1830, Mr, Mulhall shows that the stock of terrible disasters befall mankind, " we are on the safe and steady march to a lower level of prices, to the great ex-of trade, and the benefit of the The loss in prices is to be met by savings in cost. Ho slows that, whereas in 1860 each Brit each now bears 234 tons, and that the merchant fleets of all nations now carry 692,000 seamen, wheres, in the proportion of 1860, a 1 and hal€ of men would be required, From the lessoning of the number of sailors, and the increase in currying some fifty millions sterling, or four per cent, on the gross value of the commodities, are annually saved, Illustrating. the axiom that what affects prices is the increase or diminution of labour uecessary to produce the commodity, Mr. Maulball says If we compare the products of human industry in 1884 with those of 1860 in ten great branches—namely coal, iron, grain, cotton, sugar, coffee, wine, wool, tea and tobacco—we find the quantities produced give us the index members of 1,000 in 1860, and 1,842 in 1884; that is, arise of 84 percent. But in the same interval the stonmer-power of the world rose from 114 millions to 29 millions horse-power, an increase of 152 por cent, We may therefore say that the labour of two men in 1884 was more productive than that of three in 1860, and this alone would account for o fall of at least 30 per cent. in prices, Probably the fall (which has been only 17 1858—60) would have boon no wars had intervened, years since, he alluded to the opinion of those who thought that the increase of banking facilities enabled the trade of the world to be carried on with less gold. Mr. Mulhall compares the increase in the trade of the world since 1864 with the increase in the use of In millions 1864. 1834, Tucrease, cheques 642 millions, or 12 times as much as trade, The following table shows the amount of gold used in the principal commercial countries, compared with the volume of their trade.
Million Coin Ratio, 18 por cout, 18 po It is often urged that the recent and present low prices are due to a scarcity of gold either existing or imminent. Regarding this view our author says At present the world seems to have more gold money than it knows what to do with. In the Daily News of June 17 of the current year the following statement occurs "To is remarkable that excessive stores of gold are lying in the reserve banks of the Continent and America as well az here, Nowhere does there appear to bea currency demand for gold. Again and again we are told that the low prices in wholesale markets are due to scarcity in the world's supply of gold. Where is the scarcity THE ST, LEGER.—Sept. 16¢h, A HUNDRED and nine years ago a aweopstakes for three-year olds wns ran on Cuutley Common near Doncaster, Thera were six nomiuntious, five of whom started, and the race, a one two-mile heat, was won by Lord Rockivgham's Allabaculia Two years afterwards the sweepstakes was named the St, Leger, u honour of the gentleman who was father of th only woman whose brotherhood the Freemasons acknowledge, At the same time horace was trausfetrea to the Town Moor of Doncaster, where has ever since been annually row, Che St. Loger soon became the race of ragpr, in the eyes of Yorkshiremen ay? all sporting north-country peerie, those days travelling wes slow and expensive, and there wore thousands of lovers of racing who could by some menus or other find their way to. Doncaster, but who never dreamt of going to Epsomi or Newmarket. The. great Yorkshire county families filled their flouses for the St. Leger neo with their friends from other parte of England, and vied with end: other in the parade with which they visited the course on the day of the great race. My Lord Fitzwilliam and his each in a carriage drawn by six bay horses ornamented with yellow rosettes, with twenty outriders, an escorted by.a Lundred or more of their tonants all well mounted, and having in their company a train of ladies and gentlemen, formed one of maw some~
Text read from the printed page and cleaned; old type leaves the occasional error.