Tae amount of gold annually produced has an increasing interest for States and their inhabitants, especially those who are in commerce or dealing in money. One school of financial economists hold that there is too little gold in circulation or reserve for the wants of the world, and that this deficiency helped to bring about and made more acute the depression in trade from which we have emerged. The opposite opinion is stoutly held by those who desire to maintain the single standard. So far as we know the arguments of both these schools have failed to make converts from their adversaries. But it is of the utmost importance that there should be at least a sufficiency of gold, so that trade may not be injured or hampered. As far as the present year is concerned it was lately estimated by the Economist that the production of gold will be 203 to 21 millions or "fully the figure, £20,720,000, reached in 1885 or beyond it." The United States have been producing more, so also have the Australian Colonies, where the mines have been turning out more of the metal than for several years past. It is the same in New Zealand and Canada, and the mines in Southern India will it is expected give £130,000, or say £70,000 more than last year. The amount obtained and to be received from South Africa shews a most desirable increase, being estimated at not far short of a million sterling or about £750,000 more than in 1887. Then, too the Welsh wines will it is thought give close on £40,000, and as no doubt most of the gold which comes from Corea finds its way to London without much delay, the computations of our contemporary are likely to be fulfilled. But notwithstanding the moderate increase in the supply of old, rates of discount have been igher in London this autumn than they have been for sume years, owing to the heavy withdrawals of gold for Russia and the Argentine Republic. There has, however, been a notable difference between the Bank's rate and that at which good private 3 months' paper could be discounted in the open market. he Bank has for some three months been guarding its gold by maintaining a higher rate than ruled outside, where the supply of money was plentiful in the middle of October, and has, judging from the quotations which have been telegraphed out, been well supplied since then.
As it is hoped that South Africa will soon considerably augment the supplies of the world, a good deal of interest has been shown at home in report on the Barberton and Kaap fields which was lately published by the Colonial Office. It is from the British Agent in the South African Republic, and describes the reefs in the Kaap! district as being of very varied quality, high grade and low grade ore lying close together. He is of opinion that mining will never pay there unless the cost of working low ere is very much reduced, but ifthatcan be donetheprospects ofthe field would begood. Thereis a want of water at some places. One place where the supply of the fluid is insufficient for washing purposes has been facetiously or ironically called the Waterfall Diggings. The district also requires railway communication, but he Agent fears that instead of the extension of the present line whi: l. is contemplated runmi: g through the district it will either pass to the North o: the Southof it, Still, in the face of all the ciftculties whichminershevel-ed to est, ths Agent does not despair of the @ransvaal, when properly developed, taking "its place among the greatest gold bearing districts of the world." Kaap is a vast circular. basin 30 miles in diameter, hemmed in on all sides by rugged mountains, jutting cut in great capes which have given the valley its name. "Tt looks as if it were a huge embossed map so curiously formed as to look artificial rather than real." It was formerly known to the Boers as the Valley of the Shadow of Death, all who descended into it with their cattle for grazing purpose being struck with fever. Even now the lower parts of it are unhealthy, but its deadly qualities no longer exist.
Russia has lately played so considerable a part in the money and silver markets in London that in order to give our readers a view-of her financial position we reprint to-day a translation of an article from the St. Petersburg /erald, which was considered of such importance that it was issued in the Board of Trade Journal. Yhe vise in the value of the rouble continued up to last advices; the Russian Budget is the most favourable that has been seen for many years past, and Russian export trade has been extraordinarily prosperous. There seems to be confidence felt at home that a new loan will be floated next year, and as the credit rouble has so greatly advanced in value it is only natural that the means of puuing the national currency on a better footing should be discussed. Until the decision of England as to the monetary standard is known, it is not likely that Russia will make any change in' her standard, but it is significant that the substitution of a gold for a silver basis should be discussed.
Text read from the printed page and cleaned; old type leaves the occasional error.