I:^. ^M. US mj s^-- ■x ^ ■i^' ■■ k:-^. B^DIAA' afartteU Hmngraitg Hibtarg FROM THE BENNO LOEWY LIBRARY COLLECTED BY BENNO LOEWY 1854-1919 BEQUEATHED TO CORNELL UNlVERSrTY OCTl 1980 .utiil DU£ JU'M-fsefr^HL Cornell University Library HG259 .R31 Illustrated hand book of information on olin 3 1924 030 184 596 «5I ILLUSTRATED- Hand Book of Information ON 0tteg Currmtg & "^xmm Petals; AoHETARY Systems op the fRmciPAL Countries of the World. Hall-Aarks and Date-Letters FROM 1509 TO 1920 On ecclesiastical and DOMESTIC PLATE; Stocks of Money in the World; Wealth of Nations, and Fer Capita ; And other Useful and Interesting Information in connection with the BANKS, the AINTS, and the ASSAY OFFICES of ENGLAND, IRELAND and SCOTLAND. WILLIAA REDAAN, F.R.Q.5., author op "the jeweller's guide and handy reference book,! "hall-harks on silver plate and jewellery," etc. PRICE, 2/-; BOUND IN CLOTH, 3/6. W, Redman, Thirkill Terrace, West Bowling, Bradford. entered at stationers' hall.] [all rights reserved 11 fi h 5^^~\^^ IVORY TANKARD, SILVER GILT (ITALIAN), BELONOiNa TO Richard Wilson, Esq Cost £220.— See page 167. The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924030184596 Contents. A Brief History of Money 13 A few Ancient Pieces of valuable Silver 1G4 American Gold Coins freely exported 78 Amount of Coin in circulation compared with Paper Money 17 Amount of Gold and Silver Wares assayed at Birmingham, 1883 and 1898 2 Ancient Weights 207 Annual Amount of the Coinage at the Eoyal Mint, 1884 to 1898 69 Annual Coinage of Gold and Silver of the World, 1873 to 1898 72 Annual Production of Gold and Silver in the World, 1873 to 1898 51 An Unpleasant Surprise for Bimetallists 46 Assay Offices which are now closed ... ... ..155 A Summary of the Value of the Imports and Exports of Gold and Silver Coin and Bullion for a series of years ... 76 Average Price of Gold per ounce, 1870 to 1898 ... ... 78 A Visit to the Bank of England 200 B Bank Deposits ... Bankers' Licences Banking Power of the World . . Bank Issues Bank of England, Short Account of Bank Notes in Circulation Bloody Wars for Gold ... Birmingham Assay Office Bradford City Church Communion Plate Branches of the Bank of England (11) British Banks which have more than 100 branches . . , British Coins, description of ... British Coins, with their worth in weight of pure gold British India Monetary System (lately adopted the Gold Standard) ... Bullion Dealers' Prices of all Gold 31 34 34 •i9 26 30 53 149 170 32 32 22 25 91 148 C Charges for Assaying and Marking Gold and Silver Wares at the authorised Assay Offices ... ... ... ... 137 Chester Assay Office 151 Coinage Act of 1870 66 Coinage at the United States Mints, 1792 to 1898 82 iv. Contents. Ooinage of Foreign Countries for three years... ... ••• ''^ Coinage Laws of the Latin Union ... •■ ••• ■■■ ^^" Coinage Value of Gold and Silver in the various Reigns, 1558 to 1815 67 •Commercial Eatio of Silver to Gold, 1257 to 1898 80 Comparisons of Metals ... ... ■■ ••• ■^^l Consolidated Fund, Advances and Eepayments ... ... (>5 Counterfeit Antique Silver Plate _ 1^" Countries whose large Silver Coins are equal in size, &c. ... 64 D Date Letter 133 Date Letters, full list of, with Shields, including all the Halls 1 79 Diamond Jubilee Medals ... ... ... ••■ ••■ „ Description of the Hall Marks... ... ... ••• ••■ lo9 Dublin Assay Office ... ... ... ... •-• ••• ^^^ Duty Mark 133 E Ecclesiastical Plate ... ... 170 Edinburgh Assay Office ... ... ... •■■ ••• 152 Estimated Wealth of the Principal Countries of the World ... 35 Exeter Assay Office ... .. ... •.■ 155 F Pine Gold ]37 Foreign Exchange ... ... ... ... ... .•• 32 G General Information, or Odd Bits ... ... ... ••• 146 Glasgow Assay Office ... ... ... ... •■■ 153 Gold and Silver Coinage of Six of the Principal Countries, 1898 75 Gold and Silver Produced in the Utiited Kingdom, 1880 to 1897 52 Gold Found 6,000 years ago 7 Gold Points in the Foreign Exchanges ... ... ... S3 Gold Standard and price per ounce ... ... ... -■■ 2i)B Gold, Silver, and Bronze Coins in circulation in the United Kingdom ... - . ... ... ... ... ... 12 Gold Supply, Present Outlook 121 Gold in Sea Water 157 Good Services Rendered by Bankers ... ... ... ... 38 H Hall Marking and Assaying at Chester Assay Office ... 141 Hall Marks (illustrated) 158 Highest and Lowest Prices of Silver during this Century ... 79 Hints to Investors in Gold Mines ... ... ... ..- 6 Historical Events connected with the Mints and Assay Offices 122 How and Where Gold and Silver are Produced ... ... 40 How Silver Coins are got into Circulation ... ... ... 87 How the Directors of the Bank of England are Elected ... 28 Contents. v. How to Find the Year in which any Hall-marked Article was ■ Made 136 How to Make a Safe Investment 54 How to Pass the Institute of Bankers' Examination ... 86 I Imperial Weights, with Metric Equivalents 207 Institute of Bankers 36 Introduction ... ... ... ... ... ... ... 7 Investments and Income of the United Kingdom 34 Ivory Tankard, silver gilt mount . . . Frontispiece. K Kings and Queen . of En^lanJ, from 1422 to the present time L Large Gold Nuggets 42 Latin Union Convention, 1897 10 Laws and Standards of Foreign Countries relating to Gold and Silver ... ... ... ... ... ... 145 Leeds Parish Church Communion Plate 173 Licences for Plate ... ... ... ... ... ., liilj Light Gold Coins Withdrawn from Circulation ... ... 09 List of Books on Currency, &c. ... ... ... ... 4 List of Gold Coins of the World 56 .List of Silver Coins of the World ... ... ... .. 59 London Goldsmiths' Hall 148 Lord Liverpool and. others on Money .. . ... ... ... 16 M Manufacturers' Mark ... .. ... ... ... ... 132 Marks on Foreign Watch Cases (illustrated) .. . ... ... 144 Melting Foreign Gold Coins ... . . ... ... . . . cS4 Miscellaneous Eeturns Eelating to the Silver Currency ... 79 Monetary Systems of Forty-three of the Principal Countries of the World 89 Monetary Systems, Stocks of Money in the aggregate and per head of Thirty-seven Leading Countries of the World 80 N ISTewcastle-on-Tyne Assay Office ... ... .. ... 155 Norman's Opinion on a Scientific Monetary Standard ... 15 Number of Banks in the United Kingdom ... ... ... 31 Number of Coins Issued at the British Mint, 1884 to 1898 ... 71 P Preface ... ... ... , . ... ... ... • ■ • 1 Price of Pure Gold, per ounce, pound, and ton ... ... 204 Price of Pure Gold, per cubic inch, foot, and yard 204 Production and Coinage of Gold in the World, 1886 to 1898 11 Production of Gold for 1899 157 .Public Eight to Deposit Gold at the Eoyal Mint for Coinage 99 vi. Contents. E Eare and Choice Old Silver Elate (illustrated) ... ... 166 Ee-coinage of the World, 1896 to 1897 75 Eedman's Chart of Hall Marks (illustrated) ... ... ... 178 Eelative Weight of Different Standards of Gold and Silver ... 208 S Salaries of the Governor and Directors of the Bank of England 29 Scripture Weights and Moneys 205 SheflSeld Assay Office 150 Silver Coins of the Principal Countries of the World ... 59 Some Choice 18th century Silver Plate (illustrated)... ... 168 Sir John Herschel's Great Eeforms at the Eoyal Mint ... 18 Sir Wm. Petty and Mr. Harris on Money ... .., ... 14 Situation of the Principal Banks of Issue, June, 1898 ... 88 Streeter's Book on Stones and Gems, Opinion of ... ... 208 Summary of Monetary Events since 1786 115 Swiss Hall Marks (illustrated) 157 T Table showing the Depreciation of Gold and Silver Coinage 8S The Coinage of Silver in the Principal Countries of the World, 1851 to 1898 84 The Crown Standard Mark for 18 and 22 carat Gold ... 135 The Division of Standard Coins ... . ... ... 85 The Duty of Guardians and Wardens at Assay Offices ... 147 The Estimated Value of all the Metallic Money in the World 84 The Geography of Gold 52 The Gold Standard 132 The Hall Mark I'S? The Issue of £1,000 Bank Notes, number of 81 The Law of Hall Marking 160 The Law of Supply and Demand ... ... ... ... 5 The Leopard's Head, London Goldsmiths' Hall Mark ... 185 The Lion Passant, standard mark for silver, -925 fine ... 134 The Process of Minting Coins .. . ... ... ... ... 17 The Earity of Gold Plate 202 The Silver Standard 132 The Value of Gold Produced in the Principal Gold-yielding Countries of the World, 1887 to 1898 47 The World's Industrial Consumption of Gold and Silver, 1897 131 The World's Production of Gold from 1498 to 1898 44 The World's Production of Silver from 1498 to 1898 ... 49 Total Coinage of the World, 1873 to 1898 73 Total Fixed Issues in the Banks of the United Kingdom ... 32 Total Gold and Silver Coinage of Six of the Leading Nations of the World, 1873 to 1898 75 Total Gold and Silver Coinage of the United States, France, and England, 1817 to 1898 75 Total Value of Gold Coinage at the Eoyal Mints, 1817 to 1898 68 Treatise on Hall Marks 122 Troy Weight, with Decimal Equivalents 206 Two Model Working Gold Mines, particulars of 202 Contents. vii. U Unlicensed Watch Olubs 161 V Value of all the Metallic Money in the World ... 84 Value of Gold Produced from each Country, 1894 to 1898 ... 48 Value or Stock of Gold and Silver Coins in France, 1897 ... 81 Variation in Weight of Sovereigns 70 Visible Stocks of the Precious Metals possessed by each Country, June, 1897 8 W Wealth of Six of the Principal Nations, 1898 35 Weight and Coining Value of Silver Produced in the World, 1493 to 1897 50 Weight and Fineness of each New Coin Issued at the Royal Mint 66 Weight and Size of all the Gold Coins in the World if melted into one block ... ... ... ... ... 84 Weight and Value of Gold Coin and Bullion Imported into the United Kingdom in 1894-5 77 Weight of One Million Sovereigns ... ... ... ... 204 Weight of Precious Metals Assayed and Marked in the United Kingdom, 1893 to 1898 , 131 Weight of Pure Gold per cubic inch, foot, and yard ... ... 204 Weight, Number, and Value of the Gold Coins Issued at the Eoyal Mint, 1884 to 1898 ... 70 What is Money? 14 Who Gives Orders for the Coining of Money ? ... ... yw York Assay Office ... 156 ILLUSTEATIONS. Plate 1 ... ... ... ... ... ... Frontispiece. Plates 2, 3, and 4, Mr. Richard Wilson's Silver Plate (twenty- iive pieces). Plates 5, 6, 7, and 8, Mr. Charles R. Chorley's Silver Plate (sixty pieces) . Plate 9, Leeds Parish Church Silver Flagons (six pieces). Plate 10, Leeds Parish Church Silver Chalices (ten pieces). Plate 11, Leeds Parish Church Silver Patens (fourteen pieces). Plate 12, Bradford Parish Church Silver Plate (eight pieces). Diamond Jubilee Medals ... ... ... (five pieces). Coining Press (for working of which see Page 20). Swiss Hall Marks 157 Marks on Foreign-made Watch Cases .. . ... ... ... 144 A Full List of all the British Hall Marks (forty-two) ... 168 A Jacobean Goblet ... ... ... . .. ... ... 163 Redman's Chart of British Hall Marks 178 Errata. Page v., line lo, for "King" "Queen," read "Kings" "Queens." I, „ 34, for "on" read "of." 6, „ 2, for "Amatuer" read "Alnateur." ,, 6, ,, i8, for "must" read "should." II, ,, 5, add " we." II, ,, 17, for " have been " read "were." II, ,, 30, for "is" read "are." ,, II, ,, 33, transpose "should." II, ,, 34, for "That" read "This." 13, ,, 5, add "period." 13, ,, 29, add "money." 14, ,, 13, add " out." 16, ,, 19, for "have" read "has." 16, „ 26, for "Javons" read "Jevons," i8, ,, 38, for "500" read "450." 19, ,, 15, for "dray" read "drag." I9> 11 35i fo"^ "700" read "300." 20, ,, I, for "that" read "such," 20, ,, 27, for "120" read " no." 21, ,, 8, delete "s" after "Tower." 21, ,, g, for "two" read "three." ,, 21, „ 10, for "thirty" read "twenty." 26, ,, 31, delete "a made" read " made a." ,, 28, ,, 38, for "is" read "are." 29, ,, 19, for "whom" read "these." 31, ,, 37, for " nett " read "net." ,, 34, ,, 6, for "Licenses" read "Licences." 38, ,, 20, for "are" read "is.' ,, 38, ,, 21, for "have" read "has." ,, 46. This page was written in July, 1899. ,, 66. The remedy allowance for the half-sovereign and the silver coins has been altered a little. See " Mint Report for 1891 " ,, 71. In 1888, 12,000 fourpences were made for British Guiana. ,, 81, line 13, for "Folville" read " Foville." ,, 81, ,, 14, for "economical" read "economic." ,, 85, „ 12, for "as" read "to." ,, 108. Note. — The words " Counsel " and " ruble " are correctly printed as given in the " U.S. Mint Report." Pages 123, 124, 125 and 127, for "Stirling" read "sterling." Page 137, line 26, for "shall be" read "is" ,, 138. The table of charges for assaying and marking plate on this page is now incorrect ; a corrected list of charges may be had by applying at the Hall. ,, 140, line 9, for "dirt" read "diet." ,, 141, line 21, for '' assor " read "assoc." ,, 143. Delete the last 13 lines. A new method of parting gold assays has lately been introduced ; a. platinum apparatus is now used instead of glass tubes. 149, line 1, for "General Information" read "London and Bir- mingham." 149. Delete the paragraph "Time of Attendance." A new and corrected list may be had by applying at the Goldsmiths' Hall. 150, line 26, for "Sunday" read "Saturday." 154, ,, 28, for "universal" read "unusual." 157. Delete the three bottom lines, and read, " the world's production of gold for 1899 is now stated to be about five millions sterling more than 1898. 170, line 4, for "wilks" read "weeks." 2or, ,, I, for "100" read "50." 201, 201, 201, 201, 202, 3, add " which are.' 8, for " to " read " of." 9, for "are" read "were." 35, for " ;f 2,000 " read " ;f 1,000.' 6, delete " double." The Author heartily thanks Mr. Garstin for the following article on Dublin Hall-Marks, and is sorry it has come to hand too late to be put in its proper place DU5LIN HALL-AaRKS. -Vn/e by John Riblon Garstin, F.S.A,, V.P,, R.I.A., &R.S A,, Braganstown, Castlebellingham. — Great uncertainty exists as to many of the Irish Date- letters, which have not yet been thoroughly investigated. Some of the Cycles in the early editions of ■' Chaffers," having been constructed on the supposition that the alphabets were uninterrupted, have been very misleading. Even in the fourth edition, 1872, there is not a single correct Date-letter in the 100 years from 1646 to 1745. Mr. Cripps made good progress in recovering their value, but dated examples before 1690 are so few that this is difficult, even the letters used between 1678 and 1721 have yet to be definitely fixed. They appear to be mainly Old English, the earlier ones being in straight-topped shields and the later ones in shields with engrailed tops. The series was probably interrupted about 1688-90 during the war, and some of the letters appear to have done duty for more than one year. William III. brought some very skilled Dutch silversmiths to Dublin. The beginning of a Court-hand alphabet appears about 1718-20, but only the ^j |v ^ ^ ^^^ found. From 1721 the alphabets proceed with tolerable 'w- 8J v< fc? regularity (omitting J. but retaining U and V) but with such uniformity of type that it is difficult to distinguish between some of the Cycles. Mr. Waterhouse published a table of Date-letters from 1638, and Mr. Johnson one from 1721. I am engaged in endeavouring to complete the early Cycles and have collected notes of a vast number of dated examples. The records of the Goldsmiths' Company are very imperfect, but I have transcribed Apprenticements, 1632-47 ; Plate- makers from (The Charter) 1638-49 and from 1693-99: the Book of Freemen, 1637-1779 ; and the Register of Manufacturer,s' Punches, 1784-1876. With the aid of these I am able to identify most of the makers marks. The modern punches are struck on copper plates, which are kept at the Assay Office at the Custom House, Dublin. Little is known about New Geneva, and its productions are rare. Cork never had a hall or assay master or date-letter, but it had a company of Goldsmiths and manufactured largely, and Mr. Cecil Woods has published a list of Cork goldsmiths, 1601-1850, in the Journal of the R. S.A.I, for 1895. The Dublin Shields for 1846 to 1871 (omitted on page 195) differed in shape, but the alphabet was mainly in small Roman. Note. — It may interest many of our readers to know that there is now appearing in the columns of The Jeweller and Metal Worker an account of " English Silversmiths and their Marks," by Reginald Foster. Part I. commenced January ist, 1900, published by E. G. Allen, 24, Clerkenwell Road, E.G. PREFACE. The success of our previous publications consisting of ten thousand copies, pertaining to the assaying, and marking of gold and silver, and the industrial consumption of the precious metals, together with the growing interest now taken in the currency question, and the wonderful discovery of gold, has induced us to issue this handbook. We have endeavoured to embrace in a compact form everything that is useful and interesting relating in any way to the production and distribution of the precious metals. We have also included some interesting particulars about banks and foreign exchanges. As the ultimate purpose is to make our readers acquainted with the elementary facts and principles, a knowledge of which is essential to the proper understanding of monetary and currency matters, we have tried to give such information in as simple a form as possible. We have no pretensions to great originality, our object has been to put what has taken years to collect and comprehend into such form that it may be seen at a glance and easily understood by those less acquainted with the subject. The arrangement of the work we have found a somewhat difficult task, and we fear it is more or less disjointed. The account here given of the " Monetary Systems of the Principal Countries of the World " has been taken (by permission) from the United States Mint Eeport for 1898, as have also most of the tables and matter relating to the production of gold and silver. Several other tables have also been taken from the same book, and the dollars converted into pounds sterling at the rate of 5 dollars to £1. The rest of the tables relating to the coining and re-coining of money have been taken, almost exclusively, from the Eoyal Mint Eeports. With reference to the industrial consumption of gold and silver, and the hall-marks on domestic plate and jewellery, we have given a more detailed account, this being information with which we are very familiar, and having issued several editions before on this part of the work, we can with confidence recommend it, believing it to be by far the best information that can be had at, such a low price and in so small a compass. Hall-marking was established for the use and benefit of the general public, as a guarantee of the genuineness of the article so marked. The mints and assay offices being for hundreds of years closely associated with each other, a hand-book of this 2 Preface. kind would be incomplete that did not include an account of both the branches. We hope the time will never come in this country when compulsory hall-marking will be done away with. (At the same time manufacturers ought to receive some consideration, with respect to orders received from other countries, in order that they may be able to comply with the requirements of the case.) No ordinary purchaser, and few dealers, could now protect themselves from fraud, but for the aid of the authorised hall-marks. To abolish these marks would cause an endless amount of trouble and inconvenience, therefore we would strongly recommend the continued maintenance of the authorised incorporated establishments. In the preface of our first issue in 1883, it was stated that the question of hall-marking would be more appreciated tho better it was understood, because people are better satisfied, and will buy more freely when they have confidence that what they are purchasing is a real genuine article. It was also stated that hall-marked goods would become more and more in demand. As a proof of the correctness of this forecast, we give the olfioial statement from the mint reports of the amount of work done at Birmingham assay office alone for 1883 and 1898. 1888 Gold wares assayed and marked 91,063 Ounces 1898 „ „ „ .3,y.%741 „ 1888 Silver wares assayed and marked 8.51,957 ,, 1898 „ „ „ 2,.5.80,01'J „ This is a remarkable increase, and is still continuing. The ever increasing production of the precious metals, combined with the decreasing price of silver, has also had something tf> do with causing such a large industrial consumption of gold and silver. It is pleasing to find in the annual mint reports, that tho work carried on at Birmingham, Sheffield, and Chester Assay Offices is in each case, year after year, perfectly satisfactory and accurate. It is very desirable that the laws in future should be so framed that marks on inferior goods may not in any way resemble the hall-marks. The assay masters and officials connected with the several halls, deserve the thanks and support of the trade and public for the trouble and expense they often put themselves to in Preface, 3 proBecuting evil doers who try to palm off on the public goods made from base and spurious metals. The date-letters have been reconstructed and put in vertical columns, and the alphabets continued as far as possible into the next century. At Birmingham Assay Offices a new cycle of date-letters will be commenced in July, 1900. From the beginning to the end of this book we have confined our remarks, as far as possible, to statements of facts, and to the inferences that seem fairly deducible therefrom. While we have endeavoured to give the tables and other statements as near correct as possible, we caution our readers to avoid the error of coming to the conclusion that all statistics of this kind are ascertained facts, for in many cases they are only approximate results. The illustrations of the Diamond Jubilee Medals which appear between Pages 8 and 9 have been taken from the Twenty-eighth Annual Eeport of the Deputy Master of the Mint, 1898, by the consent of the Controller of Her Majesty's Stationery Office. In another part of this work we have given a list of books and papers from which we have derived valuable information and copied a few quotations. We also take this opportunity of expressing our thanks to the authors and publishers of these works, and to the assay masters and officials of the Eoyal Mint, and others who have rendered us any assistance in connection with this issue, WILLIAM REDMAN. 20, Thirkill Terrace, West Bowling, Bradford, February, 1900. 4 List of Books on Currency, Money and Precious Metals, &c., &c. During the last five years we have received much valuable intormation from the following works, and take this opportunity of recommending the same to our readers. We may say that the present work would have been simply impossible, so far as the former part of it is concerned, which relates to the precious metals, but for the excellent Reports issued by the Director of the United States Mint. " History of Monetary Systems," by A. Del-Mar. E. Wilson, Royal Exchange. "Coin of the Realm ; What is it ? " by E. C. Sharland. Waterlow & Sons, London Wall. " The Theory of Credit," 2 vols., by H. D. Maci.eod. Longmans, Green & Co. " The Theory and Practice of Banking," by H. D. Macleod. Longmans, Green & Co. " Bimetalism," by H. D. Macleod. Longmans, Green & Co. " World's Exchanges of Standard Metals," by J. H. Norman. S. Low, Marston & Co. " Universal Cambist," by J. H. Norman. E. Wilson, Royal Exchange. " Money," by W. Stanley Jevons, K. Paul, Trench & Co., Ltd. " Indian Currency," and other Blue Books on Money, &c. P. S. King & Son, Orchard Plouse, Westminster. " Investigations in Currency and Finajice," by W. S. Jevons. Macmillan & Co. " The Gold Standard," 1898, by Lord Farrer and others. Cassell & Co., Ltd. " The History of Currency," 1252 to 1894, by W. A. Shaw. C. Wilson, 29, Paternoster Row. " The Natural Law of Money," by W. Brough. G. P. Putnam's Sons. " United States Mint Reports," by the Director of the Mint. P. S. King & Son, Orchard House, Westminster. " Royal Mint Reports," by the Deputy Master, H. Seymour, Esq., C.B. " Everybody's Guide to Money Matters," by W. Cotion. F. Warne & Co. '■ Lombard Street," by Walter Bagehot. K. Paul, Trench & Co., Ltd. " The A. B.C. of the Foreign Exchanges," by Geo. Clare. Macmillan & Co. " The Theory of the Foreign Exchanges," G. J. Goschen, E. Wilson, Royal Exchange. " History of the Bank of England," by J. Francis. Willoughby & Co. " Chronicles of the Bank of England," by B, B. Turner. S. Sonnenschein & Co., Ltd. " The Work of a Bank," by H. T. Easton. E. Wilson, Royal Exchange. •■ A History of Modern Banks of Issue," by C. A. Conant. G. P. Putnam's Sons. '" Banker's Almanack," by R. H. J. Palgrave. Waterlow & Sons. •" Journal of the Institute of Bankers." Oifice, 34, Clement's Lane. " The Mining Manual," by W. R. Skinner. Waterlow & Sons. * These are of special interest to bankers and their assistants. Supply and Demand. The Law of Supply and Demand. The more a person has of any thing the more of that thing will he give for some other thing he desires. This is the law of supply. The law of demand is, the more a person desires a thing the more he will give of what he has in possession for it. A clear understanding of this easily settles such heresies as that of money being a thing of fixed value, while all other values fluctuate. " Money is the Sovereign power That all mankijid fall down before, For what's the worth of anything But so much money as 'twill bring ?" Butler. 6 Money. Gold Mining HINTS TO AMATUER INVESTORS. In the present day there are thousands of people who are in the possession of a few hundred, or perhaps a few thousand pounds, whose failing is the making haste to be rich. A large number of such people think that if they could secure a number of shares in a gold mine they would have accomplished their task. We would remind these folks that safe and successful invest- ments, even in gold mines, are not, as a rule, found out without great care and strict investigation. We consider that before an amateur speculates much in gold mines it is essential for hira to read carefully two or three ol the following financial journals, every week, for at least tv/elve months : The Economist (weekly) South Africa (weekly) The Mining Journal ,, The Financial Times (daily) The Statist „ The Financial News Finance ,, The Times Money By this time he will* have gleaned information that will assist him in selecting the size and quality of the property he wishes to invest his money in, he must, however, invest very carefully, and in different mines or shares. The area of a property should be one of the first points en which the intending investor should satisfy himself that it gives the company a good chance of being worked successfully, as it is on this that the duration of the mine, and the return it gives, are almost entirely dependent. In the second place the directorate of a company is a very important point to be considered. They should all be good business men, and at least three of them should have a very extensive knowledge of mining and machinery suitable for the work. Care should also be taken as to the amount of capital the company has to work with. Good mines with a small area are sometimes put to great inconvenience by having too large a capital ; on the other hand, good mines with a large area are often ruined for want of more capital in order to develop the work and put down more stamps. Take for instance a property of from 25 to 50 acres, which cannot support more than 20 stamps without in a short time being worked out ; a mine of this size should have an output of about 1000 tons a month, yielding i J ounces of gold per ton= 1500 ounces, at 70s. per ounce^/5250; putting the cost of production at 50s. per ton=;f2500, this would show a profit of /2750 a month, or ^,33,000 a year. Now, on a capital of between ^400,000 and ;^50o,ooo, the interest which the company is able to pay does not work out at a very high rale, and the shares are likely to fall from their par value to a discount. This kind of thing should be taken particular notice of. A company of this size, in order to pay a good dividend and have sufficient to lay aside shares enough for working expenses, ought to have a capital of about ^250,000. A careful perusal of the Mining Manual, published yearly, by Waterlow and Sons, Ltd., London, will be found very useful to investors and shareholders in mines. INTRODUCTION. Gold and Silver are not found native in a state of purity ; indt'cd, they seem to " hunt in couples." The nuggets found in California contain, on an average, about 88 per cent, the balance being chiefly silver. Native silver has been found more nearly approaching purity ; but even this contains enough gold to pay for parting. It is probably owing to these combinations that both these metals have been known from the earliest ages. We find mention made of Gold in the first pages of sacred history, in Genesis, oh. ii, 11-12 v. where it says : " The name of the first is Pison ; that is it which compasseth the whole land of Havilah, (Armenia) where there is gold; and the gold of that land is good." It is evident that there were other places where gold of an inferior quality, or lower grade, was found. This account of the finding of gold in the river beds of Armenia was written by Moses nearly 6000 years ago. If we turn over a few more pages we find in the 28th ch. of 1 Chronicles, v. 14, where David gives instructions to his son Solomon concerning the building of the temple : "He gaxe of gold by weight for things of gold, for all instruments of all manner of service ; also for gold candlesticks." The candlesticks were a dream of beauty carved out of loveliness. They were made of hammered gold, stood on a foot of gold, and had six branches of gold blooming all along in six lilies of gold each, and tips of gold, from which the candles lifted their holy fire. There were also lamps, ficsh-hooks, bowls, cups, and several other things of gold by weiglit in large quantities. If we go carefully through the scriptures, we find reference made to an immense quantity of gold and silver. In the Bible we find gold and silver mentioned, like the mathematical figvire seven, over 300 times. Among the ancient Egyptian monuments we find gold. The Chinese have known gold from the earliest period of their far-reaching history. At a very early period of the world's history abundance of gold was found in Mexico and South America. It is recorded that Pizarro found gold enough in Peru to satisfy the greed of his followers. Prescott tells us of a room that was filled with gold, at the demand of this adventurer, as high as the tallest man in his troop could reach. He speaks of a lai-go number of statues, four feet high, all made of solid gold. If the statements referred to are true there was more gold at 8 Introduction. that period, in proportion to the population, than there is now. According to history gold in those days was very cheap, but as the population of the world increased and improved, socially and commercially, the price of gold became higher and higher, until a few years back when banks and clearing-houses became well established and of such valuable service to the commercial world. There is no such thing now as gold ajipreciation, on the contrary it is cheap and plentiful. The production of gold has nearly doubled during the last six years, and the great central banks of the world have a gold stock larger than was ever before believed possible ; the rate of discount in recent years has been so low as to point to anything rather than to the appreciation of gold. Gold will not buy the same amount of manual labour it would a few years ago. Considering the large number of rich gold mines now being opened, and the wonderful improvements which are continually being introduced for efficiently treating the ore, there are no signs or likelihood of gold becoming scarce or dear. Although the production of gold has been vastly increased- the steady fall in the price of commodities has not been arrested thereby. To have cheap food and plenty of gold is an unique and happy position to be placed in. The metallic stocks of the principal countries of the world are about double what they were at the end of 1890. In December, 1890, the stocks o£ gold and silver in the countries named below were : gold, £813,080,000 ; silver, JE170,000,000. In -June, 1897, stocks of gold were £492,000,000; silver, £220,080,000. The amount possessed by each country will be shown in the following table : — VISIBLE STOCKS OF THE PKECIOUS METALS AT THE END OF JUNE, 1897. (Compiled by Ottomar Hampt, op Paris). Mr. Hampt is a Jislinfjiiished Frencli Statistician of Monetani Questions. We have converted the figures from francs into pounds in the following table, at the rate of 25 francs to the £. Name of Bank. Gold. Silver. Bank of England £36,520,000 £200,000 Other English Banks 8,000,000 Banks of Scotland 5,200,000 720,000 Banks of Ireland 2,600,000 540,000 COINING PRESS.— S«« i>age 20. DIAMOND JUBILEE MEDALS.— See page 129. Money. Name of Bank. Banks of Prance German Imperial Bank German Banks of Issue German War Fund Austro-Hungarian Bank Austro-Hungarian Treasury Bank of Italy Bank of Naples Bank of Sicily Italian Treasury Belgian National Bank Greek National Bank Roumanian National Bank - Bank of Spain Bank of Holland Bank of Algeria Bank of Portugal Bank of Sweden Bank of Norway Bank of Denmark Bulgarian National Bank - Servia National Bank Bank of Finland Swedish Banks of Issue Swiss Banks of Issue Eussian Bank of State Hussian Treasury Associated Banks of New York United States National Bank United States Treasury Australian Banks Bank of Japan Total - £492,000,000 £220,080,000 At the end of 1893 the visible stocks of silver were stated to be JB206,200,000, that is to say that during the last five years the stocks have remained almost stationary, for they are about the same now, and there is no likelihood of an increase in the near future. No additional full legal silver pieces are coming from the Mints of the countries in which the great banks of the world are located. Gold. Silver. 80,600,000 50,240,000 29,680,000 13,600,000 4,920,000 200,000 6,000,000 30,360,000 10,640,000 16,200,000 12,040,000 2,360,000 5,240,000 440,000 1,400,000 80,000 3,480,000 440,000 3,520,000 480,000 80,000 2,860,000 160,000 8,920,000 10,880,000 2,640,000 7,120,000 880,000 840,000 1,080,000 1,920,000 1,320,000 160,000 1,600,000 4,740,000 200,000 200,000 280,000 200,000 840,000 120,000 440,000 480,000 3,560,000 360,000 94,840,000 8,200,000 20,660,000 18,800,000 17,040,000 2,720,000 39,320,000 107,420,000 20,000,000 8,640,000 4,360,000 lo Introduction. There is no doubt about silver being doomed to take a back seat as regards full legal tender money. For we find that first one nation and then another are establishing their monetary system on a gold basis, and withdrawing silver legal tender coins from circulation, mainly no doubt owing to inconvenience and loss caused by the variations in the price of silver. " In consequence of the International Convention of the 29th of October, 1897, between France, Italy, Belgium, Greece and Switzerland, which increases the quota of their respective issues of silver token coin, the Paris Mint is now to undertake the recoinage of about 38 million francs in five-franc pieces of 900 standard, by converting them into 40 million francs of 'various denominations of silver token coin of 836 standard. By the arrangements agreed to under the Convention, the quota of silver token coinage will be increased by one franc per head of the total population, including colonial. This will enable Franca to increase its share by 130,000,000 francs, of which 3,000,000 will be coined from silver ingots, and the balance from five-franc pieces. The use of the latter coins as material for the new coinage will enable a large accumulation of them to be disposed of in France, Italy, and Belgium." The enormous growth of the production of silver, which to aU appearance is likely to continue, is the final and essential cause of the depreciation of the white metal. Up to within the last three or four years the difficulty of ascertaining the production of gold and silver in the world has been peculiarly great by reason of the lack of properly organized means, and the enormous extent of the fields through which the mines are scattered, as well as the nature of the industry itself and the motives which influence the minds of those engaged in it to withhold from publication the full and true accounts of its results. Now, however, most of the large mines are in the hands of companies who are obliged and willing to report and give an account of every ounce of metal produced. We have also the wonderful and elaborate Annual Eeport by the Director of the United States Mint, in which full particulars are given in connection with the production of the precious metals, the information is collected on a very comprehensive scale, through government officials and resident agents in every civilized country Money. i r •where the precious metals are produced. This Eeport also gives full and interesting particulars relating to the metallic currency of the world. Our original intention was to trace the precious metals in their various circuitous routes, but find this an impossible task. We might as' well try to follow the channels of water from the clouds back to the clouds. For when we compare the amount of gold coinage, and the amount of gold used in the arts, &c., with the production, either in a single year or in a number of years, we find in many cases they do not approach to anywhere near exactitude ; for instance, the production of gold in the world for 1898 is reported to be 57i millions sterling, and the gold coinage of the world for the same year, as given in the Eoyal Mint Eeport, is nearly 125 millions sterling, this, of course, is a record year in the history of gold coining, and very large stocks of bar gold must have been melted and made into coins, besides the amount of light gold coins that have been re-coined. If we compare the reports for, say 13 years, from 1886 to the end of 1898, we find that about £429,000,000 of gold has been produced in the world, and during the same period about £570,000,000 of gold has been coined in the Mints of the world. It appears from these figures that the average amount of gold re-coined must have been not less than 11 millions a year for the period under consideration. There is no account of any such re-coinage, probably one-half that amount has been re-coined on an average since 1886, Then there is at least something like 12 millions sterling per year of gold used in the industrial consumption for plate and jewellery, &c. We must confess that how to reconcile the statements given as to the amount of gold produced and the amount used in the arts and for coinage is a mystery that we have not yet solved. However, if we had time and space at our disposal to go fully into the particulars of how much each country has produced, and the nett exports of gold bullion and specie, we probably should arrive at a nearer solution of the question. That we must leaye for the present. The tables and other particulars given in this handbook are a sort of dessert which we hope will be sweet and interesting. The abrasion or loss by wear and tear of the coins in use is an important factor in the cost of a metallic currency. This differs between one country and another according to the hardness of the coin, and to the amount of surface of the coin exposed to wear in 12 Introduction. proportion to its bulk. The rapidity of the circulation is perhaps the main ground on which to base the abrasion of the various coins. The annual loss on the re-coinage of light gold in our own country, apart from the ordinary Mint expenses, may be taken at £55,000 ; sovereigns at £30,000 ; half-sovereigns at £25,000. The amount of gold coin in circulation in the United Kingdom - £100,000,000 Silver coin in circulation - - 16,000,000 Bronze - - - 2,000,000 Bullion in the Bank of England - 16,000,000 £134,000,000 The interest on this sum, say 4 millions sterling. The metallic currency of the United Kingdom costs annually about £4,500,000. Money Currency & Precious Metals. A Brief History of Money. If we survey the entire history of money it divides itself into five distinct periods. First : The Pontifico-Eoyal Period, which lasted from the earliest times to the epoch of the Greek Eepublic. In the Pontifico-Royal money was coined exclusively in the temples, and stamped with the sacred emblems of religion. Second : The Republican Period, when money was controlled by the Senates of Sparta, Clazomene, Byzantium, Athens and Eome. Third : The Pontifico-Imperial Period, when the coinage was assumed by the CsBsars, and so regulated by them that for thirteen centuries its essential features remained substantially unaltered. Fourth : The Kingly Period, when the princes of the west, having freed themselves from the dominion of Rome, seized the coinage prerogative and exercised it independently. Fifth : The Period of Private Coinage, when the goldsmiths, merchants, and adventurers chartered to trade with and despoil or conquer the Orient, obtained control of the royal prerogative of coinage and thus opened the door to that last of degradations, private coinage. This period has not yet ended. The most ancient method of trade was by barter, exchanging one thing for another. In after times the more precious metals were used as the price in merchandise. The gold and silver, however, were long weighed, not coined. Abraham weighed the 400 shekels which he gave for his burying place ; Joseph was sold for 30 shekels of silver, and his brethren carried back to Egypt the same weight of money that had been returned in sacks ; Jeremiah weighed the 17 shekels of silver which he gave for his cousin's field. Shekels and talents, whereby money was estimated, were weights not coins. We are not certain of any coined in the world till about A.M. 3460, when the King of Lydia coined his darkmons or darics. Nor do we know of the Jews coining any till about 400 years after, when Antioohus Sidetes gave Simon the Maccabee a privilege for that purpose. The Romans began to coin silver about A.M. 8735, and gold in a.m. 3797. The ancient Britons used rings or plates of iron for money. Anciently, and in straitened circumstances, leather, wood, paste-board, &c., have been coined 14 History of Money. for money. To this day in China they out and weigh their gold and silver for trade ; and in some nations they trade with shells and fruits instead of money. We have read of professional artistes who have made tours round the world and given concerts on some of the islands in the Pacific, when they came to count up their takings it consisted of a number of animals, turkeys, chickens, bananas, lemons, oranges, and hundreds of cocoanuts. Most of the goods so received were exchanged again for what could be packed in boxes, and taken to some other country where they could be sold. In Iceland and some other countries a great amount of barter is still carried on. What is Money ? Ninety-nine of every hundred persons would answer this simple question by saying that gold, silver, and bronze coins were money ; a large number of business men and others would also include as money an indefinite number of credit notes, such as bank notes, cheques, and promissory notes, comprehending bank paper, bills of exchange, and all other tangible promises to pay. Paper money is styled paper currency, to distinguish it from specie, or metallic currency, or cash "money," or "moneta." Moneta is a Latin word, the surname of the Goddess Juno. The Eomans coined and kept their money in the Temple of Juno. Money is the channel whereby we get what we want, and in this way are made more comfortable. We have in our possession a very valuable book on this subject, " A Treatise on the Coins of the Eealm in a Letter to the King," by Lord Liverpool, 1805, from which we quote the following : " The money, or coin, which is to be the principal measure of property, ought to be made of one metal only. Such is the opinion of Sir William Petty, Mr. Locke, Mr. Harris, and of all the eminent writers on coin. Sir William Petty says that one of the metals is the only fit matter for money. Mr. Locke calls this sort of money the money of account or the measure of commerce or contracts ; and he adds, that two metals, such as gold and silver, cannot be the measure of commerce, both together, in any country " Mr. Harris, in his " Essay on Money and Coins," delivers it as his opinion, that only one metal can be the money, or standard measure of property and commerce in any country ; and he calls this sort of. money the standard of money. These three eminent authors assign their reasons in support of a principle in which they all Money Currency and Precious Metals. 15 concur ; their reasons are, in substance, the same ; and are so convincing that the truth of this principle can no longer be controverted. Mr. John H. Norman, in his valuable work " Universal Cambist," says, — a scientific monetary standard cannot possibly be made out of two commodities; because an attempt at it must embrace a fixed ratio between the two substances. It is unthink- able that any fixed ratio would conform to the comparative average cost of the production of the two commodities. If one should be favoured the other would be fettered ; if one should be fettered the other would be favoured. And thereby monopoly prices would be secured for one class of producers, and a direct incentive given to the formation of rings and corners under the deliberate action of the State. There are other instruments to be used as intermediaries, such as metal tokens of, and paper promises to pay, the standard substance, which may be safely, if prudently, issued as substitutes for the standard substance in a country possessing an active automatic metal monetary system. But the moment that the standard substance cannot be obtained of the weight indicated by the monetary sign upon the State notes, payable on demand at the desire of the holder of the note, the system of currency ceases to be a monetary system, and has degenerated to a currency system of inconvertible paper. In this country the exact definition of money is the weight of a sovereign. Standard gold bullion is essentially international money, and not only fulfils the primary functions to a fuller extent than can be claimed for any other of the numerous forms of representative money, but is itself the thing, or the power, which they only represent. There is a sense, says Lord Farrar, in which money does not mean simply gold sovereigns. It is not true that every sale and purchase is effected by the use of gold sovereigns ; on the contrary, it is notorious that out of the whole number of wholesale transactions those in which gold coins are used as a^ means of exchange are so few and small as sea' cely to ■deserve notice. It is by different forms of credit that our dealings are actually carried on. "While the gold sovereign is the unit or measure of value, in terms of which contracts are made, the real medium of exchange is not gold sovereigns, but a promise to pay gold sovereigns ; a promise the actual performance of which is seldom exacted unless in the case of panic. Gold coins, whilst 1 6 What is Money ? remaining our sole standard of value, have long ceased to be our ordinary medium of exchange. To say that gold has been economised is a very inadequate statement of the fact. Gold has been supplanted and replaced by other forms of currency, infinitely more economical, because in themselves they cost little or nothing ; infinitely more safe, because they cannot be stolen ; infinitely more convenient, because they expand and contract automatically with the need for them. In the history of money silver haa played a very prominent part. For hundreds of years it was a standard of value along with gold ; the ratio varied from 11 to 1 to 15 to 1 ; that is, 15 ounces of silver was about equal to one ounce of gold. It may safely be said that the double standard system never worked satisfactorily for long together, the ratios were continually varying. About the beginning of this century, Lord Liverpool, and other experts on money, came to the unanimous conclusion that monometallism was the proper thing to adopt as a standard of value. In 1816, gold monometallism was established by law in England, and since that date one country after another have adopted the same wise course, until aU Europe and several other countries have done away with silver money as a standard of value It is hoped that the committee now sitting on the Indian Currency Question will recommend the adoption of the gold sovereign as the standard unit for the whole of that great dependency. Until that takes place there wiU be no peace with the Monetary System of India. Javons says that gold is the most suitable material for the purpose of coining, for it possesses the following qualities, or properties (see page 31 in his book, "Money"). First: Utility and Value — Since money has to be exchanged for valuable goods, it should itself possess value, and it must therefore have utility as the basis of value. Second : Portability — The material of money must not only be valuable, but the value must be so related to the weight and bulk of the material that the money shall not be inconveniently heavy on the one hand, nor inconveniently minute on the other. Third : Indestructibility — If it is to be passed about in trade and kept in reservje, money must not be subject to easy deterioration or loss. It must not evaporate like alcohol, nor putrefy like animal substances, nor decay like wood, nor rust like iron. Fourth : Homogeneity — All portions or specimens of the substance used as money should be homogeneous, that is, of the same quality, so that equal weights will have Money Currency and Precious Metals. 17 exactly the same value. Fifth : Dmsibility — Closely connected with the last property is that of divisibility. Gold can be divided and re-nnited withont loss. Sixth : Stability of Value — It is evidently desirable that the currency should not be subject to fluctuations of value, because every change in the value of money does some injury to society. Seventh : Oognizability— By this name we may denote the capability of a substance for being easily recognized and distinguished from all other substances. — Gold has also another rich property, for as a thing of beauty it has no equal ; the beautiful yellow colour of gold is without parallel among known substances ; its weight and beauty are two remark- able and striking characteristics. The peculiar metallic ring or sounding property of gold, combined with its high polish, are properties which have given fame to this metal from times most remote. In all large cities or towns the money in circulation may be compared to a flock of pigeons, which are continually flying round and coming back to the same home, the bank. Every £1000 of money in circulation in the United Kingdom may be considered to consist of £ s. d. Coin 8 15 Bank Notes - 20 Cheques and Bills 971 6 flOOO Drafts do not increase the currency, and have no effect on prices. Bills and Notes form part of the currency, and affect prices exactly like an equal amount of gold. The Process of Minting Coins. Nearly all civilized countries, and most of those that are not quite civilized, coin metallic money for the purposes of trade as the most convenient medium of exchange in buying and selling. Most of these possess Mints, or coin -manufactories, belonging to and worked by the state ; others contract with private individuals to make the coins for them at a fixed charge Thus, in France, Germany, Denmark, Eussia, Spain, Switzerland, and the United States, Governments for the most part make their own coin. In several countries the coins are made by contract, while in the United Kingdom the gold and silver coins are made wholly at the Eoyal Mints in London and Australia, but those of bronze partly 1 8 Money. by private contract with firms at Birmingliam. Two hundred years ago there were several Mints in England, and the expenses in connection with each Mint were very large, there being far too many officials, increasing the loss which coining entailed. The chief reforms in the operations of the Mint were commenced about fifty years ago. Since 1851 no officer has been allowed (as had hitherto been the rule) to carry on his own private business within the establishment. At one time there was a warden to keep in check the master, and a comptroller to keep a check on both. The master of the Mint was usually a politician, wlio went out of office when his party went out. Men with no knowledge of minting were often appointed and received JS2,000 a year. It is said that during the time Sir John Herschel was master of the Mint, he introduced so many useful reforms that the Mint saved i610,000 a year in salaries and contracts, without any lessening of efficiency. In 1869 an Act of Parliament was passed, making the Chancellor of the Exchequer ex-officio master of the Mint, without addition to his salary ; the real working head to be the deputy- master, who would submit an annual report to the Treasury. Shortly after this the Treasury sent out a Commission to foreign countries, to collect as much information as possible concerning their Mints. A most valuable report was presented to Parliament by this Commission. The following abridged particulars on the Process of Minting have been taken from this report : — Meltino. — The melting of the metals to be converted into coin is the first operation in the manufacturing department of a Mint. (At the Eoyal Mint, London, the gold and silver ingots or bars are, as a rule, sent in by the Bank of England.) The furnaces are common air furnaces, such as are used at most of the Mints in Europe. PouEiNG. — Gold is poured sometimes from the pot or crucible, which is removed from the furnace for the purpose, direct into the moulds. In other cases the crucible is left in the furnace and the metal is ladled out until the contents are much reduced, when the remainder is poured from the crucible. Silver is more frequently ladled from the crucible than gold. (At London about 500 lbs. of silver is melted at a time). Moulds tok Casting Baks. — The moulds into which the metal is poured for casting bars, whether of gold, silver, copper, or Minting Coins. ig bronze, are universally made of cast iron ; their form and construction are much varied. Baes. — Gold and silver bars usually measure from 15 to 24 inches in length. The width rarely exceeds two inches, and is suited to the diameter of the blank. Dressing Baes. — When cast the bars are armed with thin ragged edges, resulting from the escape of the metal between the joints of the moulds ; the removal of these is necessary before rolling and is effected in a variety of ways. Rolling- Baes into Bands oe Fillets. — The process of rolling out the bars into bands or fillets of the required thickness is accomplished by rolling mills. The bars are, in the first place, passed through the heavier and rougher rolling mills to reduce their thickness rapidly, and are then treated by mills more accurately adjusted (called a dray machine), and otherwise capable of bringing the fillet to its final thickness with exactness. Annealing Fillets. — In the process of rolling, the metal is so hardened that at intervals it is desirable to soften it by annealing ; this is effected in a furnace, where it is heated to redness ; when cooled it is again passed through the rolls. This is done in order to make the metal workable ; without this process it would crack in working, because it is so dry and brittle. •Adjusting Thickness op Fillets. — The difficulties attending the thickness by the rolling mill have led to the adoption, in some establishments, of draw-benches or machines, analogous to those in common use for wire-drawing for the final regulation of the fillet to gauge. Cutting Out Coin Discs, oe Blanks, from Fillets. — The coin blanks or discs are cut from the fillets in all cases by punching. The punch is made to suit the diameter of the blank, and accurately fits into a ring-cutter or die ; the fillet is placed between the ring-cutter and the punch, which, when forced into the ring-cutter, carries with it a disc of metal cut or punched out of the fillet ; this operation being performed at the rate of about 700 a minute. Weighing Blanks. — Except at the Eoyal Mints, the blanks or coin discs, when cut from the fillets are weighed, to reject those too light, and to separate any too heavy from those within the remedy or working allowance for error. The classifying of the blanks is effected by automatic machines. In this department 20 Money. there is a self-acting machine for equalizing the coinage to that perfection that no appreciable difference need exist between the standard weight and the coin blank which has passed through the machine. Edse Eolling and Impeessing. — The large and medium-sized blanks are thickened at the edge by rolling, in order that in the coining-press the relief at and near the circumference may be the more easily and perfectly brought up. In many cases the edges are not only thickened in the process of edge-rolling, but are also lettered or impressed with an inscription or with an ornament. Pickling, ob Bleaching, and Drying. — The process of pickling coin discs or blanks is nearly, if not in all respects, similar to that employed for giving the appearance of metallic purity to brasswork for ornamental and other uses, and produces that clean surface in the blank which becomes brilliant in the new coin. The blanks are treated in a very simple manner, being immersed in acidulated liquid by means of a perforated pan, then washed in a fresh water vat, after which they are dried in beechwood sawdust ; they are then ready for stamping. Coining. — The blanks terminate their career in this department, where they are transformed into finished coin. In the process of coining, each blank is placed singly between two dies, upper and lower. *The upper die is brought forcibly down upon the blank as it rests on the lower die, so that the blank is squeezed between them, when each die leaves the impression of its engraved surface upon the disc of metal, which then ceases to be a blank. (At the Eoyal Mint this process is gone through at the rate of 120 a minute ; they are milled, stamped, and polished all with one blow.) Whilst the surfaces of the disc are giving way to the pressure of the dies the metal seeks to escape from between the dies at their circumference ; this escape is prevented by a collar, into which a cylindrical part, formed on each die immediately next to its face, fits freely. The collar is so placed at the time of the pressure that it surrounds the edge of the disc and also the ends of both dies. The metal thus prevented from escaping is forced against the collar with such effect that a milled or lettered edge, as the case may be, can be produced upon the coin by milling or engraving the interior of the collar against which the metal is forced. When a plain collar is used the result is a smooih edge upon the coin. * See Illustration. Minting Coins. 2i Weighing Finished Coins. — The finished corns are weighed separately at several of the Mints as a cheek upon the previous weighings of the blanks, and against undue loss or fraud in the processes of pickling, edge rolling, and coining. These weighings are performed by hand, except where automatic machines, such as those employed at the Eoyal Mint, are used. We have more than once had the pleasure of looking around that most interesting and historic establishment on Tower's Hill. In the weighing-room here there are fifty machines at work when needed. Two seconds of time is allowed for weighing each coin, that is thirty a minute. There are three holes, or tills, just large enough to receive a crown piece. When the coin is too light it drops down the first hole, when too heavy down the third hole, and when correct it drops into the centre till. The balances are so fixed as to weigh to the 100th part of a grain. The coins are also weighed in quantities as a cheek. Counting. — In many of the Mints in Europe the blanks and coins are counted when passed from one department to another. Trays are used for this purpose, in which are rows of shallow recesses, not exceeding the thickness of the blank or coin, ranged close together. The pieces are poured on to the tray, and spread over it until all the recesses are occupied, the surplus is then swept off, and the tray emptied of its contents, which are thus counted. The Mandfaotueing of Dies. — The making of the dies is a very important part of the business connected with the process of coining SoissEL. — There is also the process of reclaiming the waste metal, the sweepings of the various departments. One of the most serious drawbacks to the operation of coining precious metals is the large proportion which the returns to the crucible bear to the quantity of metal melted. The scissel, or cuttings which are left after the blanks are cut from the fillets, reach to from 30 to 40 per cent., indeed, roundly taken, the returns to the crucible may be put at nearly 50 per cent., so that, to produce a given weight of finished coin, something like double the weight of metal must be melted. It may be here stated that this question has received mach attention for some years past, it being now thought that before long machinery will be constructed which wUl in a great measure 22 Money. do away with the re-melting of the scissel. For fuller particulars on this matter we refer our readers to the " Eeport on European Mints," issued by the Deputy-Master of the Mint some years back. 4d. (Eyre and Spottiswoode). The net annual average proiit on the operations of the Eoyal Mint, from 1872 to 1897, is £156,495. The following is a remarkable and satisfactory statement to record : — For nearly fifty years only one robbery has taken place at the Eoyal Mint, London. In 1890 one of the boy- workers abstracted five small pieces of gold, for .which he was sent to prison five months, and dismissed the r.ervice of the Mint. British Coins. The number of the different kinds of coins in ordinary circula- tion in the United Kingdom is very small compared to that of several other countries. We have only 17 different denominations, viz., 4 gold, 10 silver, and 3 bronze coins. The four-shilling piece is not now being issued ; the five-pound and two-pound gold pieces are not in general use ; and the same might be said of the four-penny, two-penny, and penny silver pieces. Thus the number in ordinary circulation as money is reduced to eleven pieces, viz., 20/-. 10/-, 5/-, 2/6, 2/-, 1/- 6d., 3d., Id., ^d., and id. pieces. The two-pound pieces were first issued in 1823, when 15,418 of them were minted ; in the following year another 700 were issued. In 1887 there were 53,200 five-pound pieces and 85,293 two-pound pieces issued in comemmoration of that interesting event, the 50th year of the Queen's reign. The last issue of these two large gold coins was in 1893, when 20,160 five-pound and 49,771 two-pound pieces were minted to meet the requirements of the country. By Act of Parliament of January 30, 1893, it was enacted that certain of the coins made at the Eoyal Mints should bear designs as follows : That every Five-Pound Piece shall have for the obverse impression Our Effigy (that is, the impression of the Queen) with the inscription, "Victoria Dei Gra. Britt. Eegina Fid. Def. Ind. Imp." (which means, " Victoria, by the Grace of God, Queen of Britain, Defender of the Faith, Empress of India") ; and for the reverse, the image of Saint George, armed, sitting on horseback, attacking the dragon with a sword, a broken spear upon the ground, and the date of the year, with a graining upon British Coins. 23 the edge. The Two-Pound Piece, the Sovereign, and the Half- Sovereign to have the same obverse and reverse impressions and inscriptions in all respects as the Five-Pound Piece, with a graining upon the edge ; and that every Crown should have the same obverse and reverse impressions and inscriptions in all respects as the Five-Pound Piece, and on the edge of the piece, in raised letters, " Decus et Tutamen Anno Eegni " (which means, " That which adorns or beautifies ; defence or protection "), the year of the reign being in Eoman numeral letters ; and that every Half-Crown shall have for the obverse impression the afore- said Effigy with the inscription, " Victoria Dei. Gra. Britt. Eeg." and for the reverse the Ensigns Armorial of the United Kingdom contained in a shield, surmounted by the inscription, " Fid. Def. Ind. Imp." together with the words, " Half-Crown," and the date of the year, with a graining on the edge ; and that every Florin shall have the same obverse impression and inscription in all respects as the Five-Pound Piece, and for the reverse two Royal sceptres in saltire behind three shields, the shield on the dexter (right side) in bend, bearing the Arms of England, that on the sinister (left side) in bend, Scotland, and that in base, Ireland, between them the three emblems, the Eose, the Thistle, and the Shamrock, each shield surmounted by the Eoyal Crown, the Garter, bearing the motto, " Honi soit qui mal y pense " (which means, " Evil be to him who evil thinks ") underlying the whole, and the words, " One Florin. Two Shillings," and the date of the year, with a graining upon the edge. From the particulars given above the designs of the smaller silver coins will be well understood. In 1895 the words, " Ind. Imp." were added to the Bronze coinage. The whole Imperial coinage, accordingly, now bears an identical effigy of Her Majesty, and an identical legend. The opportunity was taken to make some improvement in the figure of Britannia which appears on the reverse of the Bronze coins. This figure first occurred on the copper coinage of Charles II., probably in imitation of a somewhat similar figure found on some Eoman coins. The Britannia of the reign of Charles II. held a spear in her left hand, and a palm-branch in the other. It is said that the original model was the royal favourite, known as "La Belle Stewart," who was afterwards Duchess of Eichmond, but it is disputed whether the figure resembles her, and the story is not 24 Money. universally accepted. At her side was placed an oval shield bearing the united crosses of St. George and St. Andrew, commonly known as the " Union Jack." With occasional slight modifications the figure and surroundings of Britannia remained ijiuch the same until the reign of George III., when, in 1797, for the first time, she bears a trident, and a three-masted ship is seen in the distance. In the reign of George IV., Britannia, no longer bareheaded as from the time of Charles II., faces helmeted to the right, her right arm resting on the shield, on which she appears to be partly sitting, and the ship and sea have disappeared. On the Bronze coinage of 1860 there is a lighthouse behind the figure of Britannia, and in front a three-masted ship is sailing away from her ; her right arm entwines the trident, supporting it rather than grasping it ; the old-fashioned sailing vessel has again disappeared, as also the lighthouse (by design of the authorities and not by mistake as we have often heard it said). Farthings are now issued just as they come from the blocking machine, unpolished. The Shilling was fixed at 12 pence by William I. No coin called a shilling was issued before the reign of Henry VII. The Ceown, an English silver token coin, first struck in 1542 ; weight 480 grains (loz. troy), value 6s. 6d. Present weight, 436-36 grains ; face value, 5s. The Florin, face value two shillings, was first issued as at present in 184Q ; weight 174-54 grians. A Gold Florin was struck by Edward III. in 1252, its name derived from the fact of its having upon it a lily (flower), sometimes called a florenee, rated at 6s. sterling in 1344 ; its weight was 115-25 grains, 994-8 fine, value 20s. 3d. Fineness or Coins. — The amount of pure or " fine " metal contained in a coin is expressed either by means of the ancient "carat-pound" system, or by the more modern millesimal method, thus : standard gold, which was formerly stated as containing 22 carats fine and 2 carats alloy, becomes 916-6 ; and silver is reported by the assayer as "925 fine." 1000 stands for pure silver. There was only one gold coin in England before the time of Henry III., a piece of pure metal called " byzant." The Standard was for a long time 23 carats 3J grains fine, and i grain alloy. The present standard, 22 carats, or 916-6, has been in use over 200 < Z o en British Coins. 25 years, since the time of Charles II, The present standard for silver coins was first adopted by the Saxons. During the reign of Edward VI., Queen Mary, and Queen Elizabeth, it was greatly debased. Seigniorage used to be the King's charges for minting, now it is profit on silver coinage and paid into the exchequer ; in 1897 it was over 136 per cent, or £563,706 13s. 6d. From 1763 to the end of 1815 there was practically no silver coined, except for one year, 1787, when £55,459 worth was coined. In 51 years only £3,115 worth of silver was coined. England has practically been on the Gold Standard for 133 years. Free coinage of, silver was discontinued in 1798 and finally abolished in 1816. No country has an absolutely free mint, except Great Britain ; but the charges in most countries are very small, about 2 per cent. America charges for the alloying of the metal only. British Coins with their Worth in Weight of Pure Gold. £1 contains ... 113 Grains of pure Gold ) Standards 10/- piece contams 661 )» }j j> ' 5/- „ is worth 28J »J 9t 17 2/6 „ 14i JJ tt JJ 2/- „ "1!^ fi II tf V- .. 5M ff if t1 6d. „ 2* i» II II 8d. „ 1* n >> 11 The exact number of grains of pure gold in a soverign is 113-0016, worth 2|d. per grain. Bank of England. The Bank of England being so closely connected with the Eoyal Mint, and the subject of precious metals, we consider it would be a serious omission not to include it in this hand- book. The Bank of England is one of the best known historic buildings in the world, and certainly the greatest monetary institution ever established. It is situated in the centre of the most valuable gold field ever discovered. Precious metals turned up in any part of the world start off on their course, in almost every instance, in the direction of the Bank of England and the bullion dealers in its vicinity. Three hundred years ago, before banks were established, merchants, brokers, and goldsmiths, were in the habit of depositing their bullion and cash at the mint in the tower of London, for convenience and security, under the care of the crown. There were several banks in London before the Bank of England was opened. The Bank of England commenced business on the 1st of January, 1695. This Bank has come to enjoy, by a series of changes in the law, the substantial monopoly of note issue in Enland and Wales, and has proved the strongest banking institution of the world. The circulation of notes since the bank Act of 1844, is based wholly upon securities and deposits of bullion and coin. The founder of the Bank of England was the son of a Scottish farmer in the parish of Tinwald; his name was William Paterson. At an early age he left home, starting off with a peddler's pack ; after travelling through England he settled in Bristol for a short time ; he then proceeded to the West Indies, and returned to England after visiting Hamburg, Berlin, and Amsterdam before he was thirty years of age. He first submitted to the Government his plan for a National Bank, in 1691, and in 1694 he was a made director of the newly- formed Bank of England. After a chequered career (for a second time) in different parts of the world, he returned to London in 1700. In his latter days he became poor and, but for the assistance he received from the Government, he would British Coins. 27 most likely have died in the workhouse. He was born in April, 1658, and died on the 22nd of January, 1719. Paterson's proposal to establish a National Bank was little noticed for three years, when circumstances compelled the Government to try the scheme. The Chancellor of the Exchequer, Mr. Montague, and one of the richest merchants in London, Mr. Michael Godfrey (brother of Sir E. Godfrey whose sad and mysterous death had, fifteen years before, produced a terrible outbreak of popular feeling. He was a magistrate, active in the discovery of the popish plot in 1678, and was found pierced by his own sword. His death was imputed to foul play). By these two distinguished men Paterson's plan was carried out. The former undertook to manage the House of Commons, and the latter to manage the City. Michael Godfrey, who was the first Deputy Governor, was shot dead on the battlefield. He left his peaceful avocation to visit Namur in Belgium, then vigorously besieged by the English Monarch. Mr. Godfrey's mission was to make arrangements with the King for the supplying of money to the army necessary to carry on the fight. Michael, thinking most likely that the safest place would be near or in the vicinity of the sovereign, ventured into the trenches, where he met the Sing. " Mr. Godfrey," said William, " I think you ought not to run this risk ; you are a civilian and can be of no service here." ■" True," was Mr. Godfrey's courteous reply to the King, "but I am no more exposed than your Majesty." " Yet," returned William, " I am in my duty, and therefore have a more reasonable claim to preservation." A cannon-ball at this moment, fired from the ramparts, struck Mr. Godfrey and killed him instantly. The King was much affected at this sad event, and ordered the body of Michael Godfrey to be brought to England. He was buried in St. Swithin's church, near the Bank of England. The monument to his memory in the church records: "He died a Bachelor, much lamented by all his friends, relations, and acquaintances, for his integrity, his knowledge, and the sweetness of his manneis.' William III., who died in 1702, was the first royal patron of the Bank of England. His name will be regarded with more honour as the founder of the Bank of England, than as a soldier who fought in the trenches at Namur. He was a vigorous advocate of the Protestant cause, and looked well after the commercial prosperity of the country. In the Great Hall of 28 Money. the Bank, near the door of the Treasury, may be seen a beautiful marble statue of the King, draped in Eoman costume, standing on a pedestal. The following is a translation of the inscription : — " For restoring efficacy to the laws, Authority to the courts of justice. Dignity to the Parliament, To all his subjects their religion and liberties, and For confirming these to posterity By the Succession of the illustrious House of Hanover To the British Throne, To the best of princes, William III., Founder of the Bank, This corporation, from a sense of gratitude. Has erected this Statue, and dedicated it to his memory, In the year of our Lord MDCCXXXIV., and the first year of this building." This is a graceful homage to the man who was the origin of its greatness. This statue was unveiled on Wednesday, the 1st of January, 1735, when the under-servants fired three volleys with small arms. From this date the history of the Bank of England is full of interesting and thrilling incidents. The wonderful success that has been attained by the directors and officers of the Bank of England bafQes description. The envious goldsmith little thought of what a gigantic institution this would become when he wrote the following epitaph: — " Here lies the body of the Bank of England, Who was born in the year 1694, died May 5th, 1696, in the third year of his age." The Bank of England is governed by a board of 24 directors, including the Governor and Deputy Governor, and by what is- called the Committee of Treasury, which consists for the most, part of the elder members of the Board and ex-Governors. The Board meets every Thursday, at 11-35 a.m., in the noted " Bank Parlour," to transact the business of the Bank, ■•■■ particulars of which is published the following day in the Times and other papers. The Board of Directors are, in reality, self-elected. It is true some of them retire every year, but- when one permanently retires, or a death occurs, the whole Board selects a new member. No man ever selects a life-partner with greater care than the Bank selects its new members. In choosing a director it is considered Bank of England. 29 essential to fix on a young man, and when the Board meets for that purpose, they carefully go over the names of a number of the most attentive and promising young men, who are well connected with the commercial life of London (bankers are excluded), choosing the one whom they think the most likely to make a suitable Bank director. It is evident the directors for the time being do their very best in making these selections, and to the best of their ability provide for the future good management of the Bank. It is usual that a director must have had at least 20 years' experience before he is made the Governor. The Deputy- Governor always succeeds the Governor. The gentlemen who fill the first and second position in the Bank of England must of necessity be men of great ability and in the vigour of life ; on this account it is necessary for the Bank directors when first selected by the Board to be young and active men. There are not many changes among the senior members of the Board, those who retire annually being, as a rule, the young men. The Governor and the Deputy-Governor are changed- every two years. The yearly salaries of whom are £2,000 and JE1,500, respectively. The 24 directors each have £500 a year salary. Considering the magnitude of the work, and the responsibility connected with it, these gentlemen are not overpaid. Number of oflScers and clerks in the head offices of the Bank of England: — Governor ... ... ... ... ... .•• 1 Deputy Governor 1 Directors 24 Officers and Clerks in Accountant's Department 270 „ „ „ „ Cashier's „ 338 „ „ „ „ Secretary's „ 74 Doorkeepers, Messengers, Porters, and Watchmen 80 Women Clerks 40 Total 828 Bank Issues. It was provided in the Bank Ac-t of 1844 that, should any provincial banks cease issuing notes, the Bank of England might be empowered, by order in council, to issue upon securities, two- thirds (and no more) of the notes which such banks had been authorised to issue. Under this condition the total secured issue 3° Money. of the bank has been increased from £14,000,000 in 1844 to £16,800,000 in 1897; but for every other note, which the Issue Department may at present issue over and above the £16,800,000 (which is issued on what is known as first-class securities), an equal amount of gold money or bullion must be paid into the coffers of the Bank ; and, therefore, the notes of the Bank of England are made equal to gold. The Bank of England transacts the whole business of the Government, consequently it is not a private concern as some writers would have us believe. The Bank of England has the sole right to issue notes in London and for 60 miles around ; it is also the banker of all clearing- house banks ; and, as agent for the Mint, all coins are issued according to the instructions received from the Bank. Of course it also carries on a large business as an ordinary private bank. The Bank has to give an account to the Government of the profit from its issue of bank notes. The profit the Bank derives from its Issue Department is the interest received on the original amount, £14,000,000 of Government debt and securities, which amounts to about £400,000 yearly The Bank has to pay out of this to the Government, in lieu of stamp-duty and privileges, the sum of about £200,000 a year Then there are the expenses of the issuing department which will perhaps amount to £150,000 leaving a nett profit of about £70,000 a yeat. There is also the profit made by the Bank on the foreign gold coin and bullion bought in exchange for notes, for which they pay £3 17s. 9d. per ounce (9161 fine), and receive at the Mint £3 17s. lOid. per ounce. The following statement will show the amount of notes generally in circulation : — May, 1898, Bank of England : Notes in circulation £27,568,640 Private Banks : „ „ 436,21& Joint Stock Banks : „ „ 1,010,209 Total in England - 29,015,067 Banks of Scotland : Notes in circulation 7,053,581 Banks of Ireland : „ „ 6,280,600' Total in United Kingdom £42,349,248 Bank Issues. 31 The English Private Banks are below their fixed issue £938,158 The English Joint Stock Banks are below their fixed issue - - 752,752 Total - 1,690,910 The Banks of Scotland are above their fixed issues - 4,377,231 The Banks of Ireland are below their fixed issues 73,894 The amount of gold and silver held by the Banks of Scotland - - 5,413,676 The amount of gold and silver held by the Banks of Ireland 2,910,413 It is often stated by persons who know no better that the Bank of England seldom issues jE 1000 notes. This is a mistake, the average number of £1000 notes issued yearly is about 43,000, and of £500 notes about 76,000 yearly, of course they soon come back to the Bank and are cancelled. There is in connection with the Bank of England a Club, and also a Library with a membership of about 800. The Board of Directors pay great attention to the staff employed in the Bank. They also gave permission for and assisted in the formation of the Club and' Library. The Bank of England is furnished by the Government with a military garrison every night for the protection of the gold reserve. Bank Deposits. There are, in the Banks of the United Kingdom, deposits, current accounts, and notes in circulation, about £900,000,000, and a banking capital, including reserve funds, of £126,278,800, October, 1898. In January, 1899, the public deposits were about £750,000,000, being an increase of £250,000,000 in 23 years. Number of Banks in the United Kingdom. (From the Bankers' Almanack, 1899). Head Offices in England and Wales, 327 : Branches, 4,105 „ „ Scotland - - 12 „ 1,030 „ „ Ireland - - 11 ,, 654 „ „ Isle of Man - 3 „ 18 353 5,807 Nett Increase of new Branches opened in 1898 - 178 32 Money. Total Fixed Issues in the Banks of the United Kingdom. Nov. 1898, Bank of England - - £16,800,000 6 Banks in Ireland - - 6,354,494 10 Banks in Scotland - 2,676,350 31 Joint Stock Baiiks, England and Wales - 1,762,961 38 Private Banks, England and Wales 1,374,376 Total - £28,968,181 The following are the principal Banks in the United Kingdom, which have more than 100 Branches : — England. Ireland and Scotland. Branches. Branches. Lloyds' Bank 248 National Bank (I) 109 National Provincial 229 Ulster Ba,nk 128 Capital and Counties 225 National Bank (S) 110 Barclay & Co.'s 225 Union Bank 137 London City & Midland 201 Commercial Bank 134 London & County Bkg. Co. 181 Eoyal Bank 130 London & Provincial 147 Bank of Scotland 120 Metropolitan Bank 128 British Linen Co. 119 Wilts. & Dorset 124 Clydesdale Bank - 116 London & South Western 112 The Bank of England has 11 Branches, viz. :^ Burlington Gardens, Birmingham, Leeds, Hull, Fleet Street, Liverpool, Newcastle, Plymouth, Manchester, Bristol, Portsmouth. Foreign Exchange. When exchanges are spoken of in English money, as the Australian, the Indian, and the Chinese exchange, the higher their quotation is the more unfavourable it is to England. It therefore follows that every fall in the rate of these exchanges signifies that they are more favourable to England. Exchanges quoted in foreign money, like the Italian, the German, the American, and the French exchanges are more favourable to England the higher they are quoted ; the more dollars, the more lire, or the more Foreign Exchange. 33 francs are given for the pound sterling the better it is for this country. The higher a broker buys and the lower he sells the better for his client. The rise in the price of cheques on Paris is better for the English debtor. The following are the equivalents in the coins of countries where Gold monometallism is the standard. 113^J^ grains of pure gold equals one sovereign : — Argentina, Dollars, 5-044 equals £1. One Peso equals 47-578 pence Austria, Chili Denmark, Florin, 10-088 NewF. 12-009 Dollars, 5-885 New Dol. 18-213 Florin , Florin , Peso , Peso , 23-789 19-985 44-986 , 18-168 Norway & Sweden, Brazil, France and LatinUni'n Krones, 18-159 Krone , 13-216 Milreis, 8-901 Francs, 25-221 Milreis , Franc , , 26-934 9-515 Germany, Holland, Portugal, United States Marks, 20-429 Florins, 12-107 Milreis, 4-504 Dollars, 4-867 Mark , Florin , Milreis , Dollars , , 11-747 , 19-828 , 53-284 49-316 Uruguay, Dollars, 4-705 Peso , , 51-003 The exchange between London and Paris is at par when £1 equals 25 francs 22| centimes. When the French exchange is at 25-10, gold is sent from London to Paris, because it pays to do so. When the French exchange is at 25-35, gold is returned from Paris to London ; there is in this case a margin of 12| centimes, or ^ per cent, either way, or 1 per cent, between the two extreme points. So long as the exchange varies less than ^ per cent, it will not pay to send gold between the two places. Gold Points in the Foreign Exchange. The gold points on the London Exchange with some of the principal countries are : London on Mint Pars. Paris ... Francs, 25-22i ♦Berlin ... Marks, 20-43 Amsterdam ... Florins, 12-10 . Copenhagen ... Krones, 18-16 New York ... Dollars, 4-87 ♦Example. — Desired to know the German fiied par of exchange between Berlin and London. The British pound contains 113 0016 troy grains of pure gold. The sign for a troy grain of pure gold in Germany is 18079 pfennigs. One English sovereign and 2043 Marks are signs for the same weight of pure gold, yiz., 1130016 troy grains. The fixed par of exchange, therefore, between Berlin md London is 20'43 Marks per pound. Gold Exports. Gold Imports. ... 2512i ... 25-32^ ... 20-34 .. 20-52 ... 12-04 .. 12-15 ... 18-07 .. 1823 ... 4-84 .. 4-90 34 Money. These are the rates at which gold remittance becomes generally profitable, but, as a matter of fact, bullion movements begin before these points are reached, as some commercial firms with special opportunities, or undertaking large transactions, find a benefit in remitting bullion at much closer rates. Bankers' Licenses. Previous to 1844, banks which issued unstamped bills and notes to the amount of &5 or over had to pay to the Government £30 per year to enable them to do this. In 1844, if a bank had more than three branch offices, £120 per year covered the whole. Every branch bank that has been opened since 1844 (except those in the same town) has to pay £30 per year as licence. This heavy toll has, no doubt, been a great inconvenience to a large number of villages, that would now have had a bank open daily but for the great cost of the licence. In England and Wales the licences are due on the 10th of October in each year. In Ireland a separate licence for each branch is not required, £120 per year still covers the whole number no matter how many there may be. Banking Power of the World. The total banking power of the world is estimated to be as follows : — £ Europe - - 2,200 million North America - 1,200 „ Oceania • 175 ,, Asia - 150 „ South America - 140 „ Africa - - 50 ,, £3,915 million The banking resources of the United Kingdom are considered to be about one thousand million pounds sterling. Investments and Income of the United Kingdom. The amount of investments of the United Kingdom is, according to Burdett's Official Intelligence, 1898, of British American and foreign securities, set down at £7,457,507,144. And according to the Financial Reform Almanack, 1899, the total net capital wealth Investment and Income. 35 of the United Eingdom, including all real and personal property, based ,on official figures, 1896, is the enormous sum of iE12,672,846,988. In a remarkable paper on " The Excess of Imports," by Sir Eobert Giffen, given at a meeting of the Royal Statistical Society, in January, 1899, it was stated that, apart from profit on our own manufactures in the United Eingdom, we were as a nation earning nearly 200 million sterling per annum, made up as follows : — Freight carriers, £88,000,000 ; commission and brokers' charges, £18,000,000 ; interest on investments and profits made abroad, £90,000,000. In Napoleon's days we were considered a nation of shopkeepers. We are now a nation of stockholders. Estimated Wealth of the Principal Countries of the World, and per Capita, 1898. FopulatiozL : Wealth per Countries. MiUioDB. Total Wealth. Capita. England and Wales ... 8H . .. £10,406,250,000 .. . £333 Scotland 4i . 1,120,500,000 ... 266 Australia ii . 1,152,000,000 .. 256 France 88i . 9,856,000,000 .. 256 United States 72 . 16,776,000,000 ... 233 Denmark 2i . 51,175,000 .. 230 Canada 6 . 1,176,000,000 .. 196 Holland 5 830,000,000 .. 186 Switzerland 8 498,000,000 .. 166 Germany 52i 8,400,000,000 .. 160 Belgium 6i . 1,014,000,000 ... 156 Argentina 4i . 659,100,000 .. 156 Ireland H ■ 657,000,000 ... 146 Spain 18 2,430,000,000 .. 135 Sweden 4i . 548,100,000 .. 116 Austria-Hungary Ui . 4,717,000,000 .. 106 Italy 81 8,100,000,000 .. 100 Portugal 5i . 459,800,000 .. 88 Eoumania Si 495,000,000 .. 90 Russia 128 7,680,000,000 .. 60 Wealth of six of the principal nations, 1898 : United States ... £16,776,000,000 United Kingdom ... 12,672,950,000 France .. 9,866,000,000 Germany ... 8,400,000,000 Austria-Hungary ... 4,717,000,000 Italy ••• 3,100,000,000 36 Money. The Institute of Bankers. This Institute was founded in 1879, and is governed by a President, 12 Vice-Presidents, 3 Trustees, 23 Councillors, and a permanent Secretary, W. Talbot Agar, Esq., Office Library and other rooms, 84, Clement's Lane, London, E.C. We would earnestly recommend all bankers, bank managers, and young men in banks who would wish to improve their position, to join this useful society. A considerable amount of valuable informa- tion on banking, mercantile law, and .other subjects, may be gathered through the facilities offered to members at the meetings, which are held monthly from November to May, by the papers read and discussions that follow on these occasions. The papers are, as a rule, published in a monthly journal issued by the Institute. Terms : — Ordinary Members, 10s. 6d. per year. Present number, about 3000. There is also an Institute of this kind in Edinburgh ; office, 27, Queen Street ; W. Baird, Esq., Secretary ; and another in Manchester, with a membership of about 760 ; Secretaries, H, Greenleaves, Esq., Cunliffes, Brook & Co., and T. W. Shawcross, Esq., Manchester and County Bank, Limited. How to Pass the Institute of Bankers' Examination. The value attached by bank directors and managers to the success of members of their staffs in the Institute of Bankers' Examinations is increasing year by year. A number of banks have passed Board minutes, holding out a standing inducement of £15 to any members of their staff who may succeed in satisfying the examiners. Many other banks are in the habit of recognising the efforts of successful candidates in a substantial manner. The certificate is one iof the means by which, in many instances, valuable banking appointments have been obtained in the Colonies and India, while at home it has frequently proved a stepping- stone to promotion and success. The examinations were inaugurated in 1880, and of late years the popularity of the examinations has grown rapidly, as banking men have found it well worth their while to enter for them in large numbers every year. Of course there is no reason whatever why such knowledge should not be obtained apart from examinations altogether. If a man keeps his eyes open, is not afraid of asking questions Bankers' Examination. 37 about his work, and supplements both observation and enquiry by a course of judicious reading, he may doubtless learn all he needs to know. But most men need some sort of inducement or stimulus to set them to work,, and it is precisely this stimulus which these examinations offer. The expense and difficulties are not so great as many men imagine. In order to qualify as a candidate,, it is necessary to become a member of the Institute, which will cost 10s. 6d.' per -year ; this is very cheap considering the privileges connected with it. For the examination itself the entrance fee is 5s. It is not necessary to spend a great deal in buying books. A man writes to the Institute for an examination syllabus, but it is not necessary that all the works recommended should be bought, but they may be borrowed from the Institute library. However, it is almost necessary to buy a few, but the expense is not much. As to the amount of time required, take the case of the average man who has had an ordinary education, he fieed not spend more than five or six hours a week, for six or seven months. The number of books really essential to be read is comparatively small. Among the works recommended on the syllabus are Goschen's " Foreign Exchanges ;" Bagehot's " Lombard Street ;" " Chambers on Bills." The first thing to be done is to write to the secretary of the Institute, Mr. W. T. Agar, 84, Clement's Lane (or call, — the Institute is off Lombard Street), enclosing a stamp, and ask for an examination syllabus. Full particulars respecting this matter may be had for Is., in a pamphlet by Mr. F. E. Steele; address, 34, Clement's Lane. How Silver Coins are got into Circulation. The bankers are the principal agents for getting the silver coins into circulation. Though not appointed by the Government, they do the work systematically and well. The Chancellor of the Exchequer ought to consider this matter and make arrangements whereby bankers should be able to pay their redundant silver coins into the Bank of England as agents for the Mint. In the latter part of every year the bankers order, on an average, about one million sterling of new silver coins, though in many cases they have already large stocks in their vaults, they do this to oblige their customers. Now, that the white metal is so cheap the issuing of so many silver coins every year enables- the Mint authorities to make more profit than pays all the working expenses connected with that establishment. The cashier of the 38 Money. Mint pays for the transmission of new silver coins to the provinces. No charge is made for redundant silver returned to the Bank of England when the amount is under £3,000. The 7/6 per cent, charged for sums over that amount, will not more than cover the cost of counting, washing, and sorting the various coins, but considering the profitable nature of the silver coinage, and also the invaluable help which is rendered by the bankers in getting it into circulation, we consider the bankers ought to be in a position to return their redundant silver to any amount free of charge. If any charge be made it ought to be on the transmission of new coins, which would perhaps have a tendency to check bankers from ordering new silver unnecessarily. Who gives orders for the Coining of Money ? The Mint authorities have no direct means of knowing when a batch of new coins are required. This information has to be got from the Bank of England, which is in daily contact with the numerous London and provincial bankers. The Good Services rendered by Bankers. There are no class of professional or commercial men in the land who have rendered better service to the community at large than the bankers. They render a service to society without which industry could not possibly be carried on on a large scale ; they make exchanges of goods possible in a marvellously skilful, manner, and increase the power of production and the efficiency of labour: in ways little understood by the general public ; these are men whose ability and charafiter stand' second' to none. The bankers have done great service to this country more than once in protecting and upholding the integrity of our currency system, and have kept in check men and nations who would have brought ruin to this country had they succeeded in re-establishing a dual standard in our monetary system. A banker earns his profit in no way different from a wool merchant or a manufacturer ; he simply buys, sells or exchanges his goods just in the same way as any other business man. In the United Kingdom we are credited with having the best bankers in the world. What would become of our trade and commerce if there wexe no clearing-house transao- 39 tions, no cheques, bills, nor bank notes? The banking system is the greatest boon in existence to our trade and commerce and our prosperity as a nation. How AND Where Gold and Silver ARE Produced. The great increase in the production of gold and silver in recent years is not attributable alone to the discovery or opening of new mines or fields, it is largely due to the use of better business methods in the working and crushing processes, but more especially to the introduction of new means of extraction, which, whether worked alone or in combination with the old methods, make it possible to treat with profit immense quantities of low-grade ores in known deposits, or of so-called refractory ores, which have hitherto defied profitable treatment Gold is the only metal always found in a metallic state, that is, native, as some people call it, but it is never found absolutely pure ; it is generally so blended with other materials, and so unlike itself, that only experienced men can distinguish it. Gold is very often found alloyed with silver and other metals, or it is embedded in quartz and other earthy and rocky substances which have to be crushed or " stamped " before the metal can be extracted, which is done from other metals and minerals by the aid of chemicals. Gold, when alloyed with other substances or blended with earthy soil, does not lose its individual character, any more than sand does when mixed with other dry ingredients. Gold is also indestructible : neither chemicals nor rust will affect it. By being exposed to the weather and washed down from the mountains it is only made purer. It is said that the greater part of gold is born in the summits and higher portions of the mountains, but that it is created and engendered in the entrails of the earth ; and so, as the earth brings forth oi' expels it, and because of the abundance of the material in the mountain tops, it is carried down by the storm waters into the ravines of those streams which rise in the mountains, it is always those miners who get the gold at a lower level who find it purest ; because the more the gold travels, the higher and finer the alloy. But those who extract it at a greater elevation, higher up the river, go closer to the birth-place of the gold, and obtain it more often in abundance. Hence it may be inferred that the distance which it moves takes much time, many years, so as to effect the increase of carat and of purity. The nearer gold is found to its vein or birth-place, once it has reached the river, the lower it is in carat and value than Production of Gold and Silver. 41 it would have been if it had travelled a greater distance. Gold is nowhere found in large masses, as we find stone and coal, but is infinitely distributed. It is found on the mountains, in the valleys, on the hills, and in quartz-rocks, in parphyry, in syenite, in granite, in greenstone of all kinds (sometimes called diorite) in alluvial soils, in the sands of rivers and other deposits. The alluvial gold is seldom found very deep, a few inches to a few feet being the average ; while in quartz-rocks the yellow metal exists at unknown depths. The following is taken from the United States Mint Keport for 1895 : — " The direct association of gold and diamonds anywhere in the world is known in only one instance, and this has never before been described in print. Professor Arzruni showed me the specimen exhibiting it some years ago and now gives me permission to make it known. In 1887, the Eoyal Polytechnic High School at Aachen acquired from Mr. Ernst Winter, a diamond dealer in Hamburg, Eimsbiittel, a grey, opaque, flawed, Kimberley diamond, which shows at two points inclusions of native gold in grains. It seems that this native gold must be considered as a constituent of the basic eruptive rock in which the Kimberley diamonds occur." Gold is found in almost every country. In all probability there are valuable treasures of gold in the mountains of Wales, Ireland, and Scotland. On the continent of Europe, gold is found in the beds of several rivers ; the yield of it from Australia, America, Canada, and Africa is immense. During 1895-6-7, America took the lead in the production of both gold and silver. In 1898, and to the present, July, 1899, South Africa leads in the production of the yellow metal. When the mines of Klondyke, British Columbia ■and West Australia are more developed, it is evident there will be a close run with three or four of the principal gold-producing countries, no one can say with certainty which will take the lead in 1903. More than three-fourths of all the silver produced in 1897-8 came from Canada, United States, Central and South America. In 1897, out of 165,000,000 ounces, 140,500,000 ounces of it came from the continent of America. It is a well-known fact that the precious metals exist in great quantities in every quarter of the globe. At present the following countBies are producing over half-a- .miUion sterling per year of the yellow metal : — Africa, Australasia, 42 Money. China, India, Eussia, Mexico, United States, Canada, Columbia^ and the Guianas. Gold only is produced in Brazil, Venezuela, British, French,. and Dutch Guiana, Uruguay, China, Africa, British India, Korea,. Borneo, and Madagascar. Both metals, gold and silver, are- produced in Central America, United States, Canada, Columbia,, Japan, and Australasia. Silver only is produced in Norway, Spain,, Greece, and France. The value of gold produced in France, given in another part of this book, has been extracted from imported ore. For years we have spent a considerable amount of time in consulting the reports given on the production of the precious metals, &c., and have come to the conclusion that in the near future the output of gold will be enormously increased. The enthusiasm for gold and mining shares at the present time, which has seized the public of Europe and America, is unbounded. The discovery and develop- ment of such a large number of successful mines, which have been opened up during the last few years, have caused large syndicates, to be formed in London, Paris, New York, and other big towns, for- the purpose of exploiting mines in Africa, Australasia, India, America, Canada, and other places. It is the opinion of mining engineers and other well-informed experts, that there will be a great discovery of the precious metals, shortly, in the region of the Andes Mountains, in South America. The wages of gold miners and the mode of working varies greatly in different parts of the world. There is no uniformity in any district, the wages varying from 4s. to 40s. per day. And as- a rule the easier the work the better the pay. There are two forms in which gold occurs ; first, by replace- ment, as in quartz gold, gold in hornblende and in diorite (greenstone) ; secondly, by precipitation in free material, as in flimy gold, large nuggety gold which is generally found at the cap - of a lode (vein or course) in cavities or vugs of the quartz reef, also the fine gold which seems like powder scattered through the soft, amorphous mass which had lost its transparent form previous to the gold emanation. Gold is not often found in nuggets of any size, when it does occur the nuggets are exhibited in great centres, as London and New York. We have seen two accounts claiming to be the largest nugget ever found, as follows : — The largest nugget of gold ever found was picked up in Australia, in 1852 : it weighed 2,676 ounces, and was said to be worth £11,000. At the exhibition, Production of Gold and Silver. 43 now being held at Earl's Court, we saw, the other day, what is said to be the largest lump of solid gold ever found in the world, it was found at Moliagul, Victoria, February 5th, 1869, three inches below the surface ; it weighed 2,520 ounces, was valued at JEIO.OOO, and was called " The welcome Stranger." The largest nugget ever found in America was a long way short of the Australian monster ; it was picked up in California, on the 18th of November, 1854, at Camp Corona ; it weighed 1,818 ounces, and was exhibited in both England and America ; finally, it was melted into bullion and sold for JE7,255. This nugget was found near the root of a tree. The man (Oliver Martin) who found it was digging a grave in which to bury his companion — the two had been working in the diggings for weeks without any success until they were nearly dead, when a storm came on which lasted for days, and while sheltering under a tree his comrade was killed by lightning, and, although nearly dead himself, he was determined, if possible, to give his friend (Flower) a decent burial ; thus, while engaged in this kindly act, he was rewarded for his labour of love by finding the largest lump of fine gold ever picked up on the continent of America. He was so weak at the time that he had to obtain the assistance of another man to help him to get it out of the ground. In 1866, another large nugget was found in California by a man named David Hill, which he sold for £3,400. In 1871, the same man found another large lump of gold, which he sold for £2,800 ; a few years afterwards this same man died in prison penniless. It is calculated that all the gold found or extracted during the last hundred years has cost twice as much as it is worth, or more, so that while some are gaining others are losing money in the gold mines. During the last year, the two million sterling of gold produced at Klondike cost not less than £10,000,000. It should be borne in mind that gold is not, as a rule, picked up easily and without trouble. Successful mines are managed by careful, shrewd, experienced men ; and successful investors and stockbrokers read regularly the different financial journals in order that they may be well acquainted with the business they have in hand. There is another serious and expensive thing connected with the production of gold that ought to be considered by those intending going out to the mines, that is, the difficulties and hardships to be met with in such places as Klondike and Western Australia. Not 44 Money. one half of the people who start out for these places ever land there, they die on the way, or return wiser and poorer, without ever reaching their destination. The World's Production of Gold, from 1493 to 1898. The total of the World's production of gold, from 1493 to 1898, or in four hundred and five years, was 462,163,545 ounces, fine ; value, about ^61,848,653,180. If those who recollect the state of the gold mining market twelve or fifteen years ago will take the trouble to make a mental comparison of the difference of affairs then, with the widespread enterprise and the myriad mines with which we are familiar now, they will be astonished at the advance which has been made. To have prophesied a dozen years ago, that active mining shares by the hundred would be quoted in the financial papers, and dealt in by thousands on the Stock Exchange every day, before the end of the century, would have been to declare oneself as a fit subject for an asylum, yet the unexpected has come to pass, and, for one investor who was interested in mines ten years ago, there are hundreds with the same interest now. The progress of gold mining was slow, in the 16th and 17th Centuries, as may be seen from the following figures, which are those of Dr. Soetbeer. In the 18th Century th^ movement became accelerated in a very perceptible manner, but afterwards diminished greatly. Pboduction op Gold : Anntjai, Average. Annual Average. Annual Average Period. Fine Ounces. Value Period. Fine Ounces. Value. 1493-1520 186,470 £777,000 1521-1544 230,194 952,000 1545-1560 273,506 1,111,200 1561-1580 219,906 992,000 1581-1600 237,267 981,000 1601-1620 273,918 1,182,400 1621-1640 266,845 1,103,200 1641-1660 281,955 1,145,400 1661-1680 297,709 £1,230,800 1681-1700 346,095 1,430,400 1701-1720 412,162 1,704,000 1721-1740 613,422 2,586,200 1741-1760 791,211 3,271,200 1761-1780 665,666 2,752,200 1781-1800 571,948 2,364,600 This course of the production— first ascending and then retro- grading—was due especially to Brazil. Central Europe continued to yield annually about 32,100 ounces of fine gold, while Eussia was still only assaying its placers ; there was no progress in Africa but the contrary ; New Granada (the Colombia and Venezuela of the present day), after having yielded 160,100 ounces up to about Production of Gold 45 1760, also began to decline. Brazil then took the lead and became for a time the country par excellence of gold production. Estimated at 78,100 ounces per annum, the average figures for the period 1701 to 1720 ; its production rose to 283,400 ounces from 1720 to 1740, and to 467,400 from 1741 to 1760. This represents almost three-fifths of the then total gold yield of the two worlds. Only, the Brazilian deposits were soon used up, and their annual tribute decreased, first, by one-third, and later, by two-thirds and even more. The 19th Century is distinguished by events of a very different kind. First among them, during the ephemeral occupation of Spain by Napoleon, was the insurrection of the Spanish colonies, and the long war of independence that gave birth to the majority of the autonomous republics that stretch at present from the Gulf of Mexico to the Straits of Magellan. During this crisis the gold production ef America declined by more than one half. Eussia, fortunately, began to increase its annual out-put, from 1821, and became the great purveyor of gold for the civilized world, when an unexpected discovery of gold was found first in California, in 1848 ; then in Australia, in 1851. Thousands of emigrants were lost on the broad prairies of the Far West, or amid the snow of the Eooky Mountains ; and many lost their lives in mutual strife in that distant Babel, California. In Australia, similar events were taking place at the same time. The following table shows with what promptitude California and Australia doubled the production of gold : — Annu.al Average. Annual Average. Period. l-'ine Ounces Talue Period. Fine Ounces. Value, 1801-1810 671,563 £2,863,000 1811-1820 867,957 1,521,200 1821-1880 457,044 1,889,600 1831-1840 652,291 2,696,800 1841-1850 1,760,502 7,274,600 1851-1855 6,410,324 £26,502,600 185G-1860 6,486,262 26,816,600 1861-1865 5.949,582 24,697,800 1866-1870 6,270,086 25,922,800 1871-1875 5,591,014 23,115,400 Less than 5 millions up to 1848, and 25 millions to 28 millions beginning with 1850 — a prodigious jump, certainly. Prices, as in the 16th Century, necessarily felt the effect of this enormous increase in the world's yield of gold. Of the 6,400,000 ounces of gold produced annually from 1851 to 1855, nearly 3 million ounces were obtained in California. Australia yielded about 2,240,000 ounces, or about three times as much as Eussia. From 1871 to 1875 Australasia and North America registered equal products, about 1,920,000 ounces. Eussia produced about one 46 Money. million ounces. Of the remaining countries, none then reached 130 thousand ounces. There was quite a noticeable reaction from 1860 to 1883, and the production fell to about 4,600,000 ounces per year. The reaction was only a temporary one though, for from 1891 to 1895 the yield was almost double that of 1861 to 1865, and considerably higher than in any previous year, see following table : — Annual Average. Annual Average Period. Ounces. Value Period Ounces. Value. 1876-1880 5340170 £22695724 1881-1885 4955831 20974291 1886-1890 5461281 23210349 1891-1895 7902250 £33544564 . 1896 9804748 40456460 1897 11489291 47500960 Seventeen years ago, to all appearances, the supply of gold was fast dying out, the richest gold fields having been rapidly exhausted, and new ones not having taken their place, the gold industry seemed doomed to perish. This state of things seemed to bolster up the claims of the apostles of bimetallism, " That the decline of wholesale prices was due to the downfall of silver and the enhanced value of gold." But chance, after having for a time favoured this thesis, sprung an unpleasant surprise on those who had made this their creed, for, while prices continued to fall, an unforeseen change took place, and the extraction of gold from the mines of the world soon reached surprising proportions. We need not remind our readers of the stupendous increase in the yield of the world's gold mines during the last four or five years, the amount produced in 1898 was £57,241,790. During the first six months of this year, 1899, South African mines have yielded 2,685,865 ounces, or 480,977 ounces per month. In all probability these mines will yield, this year, 5^ million ounces ; this at £4 per ounce would be 22 millions sterling, which will be more than all the mines of the world produced 23 years ago. The arrivals in 1898 from South Africa were phenomenal ; and, for the first time that country ranked as the largest gold producer in the world. The cost of carriage from Johannesburg to London at present is about 4s. Id. per pound, avoirdupois. This heavy charge is a great disadvantage to bullion dealers, and ought to be reduced In the Australasian colonies rapid strides are being made in the production of gold. Western Australia has quickly risen from the bottom of the list to near the top. A new gold field is being opened up in India, the " Wondalli " mine, about 300 miles north of Mysore group. The Mysore mines yielded Prodtiction of Gold 47 415,147 ounces in 1898, an increase of 25,357 ounces over 1897. During the last two years only about one-third of the gold produced has arrived in London, The vast increase of the production has not been sent to the London market, but to Eussia and the United States. There need be no alarm on that account, unprpduetive hoards in any country to any great extent is folly, and no wise Government or banker will sanction such a thing. The Value of Gold produced in the principal Gold Yielding Countries of the World from 1887 to 1898. Year. ■United States. Australia. Bussia. Africa. India. ; rhe Gui alias. 1887.. . £6600000 £5467400 £4018400 £383920 £84320 £148780 1888.. . 7635000 6617340 4265000 900000 185520 124614 1889.. . 6560000 5961600 4791100 1717820 300520 812060 1890.. . 6569000 6277800 4691600 2051220 400000 428440 1891.. . 6685000 6831800 4832500 3148480 499000 668040 1892.. . 6600000 7137720 4921240 4846400 668660 822180 1893.. . 7191000 8354160 5561640 5788700 762720 889520 1894.. . 7900000 8352160 ' 4826680 8054200 776580 1118220 1895.. . 9322000 8959660 5778880 8910980 951180 1080620 1896.. . 10617600 9086380 4807160 8918200 1226100 960400 1897.. .11842159 10419068 4307698 11524094 15S9911 808432 1898.. . 12860000 12296153 5027399 15865889 1550860 764458 Totals, 100331759 95711241 57829297 72109408 8909871 8105764 It will be observed from the above table that in the production of Gold, Africa has gained rapidly, on America and Australia, until now she leads the way. The race with America and Australia is a near run, in fact it is hard to say which country in the world will yield the largest quantity of the yellow metal at the commencement of the next century The prospects are favourable in three or four different parts of the world. The vast increase of gold obtained in the world has, thus far, not been able to exercise much influence on economic conditions, being for the most part accumulated idly in the banks of Europe and America, crowding their vaults in a manner previously unheard of. Very little interest is now paid at the banks for gold, and in many cases none whatever. 48 Money. Value of Gold produced in the World from 1894 to i8g8, showing the amount from each Country. Countries. 1894. 1895. Afkica ... £8054200 Witwatersrand Other Districts West Coast ... Ehodesia Madagascar ... Australasia (7 Colonies) Asia. China ... 1711360 India (British) 776580 Japan ... 97960 Kora ... 93440 Malay Peninsula Borneo 1896. dE8910980 JE8918200 1897. 1898. £10382721 £14695320 961014 948870 100359 41340 80000 100359 80000 8352160 8959660 9036880 10419068 12296153 1704200 951180 103420 139840 604800 1226100 142660 144360 Europe. Austria-Hungary 30] 440 France Germany ... 412120 Italy ... 23400 Norway Russia ... 4826680 Sweden ... 12500 Turkey ••- 1600 United Kingdom 14811 North America. United States 7900000 Canada ... 208420 Newfoundland Mexico ... 900000 Central America 94100 South America. Argentine ... 19000 Bolivia ... 13400 Brazil ... 443900 Chile ... 228880 Colombia ... 588560 Ecuador ... 18680 Guiana, British 462020 Dutch 130160 French 521040 Peru ... 14880 Uruguay ... 8080 Venezuela ... 188190 14760 91800 397800 430540 444620 23400 227820 28040 5778880 4807160 10500 15220 1600 1460 18520 5035 9822000 10617600 882180 562040 1200000 16^6340 94100 94100 19000 13400 443900 281540 578560 18680 462020 97560 521040 12760 6440 181900 86000 15000 200220 281520 600000 26580 442660 96860 421480 28820 6720 189700 1828238 1459911 142660 144353 103350 20000 435711 48461 375817 42686 2702 4807698 15305 1600 7185 11842159 1238000 12402 1424288 105000 62981 13000 292424 281509 780000 26580 419620 186350 247462 28926 22920 162813 1328238 1550860 142660 144853 103350 20000 435711 43461 375817 42686 2702 5027399 15305 1621 8400 12860000 2888000 12402 1538773 105000 62981 13000 850000 281509 780000 26580 372279 116884 275295 28926 22920 162813 £86457661 41088440 89459215 47465228 57241367 Production of Silver. 49 The above particulars on the production of Gold for the last five years have been gathered from different sources, consequently the totals do not exactly correspond with the totals for the same years taken from the United States Mint Eeport. The total amount of gold produced from January 1st, 1879, to December 81st, 1898—20 years— is JB566,406,410. The World's Production of Silver, from 1493 to 1898. The world's production of silver from 1493 to the end of 1870 — that is, from the discovery of America to the beginning of Germany's reform of its Monetary System— was 5,497,117,918 ounces fine, of the value of £1,421,554,693. The production of silver from 1871 to the end of 1896 was 2,709,430,930 ounces fine, of the coinage value of £700,658,838. Thus, the production of the silver mines of the world, during these 26 years, was 49-2 per cent., or very nearly one-half of the amount extracted from them in the 378 years, from 1492 to 1871 . The average annual production of silver in the world, from 1492 to 1871 was 14,542,635 ounces fine. During the years 1871 to 1896 it was 104,208,888' ounces fine — that is, seven times as much per annum as previous to the date of the so-called demonetization of silver. The world's total production of silver from 1493 to 1898, or in 407 years, was about 8,628,339,077 ounces fine. During the last ten years, from 1889 to 1898, the amount of silver extracted from the mines of the world, was 1,407,988,819 ounces fine. Such an increase, within about a quarter of a century, in the production ofithe monetary metals is certainly sufficient reason why one of them should have been demonetized, or why, at least, the coinage of one of them should have been limited or suspended, if the world was t© be spared a revolution in prices similar to that which took place in the Sixteenth Cenlury, and compared with which the decline of prices since 1871 is insignificant in the effects it has produced. The principal cause of the decline of silver, since 1873, is the enormous increase in its annual production. In 1874 the output of fine silver was under 56 million ounces, while in 1898 the production was 190 million ounces, over 300 per cent. Another cause is said to be the suspension of its coinage into full legal-tender coins on private 50 Money. account by all the States of Europe, and by every civilized Government of any importance, except Mexico. The suspension of the coinage, however, will not account for it entirely, because, notwithstanding such suspension, there has been incomparably more silver coined since 1873 than in any period of equal length preceding it. To say that silver only began to decline in 1873 is a false statement. At a Monetary Inquiry in France, in 1867, it was found that the increase of the production of silver was causing a vast amount of anxiety in commercial circles. A careful study of the history of money will prove that a progressive decline in the value of silver from century to century has taken place. In our opinion that decline will continue until it reaches Is. 6d. per ounce. While the increased production of silver has proceeded at such a rapid rate, the demand by the mints of the world has declined. From the end of 1881 to the end of 1891, the value of silver over gold coined in the world was about je20,000,000. From January, 1892, to December, 1898, there has been an enormous increase in the gold coinage of the world. During the same period the silver coinage has declined, taking the price of silver at coinage value. The value of gold and silver coined in the world during the seven years from 1892 to 1898, was iE377,842,198 gold, and £173,632,583 silver. It is evident then that the commercial world has abandoned silver in favour of gold. W^eight and Coining Value of Silver produced in the World, from 1493 to 1897 — 405 years. Period. 1493-1544 1545-1580 1581-1620 1621-1660 1661-1700 1701-1720 1721-1740 1741-1760 1761-178Q 1781-1800 1801-1810 1811-1820 1821-1830 1831-1840 1841-1850 Annual Atehioe for Pebiod. Fine Ouncee. Coining Value. 4410980 19646865 27063870 24430786 21826636 11432540 13863080 17140612 20985591 28261779 28746922 17385755 14807004 19176867 25090342 £1138800 6080400 6998400 6317400 5644000 2956200 3584800 4432400 5426600 7308000 7433600 4495800 8838800 4940600 6488000 Total j Fine Ounces, 111907720 852865540 641277400 488615700 436532700 228650800 277261600 342812235 419711820 565235580 287469225 173857565 148070040 191766675 260903422 Coining Value. £28933800 91246000 189966600 126349200 112881200 59125800 71696000 88646400 108531600 146162000 74383400 48956000 38288800 49586000 64880000 Production of Gold and Silver. 51 Period. 1851-1855 1856-1860 1861-1865 1866-1870 1871-1875 1876-1880 1881-1885 1886-1890 1891-1895 1896 1897 1898 Annual Avebagb for Psbiob. Hne Ounces. Caming Value. 28488597 29095428 35401972 43051583 63317014 78775602 92008944 108911431 157581331 168178550 183096000 190000000 7864800 7523600 9154400 11132400 16372800 20370200 23791000 28168000 40748400 46249100 50351400 52250000 Total Fine Ounces. 142442986 145477142 177009862 215257914 316585069 393878009 460019722 644557155 787906656 168178550 183096000 190000000 FOR Period. Coining Value. 36833800 S7618400 45772200 55662600 81864400 101851200 118954600 140814800 203741600 46249100 50351400 52250000 Totals, 1472170079 £389564900 8541339077 £2221546900 Annual Production of Gold and Silver in the World, from 1873 to 1898. Fkom the United States Mint Eeport. Gold. SiLTEB. Tear. J?ine OunceB. Value. Fine Ounces. Commercial Value. 1873 4653675 £19778118 63267187 £16987415 1874 4890031 18657631 55300781 14576595 1875 4716563 20045892 62261719 16000483 1876 5016488 218-20074 67758125 16154086 1877 5512196 28426833 62679916 15526211 1878 5761114 24484784 73385451 17486875 1879 5262174 22364239 74883495 17228619 1880 5148880 21882740 74795273 17668873 1881 4983742 21180903 79020872 18545966 1882 4934086 20969905 86472091 20260411 1883 4614588 19511999 89175023 20415511 1884 4921169 20914968 81567801 18724406 1885 5245572 22293681 91609959 20113252 1886 5185679 21826685 93297290 19138659 1887 5116861 21746659 96123586 19393893 1888 5330775 22655298 108827606 21065841 1889 5973790 25388607 120218611 23185408 1890 5749306 24434550 126095062 27212006 1891 6320194 26660824 137170919 27946916 1892 7094266 30150630 153151762 27514657 1893 7618811 82379946 165472621 26680979 1894 8783842 87329203 164610394 21551681 1895 9694640 41202220 168308353 21038500 1896 9817991 40591200 168178550 21622318 1897 11500000 47228660 183096000 20598310 1898 13805407 57241791 190000000 21375000 Totals, 167101340 £705662435 2886218447 £527852821 52 Money. Gold and Silver produced in the United Kingdom, from 1880 to 1897. GOLD. SILVEE. Price of Silver lor the Year. Weight, ounces. Value. £ Weight, ounces. Value. £ 1880 10 38 297283 68463 52i 1881 4-5 18 810048 67500 511 1882 226 868 372544 80426 51*1 1888 66 252 344053 72484 50A 1884 — — 325718 68791 50iJ 1885 3-5 14 320520 64938 48f 1886 — — 325427 63061 45f 1887 58 210 820845 59564 44-1 1888 8745 29982 321425 57421 42| 1889 8890 13227 306149 54453 42H 1890 206 675 291724 58040 47f 1891 4007-8 13700 279792 52584 45A 1892 2835 10511 271259 44998 39if 1898 2309 8691 274100 40687 35| 1894 4285 14811 275695 83313 29 1895 6600 18520 280484 84908 29f 1896 1852-5 5035 288826 36865 30J 1897 2082 7185 249157 28614 27x«^ Total 36580-8 123782 5449499 981550 The Geography of Gold. In an article entitled The Geography of Gold, by the distinguished Director of the French Mint, Mr. A. de Foville, he says : " There exists, perhaps, a great deal of gold in the deep layers of the terrestial sphere. Gold is 20 times as heavy as water, or nearly so, and its very density contributes to hold it nearer the centre of the Globe. At the surface it is found only in the sporadic and almost molecular state. Imagine a cube measuring 33 feet in length, breadth and thickness. Such a cube contains no very large volume, and the capacity of a small ship is equal to it. Now, all the gold extracted from the earth from the very beginning would represent a volume no larger than this, and the greater part of this gold is of recent origin. Is it Geography of Gold. 53 not extraordinary that so small a quantity of the yellow metal has been able to exercise so formidable an influence on the destinies of so many generations ? " What bloody wars, what brutal invasions, what cruel tyrannies,, what treachery, and what crimes have had their real incentive in aurisacra fames, the accursed thirst for gold ! The war now raging in Natal and the Transvaal is no' exception to the rule. President Kruger and his family have got so rich out of the gold mines, and by taxing the Uitlanders to an unreasonable extent, and making slaves of the black people, that nothing in reason will now satisfy them, in consequence of which they are just now, according to the news to hand this morning, October 23rd, 1899, reaping the fruits of what they have sown. On the other hand, what an impetus has been given to material progress and to civilization, wherever gold has been discovered, whether in America, Australia or Africa ! It will never be known whether gold has been productive of more evil or good to mankind." How TO MAKE A 5aFE INVESTMENT. This is a question that is being asked almost hourly, and in the short space we have at our disposal we will try to answer it as effectively as possible. In the first place do not, even at the instigation of a broker, buy any stock unless you are prepared to pay for it. We mention this in order to warn you against the practice which is adopted by some people of purchasing and carrying over stock and paying or drawing the differences on the day when the Stock Exchange settlement takes place. This has ruined many hundreds who have expected that the stock would rise and that they would be drawing the differences, when on the other hand circumstances have arisen which they did not foresee, and consequently the stock has fallen in value and claims have been made which could not be met, and the transaction has resulted in loss and trouble. Such a system as this, which is very general, cannot be included under any heading but that of gambling. In the second place, many tempting offers are made to people to place money in ordinary trading concerns, and sometimes 7i, 10, 15, and even 20 per cent, is offered, and from the way in which the prospectus is couched, one is led to imagine that the principal is secure, but in hundreds of cases it turns out to be insecure, and as a rule the bigger the dividend offered and the the greater insecurity of the principal. To put money into such concerns must be considered a speculation, and it is necessary to advise you if you consider any of the prospectuses issued by trading concerns to (1) ascertain the standing of the directors and of those connected with the promotion ; (2) get the opinion of some professional accountant of good standing as to any figures that may be given in regard to the company's capital, trading, and the goodwill it is proposed to pay. Examine carefully the purchase agreement between the vendors and the company, and for the money which the vendors are receiving ascertain if they are giving anything approaching the actual value in the shape of assets ; and (3) consider the standing of the concern, how many years it has been in existence, and whether the increase in the How to make a Safe Investment. 55 profits has been continuous and for what number of years. If these facts are borne in mind it will prevent, we are sure, a good many people from investing money carelessly. The only way in which you can make a safe investment, is not so much to seek a large dividend as to see that the principal i» secured, and hence the reason why executors under wills are prohibited from investing trust money in anything but where there is absolute security for the principal. "We do not advise investments across the water with the exception of American bonds. You cannot beat the ordinary English railway stock or consols. True it is in some instances you may have to pay a premium for railway stock, still there is a chance of getting something for that premium by an expected future rise in the stock, as in all our English railways it is expected that the stock will continue to rise. We can also recommend stock in connection with some of our city corporations, and last, but not least, if you can lend your money on property in a district with which you are acquainted, where the premises are not used as workshops or anything of that kind ; more particularly cottage property in a. thriving working class district where you can watch it and it does not run away. We should like to say finally that it is never wise to have all one's eggs in one basket, or as Shakespeara puts it : " My ventures are not in one bottom trusted ; Nor to one place ; nor is my whole estate Upon the fortune of this present year." List of Gold Coins. List of Gold Coins of the principal countries of the World, with their fineness, legal weight, weight of pure metal, and value in English gold coin. 1000 stands for pure gold ; -900 fine = i%ths pure metal and ■^th alloy. No coins are made of pure gold [. The price is calculated on 2'123 pence per grain oi : pure gold. CotmtrieB. Name of Coins. FineuesB, Legal Weight, grains. Grains of Pure Gold. Vklne in EngUsh Coin, Argentina Argentine 900 124-45 112 19 10 7) i „ 900 62-22 56 9 11 Austria-Hungary 20 Crown piece 900 104-55 94-09 16 8 » 10 900 52-27 47-04 8 4 >j 4 Ducats 986i 215-49 212-45 1 17 7| u 1 „ 986i 53-86 53-11 9 4i t7 8 Florins (old system J 900 99-56 89-6 15 lOi li 4 Florins (old system] 900 ) 49-47 44-8 7 11 Belgium 100 Francs 900 497-80 448-02 3 19 4 ?) 50 „ 900 248-90 224 1 19 8 jj 20 „ 900 99-56 89-6 15 lOi >i 10 „ 900 49-78 44-8 7 11 jj 5 „ 900 24-89 22-4 3 Hi France, Switzerland, Italy and Greece (Latin Union) same as Belgium Bolivia 16 Bolivianos 900 385-21 346-6 3 1 3i Brazil 20 Milreis 9161 276-69 253-6 2 4 lOi J7 10 „ 916J 138-34 126-8 1 2 5J British India Double Mohur, 30 Eupees 916f 360 330 2 18 5 ?) Mohur, 15 Eupees 916f 180 165 1 9 2i j» 1 Mohur 10 Eupees 9161 120 110 19 5J jj i Mohur 5 Eupees 916f 60 55 9 9 Bulgaria Alexander 900 99-56 89-6 15 lOi Central America Onza or Doubloon 875 (coined prior to 1870) 417-59 365-39 "3 4 8 J) 1 2 5 J J> 875 208-79 182-69 1 12 4 J J 20 Peso piece (since 1870) 900 497-80 448 3 19 4 < -I o « s Gold Coins 57 Countries. Name o{ Coins. Fiueness. Legal Weight, . grains. Grains of Pure Gold. Value ill English Coin. Central America 10 Peso piece (since 1870) 900 248-90 224 1 19 8 i) 5 „ „ 900 124-45 112 19 10 tt 2 ), ,, 900 49-78 44-8 7 11 j> ■^ JJ JJ 900 24-89 22-4 3 Hi Costa Rica 20 Colons 900 240-12 : 216-1 1 18 3 10 „ 900 120 108 19 li j> 5 „ 900 60 54 9 6t }} 2 „ 900 24 21-6 3 9| Cbili Condor 9161 184-90 169-5 1 10 ?> Doubloon 9161 92-45 84-7 15 r)3 Escudo 916f 46-22 42-3 7 6 ^i Peso 916f 9-24 8-4 1 5| Cuba Spanish Quad- ruple (Onza) 875 417-59 365-4 3 4 9 J? Doubloon Isabella 900 129-43 116-4 10 8 7> Alphonse (25 pesetas) 900 124-15 112 19 10 Colombia Double Condor 900 497-80 448 3 19 4 II Condor 900 248-90 224 1 19 8 Egypt Egyptian Pound 875 131-17 114-7 1 3f JJ 50 Piasters 875 65 58 57-3 10 2 )) 20 „ 875 26'23 22-9 4 Of I) 10 „ 875 13-11 11-4 2 Oi f} 5 JJ 875 6-55 5-7 1 Pinland 20 Mark Kaa, 900 99-56 89-6 15 11 >j 10 „ „ 900 49-78 44-8 7 11^ ■Germany Double Crown (20 Marks) &00 122-91 110-6 19 7 J) Crown (10Marks)900 61-45 55-3 9 91 jj i JJ 5 JJ 900 30 72 27-6 4 lOf Great Britain Five Pound 9161 616-37 565 5 JJ Two „ 916f 246-54 226 2 JJ One „ 916f 123-27 113 10 JJ Half „ 9161 61-63 56-5 10 Haiti 10 Gourdes 900 248-90 224 1 19 8 13 5 „ 900 124-45 112 19 10 J» 2 „ 900 49-78 44-8 7 Hi »> 1 „ 900 24-89 22-4 4 58 Money. CouLtnes. Name of Coins. FineneBS. Lepal Weiyht, gc. iiiB. Crrains of Pure Gold. Value in Englifili Coin. Japan 20 Yens 900 514-40 469-9 4 2 (old law) J' 10 „ 900 257-20 231-5 2 1 ij 5 „ 900 128-60 115-7 1 6 J/ 2 „ 900 51-44 46-3 8' 2i jj 1 „ 900 25-72 23-1 A 1 M 20 Yens (new law) 900 257-19 231-4 2 1 J) 10 „ 900 128-59 115-7 1 6 J) 5 „ 900 64-29 57-8 10 3 M 1 „ 900 12-85 11-5 2 Oi Mexico 20 pesos 875 522-23 456-9 4 11 J) 10 „ 875 261-11 228-4 2 5^ )j 5 „ 875 130-55 114-2 1 2i ,, 2i „ 875 65-27 57-1 10 1 )j 1 „ 875 26-11 22-8 4 Netherlands 10 Florins 900 103-70 93-3 16 6i Persia 2 Tomans 900 87-96 79-1 14 jj 1 „ 900 43-98 39-5 7 Per a 20 Sols 900 497-80 448 3 19 4 it 10 „ 900 248-90 224 1 19 8 )» 5 „ 900 124-45 112 19 10 »» 2 „ 900 49-78 44-8 7 11-i » 1 n 900 24-89 22-4 4 J) 1 Libra (new) 9161 123-27 113 1 Portugal Crown 9161 273-68 250-8 2 4 Hi jj i „ b Milreis 916i- 136-84 125-4 1 2 2^ J) * ., 2 „ 9161 54-73 50-1 8 101 j> ] 1 1(5" " ■*• If 916f 27 36 25 4 5 Eoumania 20 Leis 900 99 56 89-6 15 101 )) 10 „ 900 49-78 44-8 7 11 Eussia Imper'l.lO rubles 900 199-13 179-'2 1 11 9 tt in 5 » 916f 100-98 92-5 16 4* )t i » 5 » 900 99-56 89-6 15 lOi It Ducat, 3 „ 916| 60-59 55-5 9 10 i7 10 Eubles (new] ) 119 1 1 1 Scandinavian 20 Crowns 900 138-28 124-4 1 2 Oi- Union 10 900 69-14 62-2 11 Gold Coins. 59 Oonutriea. Name of Coins. Fineness. Legal Weight, grains. Grains of Pnio Gold. Value in English Coin, Servia Milan, 20 dinars 900 99-56 89-6 15 lOi }} i„ 10 „ 900 49-78 44-8 7 Hi Spain 25 Pesetas 900 124-45 112 19 10 >i 10 „ 900 49-78 44-8 7 Hi )i 5 „ 900 24-89 22-4 4 Turkey 500 Piasters 916f 556-81 510-4 4 10 4 » 250 „ 916f 278-40 255-2 2 5 2 }; 100 „ 916f 111-36 102 18 1 ?) 50 „ 916f 55-68 51 9 0| }} 25 „ 916§ 27-84 25-5 4 6 United States 20 Dollars 900 516 464-4 4 2 3 10 „ 1 Eagle 1 900 258 232-2 2 1 4 5 „ i „ 900 129 116-1 1 6i 2i „ i „ 900 64-5 58 10 3i 3 „ 900 77-4 69-66 12 4 1 „ 900 25-8 23-22 4 1^ 1 dollar = 49-29d. Silver Coins. A list of Silver Coins of the principal countries of the World, with their fineness, legal weight, and "weight of pure metal, metal value, and current value. 1000 stands for pure silver, -925 is the standard of English silver coins. -900 is the standard of almost every other country. There are 444 grains of pure silver to the standard ounce, the metal value in this table is calculated at 2/3 per oz. Countries. Nome of Coins. Ilneneaa. Legal Weight, grains. Grains of Pure Silver. Metal Value. Current Value. Argentine 1 Peso 900 385-8 347-2 1 9 4 >» ^ ,, 50centavos900 192-9 173-6 10^ 2 J) i „ 20 „ 900 77-1 69-4 H 9^ ») ^„ 10 „ 900 38-5 34-7 2 4f ii in,, 5 „ 900 19-2 17-3 1 H Austria-Hungary 1 Crown, old law 835 77-1 64-4 4 9 3i 50 Heller piece 835 38-5 32-2 2 4i 9$ Maria-Theresa 833i thalei 433 360-7 1 9| 4 2 6o ■Money. Countries. Name of Coins. Austria-Hungary 2 Florins FmenesB. 900 Legal Weight, grains. 381 Grains of Pure Silver. 342-9 Metal Value. s. a. 1 8| Current Value. s. d. 3 10^ >) 1 ' ., 900 190-5 171-4 lOi 1 11 )) 1 4 >! 520 82-4 42-8 2i 5i jj 20Kreutzerpiece500 41-1 20-5 li 2| )j 10 „, 400 25-7 10-2 Oi H Bolivia 1 Boliviano 900 385-8 347-2 1 9 4 >> i „ 900 50 centavos 192-9 173-6 lOi 2 " i Boliviano 900 20 centavos 69-4 62-5 3* 8 1) Jjj Boliviano 900 10 centavos 32-7 29-4 1^ 3i 1) Jjy Boliviano 900 5 centavos 16-3 14-7 Oi 1| Bi-azil 2 Milreis 9161 393-5 360-7 1 9* 4 2 J) 1 „ 916f 196-7 180-3 10| 2 1 )' 500 Eeis 9161 98-3 90-1 5i 1 Ok Diilish India 1 Eupee 916f 180 165 10 *1 10| j» i „ 9161 90 82-5 5 11 )) i „ 916f 45 41-2 Zi 5i J) i „ 916f 22-5 20-6 li H Bulgaria 5 Levs 900 385-8 347-2 1 9 4 ;, 2 „ 835 154-3 128-8 n 1 5 ,, 1 „ 835 77-1 64-4 4 H M i „ 835 38-5 32-2 2 H Canada 50 cent piece 925 179-3 165-8 10 1 10 )) 25 925 89-6 82-9 5 11 )» 10 925 35-8 33-1 2 H >) 5 925 17-9 16-5 1 2i Central America 1 Peso 900 385-8 347-2 1 9 4 )) i .. 900 192-9 173-6 lOi 2 )? i n 900 96-4 86-8 5i 1 )} Dime 900 38-5 32-2 2 • H jj i „ 900 19-2 16-1 1 2 Chili 1 Peso 835 308-6 257-7 1 3i 2 lOi )i 20 Centavo 835 61-7 51-5 3i 6i )J 10 835 30-8 25-7 li 3i 5! 5 835 15-4 12-8 Of It *Rated at Is. 4d. Silver Co ins. 6i Countries. Colombia Name of Coins. IPeso Fineness. 900 Legal Weight, grains. 385-8 Grains of Pure Silver 347-2 Metal Value. s. d. 1 9 Current Value. s. d. 4 jj 2 Decimo 835 77-1 64-4 4 8i }j Decimo 835 38-5 32-2 2 4i )j i » 835 19-2 16-1 1 2 Denmark, 2 Crowns ■ 1 „ 800 231-4 185-1 11 2 1 Sweden and 800 115-7 92-5 5i 1 OJ Norway ) 50 Ore 600 77a 46-2 2i 6 )j 40 „ 600 61-7 37 2i 5 n 25 „ 600 37-3 22-4 H 3 >j 10 „ 400 22-3 9 Oi 1 Ecuador Sucre 900 385-8 347-2 1 9 4 n i ,. 900 192-9 173-6 lOJ 2 !> 2 Dimes 900 77-1 69-4 4* 9| )J Dime 900 38-5 34-7 2 4| JJ i „ 900 19-2 17-3, 1 n Egypt 20 Piasters 833i 432 360 1 9| 4 2 )) 10 „ 833J 216 180 lOJ 2 1 JJ 5 „ 833i 108 90 5i 1 Qh )J 2 „ 833^ 43-2 36 2i 5 J» 1 „ 833^ 21-6 18 H 2^ J» i „ 833i 10-8 9 Oi 1 J» 1 833i 5-4 4-5 Oi i Finland 2 Mark Kaa 868 159-9 138-8 8i 1 6| )) 1 868 79-9 69-4 4 9 >i 50 Penni 750 39-3 29-5 n 4 J) 25 „ 750 196 14-7 Of 2 France 5 Franc 900 385-8 347-2 1 9 4 >j 2 „ 835 154-3 128-8 8 1 7 a 1 „ 835 77-1 64-4 4 9J ») 50 Centimes 835 38-5 322 2 4i )j 20 835 15-4 12-8 Oi 1| Belgium, Greece, Italy, Spain and Switzerland, same as France. Germany 5 Marks 900 428-6 385-7 1 Hi 4 11 J) 2 „ 900 171-4 154-3 9i 1 111 ») 1 „ 900 85-7 77-1 4f 1 j> 50 Pfennig 900 42-8 38-5 2i 6 11 20 „ 900 17-1 15-4 1 2 62 Haiti Hawaii Japan Mexico. Netherlands Peru Portugal Eoumania Eussia Money. Name of Coins. Fineness. 1 Gourde 900 i „ 835 i Gourde 835 Js „ 835 1 Dollar piece 900 50 Cent piece 900 25 Legal Grains of Weight, Pure grains. Silver. Metal Value. 10 1 Yen 50 Sen 20 „ 10 „ 5 „ 1 Peso 50 Centavo 25 10 „ 5 „ 2i Florins Florin 1 1 Sol i „ 1 6 " Diner i „ 500 Reis 200 „ 100 „ 50 „ 5 Leis 2 „ Lei i „ 1 Rouble 900 900 900 800 800 800 800 902J5 902^'^ 902^^^ 902,;'^ 902/^ 945 945 945 945 945 945 900 900 900 900 900 916f 9161 9161 9161 900 835 835 835 868 385-8 192-9 77-1 38-5 412-5 192-9 96-4 38-5 416 208 83-2 41-6 20-8 417-7 208-8 104-4 41-7 20-8 385-8 154-3 77-1 55-1 21-6 10-5 385-8 192-9 77-1 38-5 19-2 192-9 77-1 38-5 19-2 385-8 154-3 77-1 38-5 319-9 347-2 161 64-6 32-2 371-2 : 173-6 86-8 34-7 374-4 166-4 66-5 33-2 16-6 377-1 188-5 94-2 37-7 18-8 364-5 145-8 72-9 35-3 13-8 6-7 347-2 173-6 69-4 34-7 17-3 176-8 70-7 35-3 17-6 347-2 128-8 64-4 32-2 277-7 1 9 4 2 lOi lOJ 5i 2 10| 10 4 2 1 L 11 Hi 5| Zi 1 1 10 8f H 2i 01 Oi 1 9 lOi H 2 1 lOJ 4i 2 1 1 9 8 4 2 1 5 Current Value. s. d. 4 2 9i M 4 2 1 8 10 4 4 2 1 10 2i 2 1 04 5 2i 2 9| Oi 9i H 2 9| 4i 2J ■ . 7 H 4i 5 1 (prior to 1886) Silver Coins. 63 CionntriM. Name of GoiQB. Fineness. Russia 1 Eouble 900 (since 1886) 50 Kopecks 868 (prior to 1886) 50 Kopecks 900 (since 1886) 25 Kopecks 868 (prior to 1886) w»-lht ^S°' Metal Current Weight, Pme ^^ j y^„j grams. Silyer, s. d. s. d, 308-5 277-7 15 3 1 159-9 138-8 8i 1 6i 154-2 138-8 8i 1 6i 79-9 69-4 4 9 99 25 Kopecks (since 1886) 20 „ 900 500 77-1 55-5 69-4 27-7 4 li 9 4 j» 15 „ 500 41-6 20-8 U n 10 „ 500 27-7 13-8 01 2 jj 5 „ 500 13-8 6-9 Oi 1 Servia 5 Dinars 900 385-8 347-2 1 9 4 jj 2 „ 835 154-3 128-8 8 1 7 )f Dinar 835 77-1 64-4 4 H )) i „ 835 38-5 32-2 2 4i Turkey 20 Piasters 830 371-2 308-1 1 64 3 54 )) 10 „ 830 185-6 154 9i 1 81 J) 5 „ 830 92-8 77 4i lOJ )} 2 „ 830 37-1 30-8 If 4 }} 1 „ 830 18-5 15-4 1 2 J> + " 830 9-2 7-7 Oh 1 United States Dollar 900 900 900 412-5 192 96 371-2 172-8 86-4 1 10| lOi 5J 4 2 1 2 ii 1 Dime 900 38-4 34-5 2 6 i „ 900 19-2 17-2 1 3 - ) J 3 Cents 900 il-5 10-3 Of li United Kingdom Crown Double Florin 925 925 436-3 349-8 403-6 322-8 2 OJ 1 7i 5 4 If Half-Crown 925 218-1 201-8 1 Oi 2 6 f } 1 Florin 925 174-5 161-4 10 2 J) 1 Shilling Sixpence Fourpence Threepence Twopence 925 925 925 925 925 87-2 43-6 29 21-8 14-5 80-7 40-3 26-9 20-1 13-4 5 , 24 li oj 1 6 4 3 2 64 Money. Countries whose large Silver Coins are equal in Size, Weight, and Value. (Metal Value 2/3 Pee Ounce.) Metal Current Value." Value. 1/9 4/- Countries. Name of Coins. Elnenees. Legal Weight, Grains. Grains of Pure Silver. Argentine 1 Peso 900 385-800 347-220 Belgium 5 Francs n 3) Bolivia 1 Boliviano jj ;) Bulgaria 5 Levs )) jj Central America 1 Peso jj 31 Chili 1 Peso 5) a Ecuador 1 Peso J) if France 5 Francs JJ S) Greece 5 Drachma! JJ 5! Guatemala 1 Peso t! 5> Haiti 1 Gourd if JS Italy . 5 Liras J! )) Peru . ISol )5 J) Eoumania . 5 Leis )J )J Servia ... . 5 Dinars )) J> Spain ... . 6 Pesetas JJ )) Uruguay . 1 Peso )) >J United States Colombia ... , 1 Peso JJ if Venezuela . 1 Venezolano „ M Switzerland , 5 Francs J J J> All the above silver coins (except in Chili and Venezuela) are unlimited legal tender in their respective countries ; there are, however, two sides to this question. While the distributive side of bimetallism still exists in these countries, all the mints are closed to the unlimited reception of the silver, and the interna- tional trade of these countries is conducted and settled on a gold basis. Practically, these are all gold standard countries. For the sake of uniformity, we have stated the current value of these large silver coins at 4s. each. Though in the majority of cases, in bimetallic countries, pure gold is taken at being worth 15-2' times its weight of pure silver. This proportion corresponds to giving standard silver a constant value of 60-| pence per ounce, Or 347-220 grains of pure silver equal to 8s. ll^d. sterling. Advances and Repayments. 65 Consolidated Fund Advances and Repayments, An Account of the sums advanced in each Year from »he Consolidated Fund for the puiciiase of Bullion for Coinage ; and of the sums paid in each Year to the Account of Her Majesty's Exchequer at- the Bank of England in repayment thereof, from the 1st day of January, 1888, to the 31st day of December, 1897. Balance dne to Exche- quer on 1st January, 1888 1888 1889 1890 1891 1892 1893 1894 1895 1R9('. /Mh.l8 I Jnn. 4 1897-iSep.29 Not. 1 (,Peo.22 Amounts Advancccl from the ConFOlidatecl Funcl. 100.000 100,000 250,000 100,000 50,000 335,000 580,000 1,730,000 1.220,000 740,000 685,000 625,000 670,0(10 815,000 810,000 600,000 ^£8,81 0,000 1897 Mh,26 Oot,25 Dec. 1 „ 16 , ,. 23 Amounts paid into the Exchequer in Kepayment of Advances. 150,000 150 000 100. 000 100,000 150,000 710,000 1,660,000 1,125,000 875,000 620 000 730,0' ') 64o,l'0U 820,000 715,000 650,000 Balance due to the Exchequer, on 31st December, 1897 .. 260.000 £8,810,oro As given in detail in previous Returns. 66 Money. Weight and Fineness of each New Coin. Schedule to Coinage Act, 1870, and as Amended in 1891. — 1st Schedttlb. Denomination ol coin. Standard Weight. Least Current Weight. Standard finenees. Picmedy allowance. Imperial Weight. Metric Weight Imperial Weight, Metric Weight. Weight per piece. Mllle». imal fine- ness. Grains. Gramg. GxainB. Granu. Impe- rial grains. Metric grams. GOI/D. Five pound Two pound Sovereign Half-sovereign StLTEH. Cro-wn Half-crown Florin Bulling Sixpence Groat, or fonrpence... Threepence Twopence Penny BHONZE, Penny Halftienny Farthing 616-87239 246-54898 123-27447 61-6 00 •O 00 c ►^ « O o "^ +. p be (8 c o cS s ca ■S3 §■■5 ^§ ^^ ^« o O o O p > "cS o ra o g CO ;a o 3C1 "S ' — ' -« 3 2 « cS B 03 S S 2 I '^■^ So ° 2^ § ® C3 "^ W)g S a .S S •"mo o "3 o i oo a bo 05 00 00 rt CO c - 5=1 ^ > ©13. CO CC 1— CO 00 t- T-l o •^ ■o*^ - o , t>^ea lo OS o t-T CO CO fe cft to ^ CO 1-1 -"t oo lO QOOat^osTdK^oo *^ Jl I>r (N O rH oT CO CO « >> (M rH 1-lr-t i-H CO CIO ■go i. ^^ e fl 'S^ |3j O O OO OO o CS 1 o ooooo o CO Si — o OO^ (NC5CQ CO c^ , - O c6' rH oo' OO O CO 111 **< ^ tr- T-i O t- 00 Oi CO <© °^°o *^*^ CO CO OS ■*f co^ § (M CO -g. Og H, ^ CO i s OOO OU3 CO CO OO O OCD CO 03 <0 O OS Oi'iH lO ^ t- t». t>CO COO « t^ ^' >B H «S§5gS_SS « O B IH o t- o "5 5pl^^a^l^^t>"ao' as' "i? -*3 oa CD 1 g fH o ,a &. o S n o OOO OlO CO CO OS P^ g OI OO oococo o ^.s s £ o^os cn-*»o-'_ o 2 ^X^ TOCDO CO O o lO t- o \a =^ S 3 a o ^ I-- o i-H la wa CO f ca 1 CO Tn'riT"* lo in e 0) 1 1 *(5 (d 'oc^ *3 s o o oooo o o rt 1 O O OO o o o O <0 OOO OO o o o t>> ' 2 lo i>rco*'-*cfco' '*" ccTj. M O CO lO -^ CO Ol ^ O O l>- lO^lOiO o CO B & m 05£ .| CD 00 •^">. O ^-^ •i-Ss ta l«i OOO O OO o CS o 2«g ^ lO 0-* lOO 00 U3 >» OflS 0(N OOO OO to ^ o o«-< „ Os'iOio'cO 05 OO t-T «£ fc"0 ^ C^ O CO 1-1 CO l>- o ^^ 1 _e8-= Cq 00 o o-^ l>- CO III wco'TfTco eo T-H ffcT CO «"£> ^1? H_ 1 rr ■«*< »0 to t^ 00 : i o csoa OS osoi "eS "^ 00 CO coco CO tM f-i r-1 I-" I"" ^ 4A o o Eh "3 Pk g 1 < J3 "»? '^ " :i^5 a 43 -^ o a> Cm »o .2°. 5 ^-»- »« '* a © _ •fe CO = ». o<^ a.B-s .r:co;= g§ a-S- »* c " g'.a .a S •= ■- » o s S ^ bo.S R A4 Amount of Coinage. 69 The value of the deficiency in weight of light gold coins with- drawn from circulation, from March 10th, 1892, to March 31st, 1899 :— Nominal value of Sovereigns withdrawn, £22,265,000; value of deficiency in weight, £238,868 Os. 5d. ; average loss per piece, 2-575 pence. Nominal value of Half-sovereigns with- drawn, £14,035,000; value of deficiency in weight, £312,304 6s. lOd. ; average loss per piece, 2-670 pence. The average ■ amount withdrawn during the last seven years is a little over five millions. The gold currency is in such good condition now, that during the current year the withdrawal will not reach more than £2,100,000 ; last year it was a little less than that amount. The value of deficiency in the standard fineness of gold coins withdrawn as above amounted to £14,018 6s. 9d. These losses have been paid by the Government. Total amount of silver coined, from 1817 to 1898, £45,774,577. Annual Amount of the Coinage at the Royal Mint, from 1884-1898. Year. Gold. SUver. Bronze. Total. 1884 £2324015 £658548 £69290 £3051853 1885 2973452 720918 57568 3751938 1886 417384 . 51669 469053 1887 1472118 861498 45173 2378789 1888 2032954 756578 39498 2829030 1889 7500778 2224926 67573 9793277 1890 7680262 1712161 89450 9481873 1891 6723496 1056528 107669 7887693 1892 13907022 778932 49802 14735756 1893 9266460 1088409 53536 10408405 1894 5678374 822492 22474 6523340 1895 8811205 1187010 31733 5029948 1896 ' 4808910 1329570 123573 6262053 1897 1778286 941886 108341 2828513 1898 5780573 1269180 82506 7132259 Totals, £75787905 £15826020 £999855 £92563780 Annual Average £5049193 £1055067 £66657 £6171168 ^o Money. Weight, Number and Value of the Gold Coinage, from 1884 to 1898. SOVBEEIGKS. Half-Sotekeions. Weight, ounces. Number of Pieces. Value £ s. d. Weight, ounces. Number of Pieces Value. £ s. a. 1884 • 452826068 1763184 1763191 10 4 144031-738 1121600 560223 11 7 1885 181484-653 706685 706655 17 4 582162-940 4533605 2266796 18 11 1886 1887 270054158 1051500 1051523 7 7 108017-948 841200 420594 17 8 1888 522107-184 2032900 2032954 16 11 1889 192aiR3-680 7500700 7600778 11 7 1890 1684429-160 6558556 6558746 10 288029 860 2243200 1121516 5 4 1891 1587046-756 6179706 6179563 6, 1 139693-882 1087884 543933 1 1 1892 1818344-578 7080100 7080179 4 1753282-468 13655480 6826843 12 2 1893 1764351-218 6869800 6869942 11 1 564002-692 4392218 2196085 9 8 1894 981265000 3820450 3820800 11 10 477065-414 3715300 1867573 9 2 1895 594190-686 2313300 2313629 19 8 384609 970 2994672 1497575 1 5 1896 856982-786 3336760 3336876 14 6 378050 410 2944200 1472033 15 8 1897 456702-858 3556874 1778286 15 1 1898 1116260-936 4346203 4346441 4 368316-416 2868492 1434132 11 Total 13755706 863 53559841 £53561283 12 1 5643966-596 43954725 £21975594 18 8 Annual Average 917047-457 3570656 £3570752 376264-000 2930315 £146503 A sovereign should weigh 123-27447 grains, but as it is impossible to get machinery to make every coin of exactly the same weight, the remedy or allowance made to the mint master for imperfection of workmanship is -f of a grain. Thus the mint cannot legally issue a sovereign weighing less than 123-07447 grains, or more than 123-47447 grains. It will be seen in the above table that the number of sovereigns and their value do not exactly correspond, the latter being a little more than the former. But how wonderfully small is the difference, and on an average in favour of the public. The remedy in fineness is 2 parts in one thousand. The Eoyal Mint succeeds in working well within the margin both of weis'ht and finenesR. Number of Coins. 71 Number of Coins issued at the British Mint, from 1884 to 1898, Gold SiLVKB. Xear. Soyereigns. Hall Sovereigns. Crovos. Hall-Ciawus Florins. SbiUings. Sixpences. 1884. .1763184 1121600 1568160 1447380 3924360 3191760 1885. . 706685 4533605 1523808 1756260 3334320 4926240 1886. . 994752 592020 1774080 2724480 1887. .1051500 841200 264528 1433520 1774080 4344120 3611520 1888. .2032900 161586 1427184 1546380 4645080 4015440 1889. .7500700 1785168 4807440 2973960 7029000 9155520 1890. .6558556 2243200 977328 3312584 1684980 8735760 9385200 1891. .6179706 1087884 582120 2287296 835560 5726160 7025040 1892. .7080100 13655480 473616 1713888 283140 4593600 6240960 1893. .6869800 4392218 496584 1719504 1663200 7020080 7357680 1894. .3820450 3715300 144936 1500048 1952280 5940000 3461040 1895. .2313300 2994672 252648 1796256 2183940 8890200 7025040 1896. .3336760 2944200 317592 2147904 2942280 9266400 6652800 1897 3556874 262152 1679040 1700820 6268680 5029200 1898. .4346200 2868492 161568 1831104 3061080 26397360 9769320 5916240 Tofl 53559841 43954725 5879826 29742488 91261160 85718160 SlLTBK. BKOszr.. Fourpenees . Threepences •Iwopenoes. •Pence. Pence. Half-pence, rarthings. 1884. . 4158 3330888 4752 7920 11612160 6988800 6092800 1885. . 4158 5184168 4752 7920 8171520 8601600 5376000 1886. . 4158 6150408 4752 7920 6128640 8780800 7526400 1887. . 4158 2776488 4752 7920 5376000 10393600 1075200 1888. . 124158 511368 4752 7920 5268480 7347200 2150400 1889. . 4158 4534728 4752 7920 12364800 7705600 1890. . 4158 4582248 4752 7920 15375360 11110400 2150400 1891. . 4158 6356324 4752 7920 17955840 13260800 5017600 1892. . 4158 2570568 4572 7920 10429440 2688000 716800 1893. . 8316 3097776 9504 15840 8279040 7168000 3942400 1894. . 8316 1577136 9504 15840 3870720 1792000 2508800 1895. 8316 4840176 9504 15840 5376000 3046400 2867200 1896. . 8316 4602576 9504 15840 24192000 9139200 3584000 1897. 8316 4555056 9504 15840 20536320 8601600 4659200 1898. . 8316 4570896 9504 15840 1 16 4515200 8601600 3942400 Total .167318 59240904 99612 166320 9451520 115225600 51609600 • This is Maundy Money. N.B.— From 1887 to 1890, 4,897,530 Double-Florins were issued, and not any since. In 1887, 53,200 Five-Pound Gold pieces, and 85,293 Two-Pound gold pieces were issued. In 1893, 20,160 Five- pound pieces, and 49,771 Two-pound pieces were issued. Total number of coins issued during tho 15 years 1884 to 1898, 782,587,518. 72 Money. Annual Coinage of Gold and Silver of the World, from 1873 to i8g8. Year. Gold. Ounces. Value. SiLTEK. Ouuces. Face Value. Total Value. £ £ £ 1873 .. 12462890 52526160 101741421 26308893 78835053 1874 .. 6668279 27255677 79610875 20686246 47841923 1875 .. 9480892 39297485 92747118 23983093 63280578 1876 ,. 10809645 43623855 97899526 26315433 68989288 1877 .. 9753196 40423293 88449796 2287 J 866 63296159 1878 .. 9118202 47677822 124671870 32288882 79915704 1879 .. 4390167 18214562 81124665 20977662 39192224 1880 .. 7242951 39945016 65442074 16922895 56867411 1881 .. 7111864 29403055 83539051 21602017 51005072 1882 .. 4822851 19939484 85686996 22167186 42096620 1883 .. 5071882 21969423 84541904 21861341 43830764 1884 .. 4810061 29886569 74120127 19166416 49052975 1885 .. 4632273 19161516 98044475 26852914 44504430 1886 .. 4578310 18928414 96666844 24970820 48899234 1887 .. 6046510 25998493 126388602 32G82279 68680772 1888 .. 6522346 26965771 104364000 26984469 53950240 1889 .. 8170611 83780333 107788256 27872519 61652852 1890 .. 7219725 29848998 117789228 80458629 60807622 1891 .. 5782463 28926824 106962049 27668873 51585697 1892 .. 8843387 35494624 120282947 31108469 66598093 1893 .. 11243342 47484123 106697783 27590538 75074661 1894 .. 11025680 46584206 87472623 22U19157 69208363 1895 .. 11178855 46217487 981288^2 24322044 70689631 1896 .. 9476620 39179903 123394239 31908005 71087908 1897 .. 21174673 87543869 129752104 32552059 120095928 1898 .. 30200035 124802142 113695284 28423821 158225963 Total 236782710 1016068539 2596891378 668490526 1684659065 H O O 04 S Coinage of Principal Countries. 73 Total Coinage of the principal Countries of World, so far as reported, from 1873 to i8g8, inclusive. CountricB. Gold. Silver. Total. £ £ M Australia •.. ... 127977799 127977799 Austria-Hungary ... ... 52345862 41161115 93506977 Belgiuim ... 15676680 6127864 21804544 British India 256570 148562548 148818118 Egypt 454771 3186471 3640242 France 61795377 16863765 78669142 Germany ... ... 141618572 19748694 161262266 United Kingdom ... .. 91165146 21849280 113014426 Italy 8473896 12313349 20787245 Japan ... 19060097 40930111 59990208 Mexico 2756783 119244482 122001215 Netherlands 6597645 5188888 11786533 Portugal 649476 8952498 4601974 Bussia .. 181005834 38904503 219910337 Scandinavian Union 9835183 4818437 14653620 South American States . 8271215 16817046 25088261 Spain .. 41010729 35702264 76712993 United States .. 237218004 122949261 360167265 Total .. 1006068639 658314526 : 1664383165 Annual Average . 38500000 25300000 It is estimated that if all the returns had been sent in, the average Gold Coinage for the period under consideration would have reached about £45,000,000 per year, and the average Silver Coinage about £30,000,000 per year. 74 Money. Coinage of Foreign Countries for Three Years, 1896-7-8 (so far as reported). Gold. BilTer. £ £ United Kingdom (a) 35267164 3545739 India .. — 1332076 British Colonies and Dependencies.. — 8524921 Nickel. £ Total Nnmber ot Total Valae. Copper or Bronze. £ £ 314484 208891426 39127382 186783 365287726 1618859 500 59654 171978225 8585085 Total (British) . . 35267164 13402736 500 560921 746157377 49331326 Abyssinia _ 232528 ^ 1044 6818950 233572 Austria-Hungary . . 16844903 2788136 115280 354546971 19867415 Arabia (Report for 1898 only) 210 — — 29400 210 Belgium 20000 32000 — 10000000 52000 Bolivia — 60000 — 3750000 6000Q Chili 51 — — — 54 51 Colombia — 115100 — — 4083600 11510Q Costa Rica 58186 — (Report for 1897 only) 60017 58186 Denmark 55358 31987 5516 7051607 92861 Ecuador 186142 — 2140587 186142 Egypt 398293 33910 11248298 432203 France 20049774 1601760 — 129179 99916112 22180713 French Colonies, &c. 251184 4126485 64000 44810 49148452 4486479 Germany 20578618 1349363 218976 50001 215629188 22270931 German Colonies, &c 43384 — — 725782 43384 Holland 90643 270833 — 12916 24058771 374392 Dutch Asiatic Colonies, &c. . . — 134583 — 192636 201230230 327219 Italy and Colonies 30666 333394 — 10077 19455358 374137 Japan 8277377 4092577 199012 — 139811233 12568966 Liberia . — 1719 — 2091 720960 3810 Lichtenstein 25 (Report for 1898 only) 30 25 Mexico 308017 13199553 — 20910 93698378 12415846 Monaco 80000 (Report for 1896 only) 20000 80000 Morocco — 427409 — . — 12953191 427409 Muscat (Report for 1898 only) 17442 16744000 17442 Norway — 86110 — 5556 10600000 91666 Portugal — 568889 — 2577 7440000 571466 Peru 40103 669216 — — 7086596 609319 Pudukoto (Report for 1897 only) 347 1000000 347 Russia 94956392 23988467 — 575696 659536683 119520565 San Domingo — 284828 41666 — 11629118 326494 Siam — — 173412 10000 22216960 183412 Spain 599048 1393597 — — 9179599 1992645 Sweden 348263 298383 — 12454 24628248 659105 Switzerland 960000 48000 28000 1600 12700000 1037600 Turkey 474832 180377 — — 14387015 655209 United States 40658346 10886252 410050 286477 284261799 52241125 Total (Foreign).. 204661785 67757575 1261026 1496609 2338507187 274557446 Total .. 239928949 81160311 1261526 2057530 3084664564 323888772 (a) Including Gold Coins struck at the Australian Branch Mints. No reports from China, Brazil, Greece, Persia, South African Eepublic, Argentina, Congo State, Guatemala, Haiti, Servia, and Uruguay. The coinage of the World, for 1897 and 1898, has been much larger than in any previous year. The quantity of gold coined in Russia, France and the United States has been considerably above the average. In Eussia the gold coinage has risen, from. £1,497 in 1896, to the colossal amount of £69,034,837 in 1898. Summary. Total Gold and Silver Coinage of the United States, France, and the United Kingdom, including the branch Mints from 1817 to 1898. (We have not been able to secure the returns for Germany). United States United Kingdom . . . France Gold. £, 389757802 487437279 352897823 Silver. £, 180122966 45473102 167509537 Total Value of Gold and Silver Coin of the principal Countries of the from 1873 to 1898. United States United Kingdom Eussia Germany ... British India France Gold. £ 237218004 220073046 181005804 142571551 255570 66149029 & 330775271 28326809 37904503 19190543 148562548 16865485 Total. £ 569880768 532910881 519407360 age of Six World, Total. & 567998275 243399355 218910307 161762094 148818118 88014514 Gold and Silver Coinage of Six of the principal Countries of the World for i8g8. Gold. Silver. Total. £ & £ Eussia 69084837 7404455 76439292 United States 13465597 3434497 16900094 United Kingdom ... 13902748 1274065 15176813 Germany 8965355 778277 9743682 Japan 8029252 1042884 9071586 France 7093062 1600000 8698062 1896 and 1897 Re-coinage of the Gold and Silver of the World. 1896 Gold £3050615 Silver £4982255 1897 „ £29324434 „ £2848326 In 1896 there was no Gold re-coined in Eussia, in 1897 they re-coined over 25^ millions sterling of Gold. During the reign of Queen Victoria there has been up to the end of 1898 about £360,000,000 of Gold Coins issued from the Eoyal Mint and its branches in Australia. There are at present in active circulation not less than £100,000,000 ; in the banks and private hoards probably ano'.her £100,000,000; the remainder ■ has most likely been lost in the sea, worn out, exported, and used in the arts. 76 Money. A Summary of the Value of the Imports and Exports of Gold and Silver Coin and Bullion to and from the principal Countries of the World for a series of years. rears. Countries. , . GOLD. " Imports. Exports. & £ 1825 to 1898 United States ... 246508212 440354452 1825 — 1897 Cape Colony ... 16981243 56057568 1881 — 1885 China 34122360 41557708 1872 — 1897 Japan 11276092 17579689 1851 — 1897 Australasia ... 8412942 345420661 1858 — 1897 Great Britain ... 726553837 599481826 1835 — 1898 India 182622072 33147330 1815 — 1897 France 1257749129 921389645 1852 — 1894 Belgium ... 88666582 82229076 1878 — 1897 Switzerland ... 17722275 8743872 1862 — 1897 Italy 18178841 22205845 1869 — 1897 Portugal ... 24208093 9809328 1859 — 1897 Austria-Hungary 105495237 39915669 1851 — 1897 Netherlands ... 55337132 30086263 1871 — 1897 Russia 99163956 84447289 SILVER. 1821 — 1898 United States ... 1825 — 1897 Cape Colony ... 1881 — 1885 China 1872 — 1897 Japan 1858 — 1897 Great Britain ... 1835 — 1898 India 1815 — 1897 Prance 1852 — 1894 Belgium 1878 — 1897 Switzerland ... 1878 — 1897 Italy 1869 — 1897 Portugal 1859 — 1897 Austria-Hungary 1872 — 1897 Germany 1851 — 1897 Netherlands ... 1871 — 1896 Russia £ £ 152251066 1187005 35528582 41721891 425711026 453479606 508857796 18625182 26122640 3038597B 2478059 41892011 84667624 7256620 55849537 241688074 592145 28744252 37284561 418285836 74756181 364380555 4159994 13556907 24468974 1891838 47703300 49794482 4984609 16237803 GOLD ADD SILTEB. £ £ 1871 — 1895 Spain 48379983 9218387 1871 — 1897 Scandinavian Union 21487726 11623237 1879 — 1897 Mexico 141124595 1881 — 1896 Argentina ... 29546414 16626459 1873 — 1896 Chili 8334919 25918960 Weight and Value. 77 Weight and Value of the Registered Imports of Gold Coin and Bullion into the United Kingdom in 1894 and 1895. (It will be seen from this table that nearly one million ounces of Gold Coin more than bullion was imported in two years). Imports of Gold. Oonntries. ,o5f"'°'» *'°'"- Poreign Coin. Bullion. 1894. 1895. 1894. 1895. 1894. 1896. onuces. ounces. OQDCeS. ounces. ounces. ounces. Germany 70119 79942 7928 26652 1236 2924 Holland.., 207632 35100 6 102564 210 23399 Belgium 83802 239001 444 32 23248 France ... 74748 219215 15574 80855 167703 42185 Portugal, \ Azores f and 201069 122384 22911 10788 3252 58 Madeira ) Spain and) ... Canaries j ^^^^ 9697 5799 6339 23 124 Gibraltar 2144 2607 1700 2231 45 53 Malta ... 10762 8364 260 Turkey ... 386 924 6 37 Egypt ... 266269 810917 21476 West Coast of ocKn Africa ^^^^ 2997 6996 7609 80326 84916 British South igggg Africa 765 522 313 1974123 2280191 China ... 29621 12280 126487 131542 371708 141125 Australasia 1041370 1178883 747 361 208944 327929 British ) North 2580 92 77 America j Mexico, - West Indies and South America .11329 25172 7467 28441 320339 818893 (except Brazil) Brazil ... 21323 8870 26352 5494 20851 50724 United States 8127 3672 796241 2725360 26920 149310 British E. 53223 India 23649 IB 319 815257 488059 Other Countries 9843 10074 95295 67660 3505 16678 Total ozs. 2111423 2294518 1114482 8190652 8944448 8916616 Value £80.'i9237 8694548 4234106 12025006 145628'20 14325083 N B. — During the year 1896, the amount of Gold exported from America to Europe was £9,484,282, made up as follows :■■• £5,815,815 United States Coin, £3,414,201 Mint and Assay Office Bars, £254,266 Foreign Coin. 78 Money. Average Price of Gold per ounce, 9162 fine, in London, from 1870 to 1898. £ s. a. £ a. d. £ s. a. 1870 3 17 9-01 1880 3 17 915 1890 8 17 9-44 1871 3 17 9-01 1881 3 17 9-35 1891 8 17 9-29 1872 8 17 9-24 1882 3 17 9-48 1892 3 17 917 1873 3 17 9-28 1883 8 17 9-18 1893 8 17 9-57 1874 3 17 9 1884 3 17 9-32 1894 3 17 9-83 1875 8 17 9-23 1885 3 17 9-17 1895 3 17 9-03 1876 8 17 9-30 1886 3 17 9-10 1896 3 17 10-16 1877 3 17 9-30 1887 3 17 9-01 1897 8 17 11-23 1878 3 17 9-42 1888 8 17 9-21 1898 3 17 10-89 1879 3 17 9-41 1889 8 17 9-04 1899 3 17 9-40 £ s. d. The Mint price of Standard Goia ( 916f fine) is ... 3 17 10^ The Bank price „ „ „ ... 3 17 9 Mint price per ounce of Foreign Gold Coins (900 fine) 3 16 6 A Gold Ingot is a bar of Gold not exactly square about the size of a small brick. Those sent by the Bank of England to the Mint for coinage weigh on an average 400 ounces troy. Fine ingots are nearly pure Gold (-999), the coarser bars contain on an average about -898 parts of pure Gold. The SiLVEK Bars purchased by the Mint authorities for coinage weigh on an average 1000 ounces ( 995 fine). Gold and Silver in a pure state are too soft to be used for money. When two metals are mixed together the compound is harder than either of them in a pure state. American Gold Coins are freely Exported. From the 1st of January, 1870, to the 1st of October, 1897, there were exported from America (mostly to Europe) £158,296,501 of Gold coin. Amount re-imported, only £41,345,849. Nett exports for the period, £116,960,652. Miscellaneous Returns. 79 Miscellaneous Returns relating to the Silver Currency. Annual Average London Market and Mint Purchase Price of Silver, ■with the corresponding Eate of Seignorage, and payments into the Exchequer in respect of profit on the Silver Coinage from 1870 to 1898 inclusive. Yeai. Conunerciftl Batio. standard onnce paid by the Mint. Bate of Seignorage. Profit on Silver Coinage paid into the Exchequer. Pence. Pence. Percent. £ ». a. 1870 15-57 60J 9-09 9027 17 9 1871 15-57 60A 9-20 55067 19 4 1872 15-63 60A 9-43 77391 12 10 , 1873 15-92 58H 12-22 85680 10 2 1874 16-17 58i 12-34 101120 1875 16-59 56J 1604 20306 10 4 1876 17-88 No silver bullion bought. 52286 2 1877 17-22 56A 17-72 31489 2 11 1878 17-94 50A 31-83 22268 15 6 1879 18-40 52^ 24-82 32208 19 5 1880 18-05 52i 26-62 54098 11 7 1881 18-16 51*1 27-38 118002 5 5 1882 18-19 5H 28-15 79257 15 6 1883 18-64 50f 30-05 165191 12 8 1884 18-57 50^ 30-69 118102 15 8 1885 19-41 48A 35-91 96311 9 1 1886 20-78 46A 41-74 128865 15 1 1887 21-13 44f 47-90 116661 5 10 1888 21-99 42M 63-71 191436 2 1889 2210 42i| 64-16 578353 9 1890 19-76 48i* 35-66 563414 7 8 1891 20-92 45A 45-65 253387 6 10 1892 23-72 39il 65-78 215136 10 7 1893 26-49 36A 81-75 370456 3 11 1894 32-56 29J 125 64 843645 2 4 1895 3160 30f 11728 403902 18 6 1896 30-66 30A 11773 476866 17 4 1897 32-29 27i 13677 563706 13 6 1898 34-14 27i 142-20 602565 17 The highest price of Silver during this century -was in 1859, when the average price was 62A pence per ounce. The lowest average price was in 1898. The lowest point reached hitherto was on the 26th of August and the 2nd of September, 1897, viz. : 23| pence per oxmce. 8o M cney. Commercial Ratio of Silver to Gold, from 1257 to 1898. (Note — This table has been taken from a number of different sources, including Dr. A. Soetbeer's, and Pixley and Abell's). Tears. ' Eafio. Years. Ratio. Years. Eatio, Tears. Ratio. Years. Ratio, 125Y.. 1312., 1344.. 1354.. 1465,. 1527., 1545. 1546., 1550. 1551. 1552. 1606. 1612. 1661 . 1662. 1663. 1687., 1690., 1695., 1700., 1705., 1710., 1715.. 1720., 1725., 1730.. 1735.. 1740.. 1745.. 9-29 10 07 12-59 1103 1102 1102 6 09 5 5 02 48 2-3 122 13 4 145 10 9 14-48 14 94 15-02 15 02 14 81 1511 15 22 1511 15 04 15 11 14 81 1541 14 94 14-98 1750. 1755. 1758. 1759. 1760. 1761. 1762. 1763. 1764. 1765. 1766; 1767. 1768. 1769. 1770. 1771. 1772. 1773. 1774. 1775. 1776. 1777. 1778. 1779. 1780. 1781. 1782. 1783. 1784. .14-55 .1468 .14 85 14-15 .1414 .14-54 .15-27 .14 99 .14 70 .14-83 .14 80 .14 85 .14-80 .14-72 .14-62 .14 66 .1452 .14-62 .14-62 .14 72 .14 55 .14-54 .14-68 .14 80 .14 72 .14-78 .14-42 .14 48 .14-70 1785. 1786. 1787. 1788. 1789. 1790. 1791. 1792. 1793. 1794. 1795. 1796. 1797. 1798. 1799. 1800. 1801. 1802. 1803. 1804. 1805. 1806. 1807. 1808. 1809. 1810. 1811. 1812. 1813. .14-92 .14-96 .14-92 .14-65 .14-75 .15 04 .15 05 .15-17 .15 00 .15 37 .15 55 .15 65 .15-41 .15 59 .15-74 .15 68 .15 46 .15-26 .15-41 .15 41 .15 79 .15'52 .15 43 .16 08 .15-96 .15 77 .15 53 .16-11 .16 25 1814. 1815. 1816. 1817. 1818. 1819. 1820. 1821. 1822. 1823. 1824. 1825. 1826. 1827. 1828. 1829. 1830. 1831. 1832. 1833. 1834. 1835. 1836. 1837. 1838. 1839. 1840. 1841. .15 04 .15-26 .15-28 .1511 .15-35 .15-33 .15-62 .15 95 .1580 .15 84 .15-82 .15 70 .15-76 .15-74 .15-78 .15 78 .15-82 .15 72 .15-73 .15-93 .15 73 .15 80 .15-72 .15-83 .15-85 .15 62 .15-62 .15-70 1842- 1843. 1844. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858. 1859. 1860. 1861. 1862. 1863. 1864. 1865. 1866. 1867. 1868. 1869. ■15-87 ,15 93 .15-85 ,15-92 ,15 90 .15-80 .15-85 .1578 ,15 70 ,15-46 ,15-59 ,15-33 .15-33 ,15-38 ,15 38 15-27 ,15 38 .1519 ,1529 .15 50 ,15 35 ,15-37 ,15-37 ,15-44 ,15-43 .15-57 .15-59 ,1560 Years. Eatio. 1870. 1871. 1872. 1873. 1874. 1875. 1876. 1877. 1878. 1879. 1880. 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. 1891- 1892. 1893. 1894. 1895. 1896. 1897. .15-57 .15-57 .15-63 .15 92 .1617 .16 59 .17 88 .17 22 .17 94 .18-40 .18 05 .1816 .1819 .18-64 .18-57 . 19-41 .20 78 .2113 .21-99 .22-10 .19-76 .20 92 .23-72 .26 49 .32-56 .3160 .30 66 .32-29 Speaking of ratios, Mr. John Henry Norman says : Before 1873 this ratio fluctuated round 16^ parts of silver to 1 part of gold, due to the very unscientific attempt to make one permanent measure of value out of two substances which were always varying in relative cost of production. That the Mint arrange- ments of the world were of such a nature as to hold these substances for currency purposes at about this relation, the writer has never doubted ; but the effect of it was to confer a monopoly value upon silver to the enrichment of the silverites, and at the cost of the rest of the world. On the closure of the Mints of Europe against the reception of silver from the public this ratio became higher, and on the closure of the British Indian Mints against silver from the public and the imposition of a 5 per cent. Gold and Silver Coins in France. 8i duty on silver imported into British India, the ratio became mnoh higher, until to-day (1896) at 31 '68 parts of silver to 1 part o£ gold. But this is not the highest which is to be expected. It iB very probable that the natural ratio between the two metals is near to 60 parts of silver to 1 part of gold. This daily ratio between the metals is one of the most important pieces of information the commercial world can possess. The ratio can be easily ascertained from the gold price of silver. The mode is simply the division of a constant 942'9965 in the British Isles by the price of silver of the day in pence, and the result is the ratio. Value or Stock of Gold and Silver Coins in France, 1897. (25 FeANOS EQUAIiS £1). M. de Folville has published some interesting articles in the French Economist, the leading economical journal in France, on the existing stock of gold and silver coin in that country, and his conclusions are summed up as follows : — Probable value of gold and silver coin now in France. French, Foreign. Total. FrancB. Francs. Francs. Gold coin ... 3,675,000,000 ... 525,000,000 ... 4,200,000,000 Five-franc pieces 1,380,000,000 ... 555,000,000 ... 1,935,000,000 Silver token pieces 205,000,000 ... 85,000,000 ... 240,000,000 5,260,000,000 ...1,115,000,000 ... 6,375,000,000 It will be seen that the estimate of gold coin far exceeds in value the amount believed to be held in this country — and that the number of five-franc pieces is taken at a much lower figure than is adopted by some public writers on currency. In connection with the gold coinage, the pieces which are of legal- tender are those of 100 francs, of 50 francs, of 40 francs, of 20 francs, of 10 francs, and of 5 francs. But.few pieces of the first two denominations are now struck, and none of 40 francs have been struck since 1839, nor of 5 francs since 1869, , The issue of 10-frano pieces has also been almost entirely discontinued since the latter year It follows that the 20-franc piece is almost exclusively the gold coin struck at the present day in the Paris Mint. 82 Money. Coinage of the Mints of the United States, from their organisation, 1792 to June 30th, 1898. DENUMINATIONS. GOLD. Double eagles (20 Dollars) Eagles Half eagles ... Three dollar pieces to Sept. 26th, 1890 (more since) Quarter eagles (2^ Dollars) Dollars to Sept. 26th, 1890 NUMBEE OF PIECES. VAIiUB. £ 69223625 276894500 28451290 56902580 46410076 46412076 539792 323425 11527732 19499337 5763866 3899867 Total Gold 175651852 £390196314 SILVER. Dollars to Feb. 12th, 1873. Eesumed February 28th, 1878 470027760 94005552 Trade Dollars 35965924 7193185 Half dollars 272854042 27285404 Half dollars Columbian Souvenir ... 5002105 500210 Quarter dollars 220159808 11007990 Quarter dollars Columbian Souvenir 40023 2001 Twenty cent pieces to May 2nd, 1878 1355000 54200 Dimes 308726919 6174538 Half dimes to Feb. 12th, 1873 ... 97604388 976044 Three cent pieces to Feb. 12th, 1873 42736240 256417 Total SUver 1454472209 £147455541 MINOR. Five cent pieces (nickel) 317056438 3170564 Three cent pieces (nickel) to Sept. 26th, 1890 31378316 188269 Two cent pieces (bronze) to Feb. 12th, 1873 45601000 182404 One cent pieces (copper) to Feb. 21st, 1857 156288744 312577 One cent pieces (nickel) to Apl. 22nd, 1864 200772000 401544 One cent pieces (bronze) 898731744 1797463 Half cent pieces (copper) to Feb. 21st, 7985222 7788 1857 Total Minor 1657813464 6060609 Total Coinage 3287937525 £543712464 Depreciation of Coinage. 83 Table showing the successive Depreciations of the Gold and Silver Coinage of England, from 1344 to 1897 Tear. Fineness. SILVEB. illnv Mint Price *"°y- ot lib. Fineness. GOLD. AHoy. Mint Prica of lib. Batio Ooia to Silver. oz. dwt. oz. dwt. £ B. a. o'r'ts gms. c'r'ts gms. . £ B. a. 1344 11 2 18 1 2 2 23 3i Oi 15 1 to 12-58 1345 11 2 18 1 2 2 23 3i Oi 13 3 4 1 — 12-58 1346 11 2 18 18 1 1 2 3 4 3 23 23 3i 3i Oi Oi 1 — 11-57 1 — 11-57 1347 11 2 13 3 4 1352 11 2 18 1 5 23 3i Oi 15 1 — 11-15 1412 11 2 18 1 10 23 3i Oi 16 13 4 1 — 10-33 1464 11 2 18 1 17 6 23 3i Oi 20 16 8 1 — 11-15 1465 11 2 18 1 17 6 23 3i Oi 22 10 1 — 11-15 1526 11 2 18 2 5 22 3i 1 Oi 25 2 6 1 — 11-26 1543 10 2 1 18 2 8 22 3i 1 Oi 25 2 6 1 — 10-43 1545 6 2 5 10 2 8 6 22 3i 1 Oi 25 2 6 1 — 6-81 1546 1547 4 2 4 6 3 2 7 18 8 6 8 18 2 2 4 4 8 8 16 16 6 1—5 X 5 30 34 28 16 1549 1 5-15 1550 — 1 — 4-82 1552 1553 1577 11 1 19 1 — 2-41 1 — 11-01 1 — 10-82 2 3 16 6 3 22 22 2 2 36 36 1 lOi 11 2 18 1601 11 2 18 1 18 18 3 4 4 4 2 2 2 2 6 6 6 36 10 36 10 40 10 44 11 1 — 10-82 1604 1605 1611 11 11 2 11 2 22 2 1 — 12-10 1 — 12 22 2 1612 11 2 18 3 2 6 22 3i 1 Oi 40 18 4 1 — 13-31 1623 11 2 18 3 5 6 22 3i 1 Oi 41 1 — 13-34 1626 1670 1718 11 1 22 22 22 3i 1 Oi 2 2 44 44 10 44 14 6 1 — 13-34 1 — 14-48 1 — 15-20 3 3 2 2 6 11 1 1R17 3 3 6 6 22 22 2 2 44 14 44 14 6 6 1 — 14-28 1 — 14-28 J.OX / 1897 11 2 18 84 Money. The Coinage of Silver in the Principal Countries of the World, from 1851 to 1898. Fe£ioi>. Amount. Pieiod. AhotiOTi & £ 1851 — 1855 4356161 1876 — 1880 16550530 1856 — 1860 8780201 1881 — 1885 10667160 1861 — 1865 6734533 1886 — 1890 13744309 1866 — 1870 11159153 1891 — 1895 15488445 1871 — 1875 13213760 1896 — 1898 81400321 If we compare the silver coinage of the principal countries during the twenty years previous to 1873 and the twenty years subsequent, we find the following results : 1853 — 1872, amount of silver coined in the World, £172,866,445. Yearly average, £8,643,322. 1873 — 1892, amount coined £275,428,118. Yearly average, £13,771,406. Thus the total silver coinages of the principal countries during the twenty years subsequent to 1873 have been over 62 per cent, greater than the silver coinages during the twenty years previous thereto. The estimated Value of all the Metallic Money in the World. In the United States Mint Eeport, it is stated that there is in the World nearly £2,000,000,000 of metallic money. The gold in use as money, £920,000,000 ; current value of silver money in use, £867,000,000 ; and current value of nickel, copper and bronze coins, £180,000,000. The annual cost of maintaining the gold and silver circulation of the World is said to be upwards of 50 millions sterling. Weight and Size of all the Gold Coin in the World. If the Gold Currency of the World (£920,000,000) were cast into one block, it would measure a little over 7 cubic yards, and weigh a little over 7,260 vtHtttr tons avoirdupois. Melting Foreign Gold Coin. All foreign gold coin received at the Mints and Assay OflSces in America is melted and assayed before payment is made in United States gold coin. In case of large importations of gold it frequently occurs that large sums of foreign gold coin forms a The Division of Standard Coins. 85 part of such importations. These coins are deposited at the Assay Office at New York and at San Francisco, and, though they may be new, are immediately melted. Both the Bank of England and the Bank of France, in case of the importation of American gold coin into these countries, purchase the same by weight and carry the amount as part of the bank's gold assets. When gold is required for exportation to the United States the demand is, as far as practicable, met by the Banks of France and England selling United States gold coin. As the coins are received and paid out by weight, little or no loss occurs. The authorities of the United States Mints are seeking to have the law altered so as to be in a similar position as France and England ; this would result in a saving to the Government of America the expense of coining, and in the case of deposits at the New York Assay Office the additional cost of shipping the bullion resulting from the melting of such coins to the Mint at Philadelphia for conversion into coin. The Division of Standard Coins. The ounce itself is the proper starting point. An ounce troy of standard gold (440 grains of pure gold) is coined into 3f|§ sovereigns, which amount, expressed in terms of currency, is £S 17s. 10|d., and this in ordinary language is called the price of an ounce of gold. In other words, an ounce of standard gold and £3 17s. lOJd. are equal terms. It is stated in the Coinage Act of 1870 that there should be 934 sovereigns and one half- sovereign contained in twenty pounds weight troy of standard gold, 22 carats fine (916t). Therefore, forty pounds or 480 ounces of standard gold in England equals 1869 sovereigns (these figures are so stated because they are without fractions) ; in France a kilogram, 900 fine gold equals 3100 francs ; in Germany (new law) the Mint pound fine gold — one-half kilogram — equals 465 thalers or 1895 marks (a kilogram is 1000 grams or 15,432-32 grains) ; in America 43 ounces of standard gold, 900 fine, equals 800 dollars. In the First Schedule to the Coinage Act, 1870, the metric weight of all English coins are given, which is a great convenience when we have to compare them with foreign coins. Previous to 1816 guineas were the principal gold coins of the country, and 44^ guineas were equal to one pound Troy of standard gold, and now £46 14s. 6d. is equal to one pound of standard gold. Another mode of estimate is that 701 sovereigns weigh almost exactly 15 pounds Troy. 86 Money. Monetary Systems and Approximate Stocks of Money of the Weight of Monetary Value in COUNTRIES. Monet'ry System or Fine- ness 1000 Monetary Unit. Unit. Sterling, Total Troy Stand- Pure Grains Grams *| ^ ard. Metal. of of s S Grains when issued. Pure Metal. Pure Metal. J. d. s. i. 1 United States . .. m * Gold 900 Dollar 25-8 23 22 1-50 4 \\ 4 14 2 United Kingdom . . m " 916J Sovereign 123 27 113 7-32 20 20 3 France .. .. m ' 900 Franc 4-98 448 •29 9J 94 4 Germany .. m f( 900 Mark 614 5-53 •35 llf llf 5 Belgium .. m * 900 Franc 4-98 4-48 •29 % 94 6 Italy . . p m * i> 900 Lira 498 4-48 •29 % 94 7 Switzerland .. m * _, 900 Franc 4-98 4-48 ■29 9i ^ Greece ., i> * , 900 Drachma 4-98 4-48 •29 94 94 9'l Spain . . .. m * „ 900 Peseta 4-98 4-48 •29 % 94 10 Portugal ., m 916| Milreis 27-36 25-08 1-62 4 5 4 5 11 Roumania * 900 Lei 4-98 4-48 •29 94 94 12 Servia . . * 900 Dinar 4-98 4-48 •29 9* 9i 13 Austria-Hungar is not bound to accept less than 100 kilograms for coinage. Out of the kilogram of pure gold there are manufactured 1,653-48 florins ; out of the kilogram of pure silver, 105-82 florins. The monetary system of the Dutch colonies is the same as that of the mother country. PARAGUAY. The money account of Paraguay is the peso, divided into 8 reals. It is also divided into 100 centavos. The country, however, has a depreciated paper currency. The gold onza is rated officially at 17^ paper pesos, making the paper peso equal to 1-3617 grams, or 21-0137544 grains of fine gold. Five-franc pieces, venezolanos, and other piasters of the same kind, are, in like manner, reckoned as equivalent to IJ paper pesos. PEESIA. Ten shabis equal 1 penebat ; 2 penebats equal 1 sahibghiran, or kran ; 10 krans equal 1 toman, or 200 shabis equal 1 toman. The principle coin is the kran, a silver piece of 71-065 grains 0-900 fine. The krans which circulate vary, however, greatly, as the mints of the country are not reliable, being farmed out for a yearly sum. The fineness of the coins oscillates between 0-760 and 0-900. In larger transactions the toman is taken as the unit, reckoned equal to 10 krans. There are some gold tomans and half tomans in existence, but they are not the standard; they circulate only as commercial money, and are taken by weight. The standard is silver. PERU. A decree was issued by the President of the Republic on the 10th of January, 1898, to give effect to the law of the 29th of December preceding, establishing a gold currency. Under its Peru. 107 provisions, the national gold coin is to be of the same standard and weight as the pound sterling, and to be free of export duty. Works of art in gold are also to be free, but the duty is to be continued on gold bars and gold dust. The decree provides for the size, fineness, weight, remedy and design of the new piece which is to be called a pound (libra). POKTUGAL. The present monetary system of Portugal was established by the law of July 29, 1854, and is gold monometallic, with the milreis, of 1,000 reis, as monetary unit. One thousand railreis, or 1,000,000 reis, is called a conto. POETO EICO. The Government of the United States has fixed the value of the Porto Eican Peso at sixty cents United States currency for iihe payment of all public dues, taxes and contracts. The commercial value of the Peso continues to fluctuate. The Peso is ■of the weight and fineness of the Spanish piece of five pesetas and corresponds to the five-franc piece of the Latin Union ; its ■bullion value, compared with the bullion value of the American dollar is as 93"5 to 100. The monetary situation in Porto Eico is not a matter of general interest, but those who are connected with the trade of that island, or who desire to examine the reasons which have led to the adoption of sixty cents as an equivalent for the Peso will find the subject discussed at length in the annual report of the Secretary of the Treasury of the United States for the year 1898. EOUMANIA. The laws of April 14, 1867, and April 30, 1879, introduced the -system of the Latin Union into Eoumania, the franc being called the lei and the centime the bani ; but in 1890 a measure was passed by the Eoumania Chamber abrogating the double standard and substituting for it the single gold standard, with a subsidiary silver coinage having a paying power to the amount -of 60 lei or francs. EUSSIA. In 1896 a plan for the restoration of a metallic currency in TRussia, on the basis of the gold standard, was submitted to the Counsel of the Empire. As a result of the deliberations of that body, a ukase of August, 1896, was issued fixing until January, -1898, the value of the half imperial at 7'5 paper rubles. io8 Monetary Systems. The plan submitted to the Counsel of the Empire in 1896 by the minister of finance contemplated the authorization of the coinage of new 10-ruble pieces corresponding exactly with the actual course of the bills of credit or paper rubles. The object of the projected reform was to substitute gold monometallism for the paper money based on silver (the silver or paper ruble). The reform in no way impairs contracts or modifies accounts either between parties in Eussia itself or between Eussians and foreigners. AU that was sought to be effected by the reform was to fix and make permanent the gold parity of credit ruble, as it actually existed. The ukase of August 8, 1896, was confirmed by that of January 3 (15), 1897. The full text of the latter is as follows : " In order to put an end to the inconveniences which circumstances and the force of things have brought about in the monetary circulation of the country, we have directed that there shall be deposited with the Counsel of the Empire a plan elaborated by a special committee, having for its object the placing of our monetary system on new bases in harmony with the existing situation, and also the regulation of the issues of the Bank of Eussia. " This question, on account of its importance and complexity,, may still require long deliberation and discussion. " To-day, on account of the urgent necessity of resuming the stamping of gold coins, and in order to stop the uncertainty arising among the people from the discrepancy between the nominal value of gold coins and the price at which they are exchanged for bills of credit, or paper rubles, we have thought it well while awaiting our final decision after examination of the Counsel of the Empire, to cause to be stamped gold coin bearing the indication of the price fixed in Our Imperial decree of August 8, 1896. "Therefore in accordance with the plan which you have submitted, and which has been examined by a special committee, we direct you : "1. Without modifying in any way either the quantity of fine gold, or the fineness, or the weight, or the dimensions of the gold coins, as fixed by law (Monetary Law, articles 8, 9, 12, 17, 19, and 21), to cause to be stamped imperials and half imperials bearing as an indication of their price, the former, 15 rubles ;. Russia. log and the latter, 7 rubles 50 kopecks, in conformity with the description approved by Us at the same time as these presents. " 2. After the manufacture of the gold coins on the bases indicated in article 1 of the present ukase, to put the coin aforesaid in circulation." The fundamental monetary law of the country is dated December 17, 1885, and went into force January 1, 1886. The monetary unit is the silver ruble of 100 kopecks. The law provides for the coinage of both gold and silver in the ratio of 1 to 15J ; the system is, therefore, bimetallic. The gold coins are the imperial (10 rubles) and half imperial (5 rubles), of the legal weight of 199-13 and 100-98 grains, respectively, and the fineness of 0-900. The imperial therefore contains 179-21 grains of pure gold and the half imperial 92-57. The coinage of gold on private account is unlimited, and the mint charge is 3 per cent for that metal. The full legal-tender silver coins are the ruble, half ruble, and quarter ruble pieces. The silver ruble has a legal weight of 308-57 grains, a fineness of 0-900, and contains 277-71 grains of fine silver. The half and quarter ruble are of the same fineness and of proportional weight. The divisional coins of Russia are of silver and copper. The silver divisional coins are : 20, 15, 10, and 5 kopecks. These coins are legal tender to the amount of 3 rubles between individuals and unlimited legal tender to the State for taxes, etc. The coinage of silver on private account is suspended. Such is the monetary system of Eussia as it stands upon the statute book, but it has no existence in fact, that country having been under an exclusively paper-money regime since 1855. SCANDINAVIAN UNION. The Scandinavian Monetary Union embraces Sweden, Norway, and Denmark. These three kingdoms concluded in 1873 and 1875 & monetary convention based on the employment of the single gold standard and on a common system of coins and money of account. The krone or crown, divided into 100 ore, is the monetary unit. Two thousand four hundred and eighty kronen are manufactured out of 1 kilogram of fine gold. The coinage of gold is unlimited. The coinage charges for gold are one-quarter per cent per kilogram no Monetary Systems. fine for 20-kronen pieces, and one-third per cent per kilogram fine for 10-kronen pieces. Silver is coined only on account of the Government. Silver coins are legal tender as follows : The 2-kronen and 1-krone pieces to the amount of 20-kronen ; the 50, 40, 25, and 10 ore pieces to the amount of 5 kronen. All the coins above mentioned have legal currency in the three kingdoms. The monetary convention does not limit the coinage by 'the Governments of the silver or bronze coins. In each of the three States there are public treasuries at which any sum of fractional coin divisible by 10 kronen may be exchanged for gold. SERVIA. The monetary system of Servia was assimilated to that of the Latin Union by the law of November 11, 1878. The franc is called the dinar, and the centime the para. It was provided that after the gold pieces had been put in circulation the 5-dinar pieces should be legal tender only to the amount of 500 dinars, and the smaller silver pieces only to the amount of 50 dinars, thus making the country practically gold monometallic. SIAM. The moneys of Siam are as follows : 800 cowries equal 1 fuang ; 2 fuango equal 1 salung ; 4 salungo equal 1 bat or tical ; 4 bats equal 1 tamling ; 20 tamling equal 1 chang ; 50 chang equal 1 hap ; 100 hap equal 1 tara. Cowries (also called bia in Siam) are the well-known shells used in many parts of Asia and Africa as a medium of exchange for small values. In Siam about 219 or 220 are reckoned equal to 1 penny sterling, which corresponds closely to the general rating of the bat or tical at 2s. 6d sterling ; this is, however, more than the actual average value of the coin, which is 0-60 dols. Small pewter and copper coins have of late been introduced as a substitute for the cowrie shell. The pewter coins are called lot and at ; they are small flat bits of pewter ; 2 lota equal 1 at. The copper coin 2 ats, and about the same size as the English halfpenny, only a little thicker, is called song peis. Two song peis equal 1 fuang ; 2 fuango equal 1 salung ; 4 salungo equal 1 bat or tical. Siam. Ill The fuang and the salung are flat pieces of silver. They represent simply a certain weight of the metal. It is the same with the bat. The coin called bat or tical is a small bit of a silver bar bent and with the ends beaten together. It has two or three small stamps impressed upon it. The weight of the bat or tical ranges between 212 and 286 grains troy, and is generally taken at 236 grains (15'292 grams). The fineness of the tical, as well as that of the fuang and salung, averages 906-25, it is said. Taking the average weight of the tical or bat at 224 grains, the average fineness of the coin at 906-25, the metallic value may be computed at 2s. 3-4325d. sterling (at 60d. per ounce British Standard silver). This corresponds closely to the rating of the tical by the merchants in the Siamese ports, where 7 ticals are reckoned equal to 4 Spanish piasters or dollars. The mint at Bangkok lately exchanged Mexican dollars against ticals at the rate of 5 ticals, equal 3 Mexican dollars. American silver dollars are also taken by the mint ; they are weighed against Mexican dollars, and then paid for at the above rate of 5 ticals for 3 Mexican dollars. Exchange on Hongkong and Singapore is quoted in per cent, premium or discount. If the quotations fall to 1 per' cent, or more discount, Mexican dollars are being sent from China to Siam. Exchange on London is quoted in shillings and pence per 1 Mexican dollar. If payments are made in ticals, it is at the rate of 5 ticals for 3 Mexican dollars. SPAIN. By a decree of the 19th of October, 1868, Spain adopted the monetary system of the Latin Union. It is, therefore, binietallie, with the silver peseta, equivalent to the franc as monetary unit. It has the same gold and silver coins as the union. A gold 25-peseta piece was added by a decree of August 20, 1876. The coinage of gold is free and there is no coinage charge for that metal, but depositors can npt get the coined gold until eighteen days after the delivery of the bullion to the mint. Since 1878 silver has been coined only on account of the State. 112 Monetary Systems. The ratio of gold to silver is 1 to ISf. Gold and the 5-peseta silver piece are unlimited legal tender ; divisional silver coin, i.e., all silver coins of less value than 5 francs, only to the amount of 50 pesetas. TUEKEY The monetary system of Turkey is bimetallic, with the piaster, equal to 40 paras, 3 aspes, as monetary unit. The gold coins are the 500, 250, 100, 50, and 25 piaster pieces, all of the same fineness, viz, 0-916J. The 100-piaster piece, or gold medjidie, is called the Turkish pound. It has a gross weight of 111-36 grains and a fine weight of 102-08 grains. The gross and fine weight of the other are proportional to those of the Turkish pound. The silver coins are the 20, 10, 5, 2, 1, and half piaster pieces, 0-830 fine. The 20-piaster piece has a gross weight of 371-21 grains and a fine weight of 308-10 grains. The 10, 5, 2, 1, and half piasters have a proportional gross and fine weight. The ratio of gold to silver was originally 1 to 15-09. By a decree the Government lowered the value of the 20-piaster piece to 19 piasters, in consequence of which debasement the ratio of gold to silver is 1 to 15|^. The coinage of silver is suspended. The mint charge for gold is 1 per cent. Such is the system as it exists on paper, but the actual coined money of the country is in a very unsatisfactory condition. UNITED STATES. In 1786 the Congress of the Confederation chose as the monetary unit of the United States the dollar of 375-64 grains of pure silver. The unit had its origin in the Spanish piaster or milled dollar, which constituted the basis of the metallic circulation of the English colonies in America. It was never coined, there being at that time no mint in the United States. The act of April 2, 1792, established the first monetary system of the United States. The bases of the system were : The gold dollar, containing 24-75 grains of pure gold, and stamped in pieces of 10 dols., 5 dols., 2Jdols.. denominated, respectively, eagles, half eagles, and quarter eagles ; the silver dollar, containing 371-25 grains of pure silver. A mint was United States. 113 established. The coinage was unlimited and there was no mint charge. The ratio of gold to silver in coinage was 1 : 16. Both gold and silver were legal tender. The standard was double. The act of 1792 undervalued gold. Which was therefore exported. The act of June 28, 1834, was passed to remedy this, by changing the mint ratio between the metals to 1 : 16002. This latter act fixed the weight of the gold dollar at 25-8 grains, but lowered the fineness from 916f to 0-899225. The fine weight of the gold dollar was thus reduced to 23-2 grains. The act of 1834 undervalued silver as that of 1792 had undervalued gold, and silver was attracted to Europe by the more favourable ratio of 1 : 15^^. The act of January 18, 1837, was passed to make the fineness of the gold and silver coins uniform. The legal weight of the gold dollar was fixed at 25-8 grains, and its fine weight at 23-22 grains. The fineness was, therefore, changed by this act to 0-900 and the ratio to 1 : 15-988+. Silver continued to be exported. The act of February 21, 1853, reduced the weight of the silver coins of a denomination less than 1 dol., which the acts of 1792, 1834, and 1837 had made exactly proportional to the weight of the silver dollar, and provided that they should be legal tender to the amount of only 5 dols. Under the acts of 1792, 1834, and 1837 they had been full legal tender. By the act of 1853 the legal weight of the half dollar was reduced to 192 grains, and that of the other fractions of the dollar in proportion. The coinage of the fractional parts of the dollar was reserved to the Government. The act of February 12, 1873, provided that the unit of value of the United States should be the gold dollar of the standard weight of 25-8 grains, and that there should be coined besides the following gold coins : A quarter eagle, or 2^-doUar piece ; a 3-dollar piece ; a half eagle, or five dollar piece ; an eagle, or lO-doUar piece; and a double eagle, or 20-dollar piece : all of a standard weight proportional to that of the dollar piece. These coins were made legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided in the act for the single piece, and when reduced in weight they should be legal tender at a valuation in proportion to their actual weight. The silver coins H4 Monetary Systems. provided for by the act were a trade dollar, a half doUar, or 50-cent piece, a quarter dollar, and a 10-cent piece ; the weight of the trade dollar to be 420 grains Troy; the half dollar 12^ grams; the quarter dollar and the dime, respectively, one-half and one fifth of the v^eight of the half dollar. The silver coins were made legal tender at their nominal value for any amount not exceeding 5 dols. in any one payment. The charge for converting standard gold bullion into coin was fixed at one-fifth of 1 per cent. Owners of silver bullion were allowed to deposit it at any mint of the United States to be formed into bars or into trade dollars, and no deposit of silver for other coinage was to be received. Section IE of the joint resolution of July 22, 1876, recited that the trade dollar should not thereafter be legal tender, and that the Secretary of the Treasury should be authorized to limit the coinage of the same to an amount sufficient to meet the export demand for it. The act of March 3, 1887, retired the trade dollar and prohibited its coinage. That of September 26, 1890, discontinued the coinage of the 1-doUar and 3-dollar gold pieces. The act of February 28, 1878, directed the coinage of silver dollars of the weight of 412| grains Troy, of standard silver, as provided in the act of January 18, 1837, and that such coins, with all silver coins theretofore coined, should be legal tender at their nominal value for all debts and dues, public and private, except where otherwise expressly stipulated in the contract. The Secretary of the Treasury was authorized and directed by the first section of the act to purchase from time to time silver bullion at the market price thereof, not less than 2,000,000 dols. worth nor more than 4,000,000 dols. worth per month, and to cause the same to be coined monthly, as fast as purchased, into such dollars. A subsequent act, that of July 14, 1890, enacted that the Secretary of the Treasury should purchase silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as might be offered, each month, at the market price thereof, not exceeding 1 dol. for 371-25 grains of pure silver, and to issue in payment thereof Treasury notes of the United States, such notes to be redeemable by the Government, on demand, in coin, and to be legal tender in payment of all debts, public and private, except Venezuela. 115 where otherwise expressly stipulated in the oontract. The aoi directed the Secretary of the Treasury to coin each month 2,000,000 ounces of the silver bullion purchased under the provisions of the act into standard silver dollars until the lat day of July, 1891, and thereafter as much as might be necessary, to provide for the redemption of the Treasury notes issued under the act. The purchasing clause of the act of July 14, 1890, was repealed by the act of November 1, 1898. The act of June 9, 1879, made the subsidiary silver coins of the United States legal tender to the amount of 10 dols. The minor ooins are legal tender to the amount of 25 cents. VENEZUELA, The monetary unit is the venezolano or peso, divided into 100 centavos, a silver coin weighing 26 grams, 0*900 fine, or equal to the French silver 5-franc piece. There are also gold coins equal to the French gold pieces. The one-fifth venezolano piece is called the " bolivar," equal to 1 franc. The ratio of gold to silver is 1 to 15 J, The only difference between the French monetary system and that of Venezuela is that whereas the French 5-Franc piece is unlimited legal tender, the 5-bolivar piece, or venezolano, is legal tender only to the amount of 500 bolivars, or about 100 dols. in United States gold coin. In this respect Venezuela is more like a single gold-standard country. For convenience, however, it is generally classed among double- standard countries. SUMMARY OF MONETARY EVENTS SINCE 1786. 1786. — Establishment of the double standard in the , United States with a ratio of 1 to 15-25 ; that is, on the basis of 123434 grains of fine gold for the half eagle or 5 dol. piece, and 375 '64 grains of fine silver for the dollar, without any actual coinage. 1792. — Adoption of the ratio of 1 to 15 and establishment of a mint with free and gratuitous coinage in the United States ; the silver dollar equal to 871i grains fine, the eagle to 247^ grains fine. 1803. — Establishment of the double standard in Prance on the basis of the ratio of 1 to 15J, notwithstanding that the market ratio was then about 1 to 15. ii5 Monetary Systems. 1810. — Introduction of the silver standard in Russia on the basis of the ruble of 17-99 grams of fine silver, followed in 1871 by the coinage of imperials or gold pieces of 5 rubles, of 5,998 grams, therefore with a ratio of 1 to 15. This ratio was changed by the increase of the imperial to 5 rubles 15 copecks, and later to 1 to 15-45. 1815. — Great depreciation of paper money in England, reaching 26i per cent, in May. Course of gold, £5 6s., and of silver, 71^d. per ounce standard. In December the loss was only 6 per cent. Gold at this period was quoted at £4 3s., and silver at 64d. 1816. — Abolition of the double standard in England which had had as its basis the ratio of 1 to 15-21, and adoption of the gold standard on the basis of the pound sterling at 7-322 grams fine in weight. Coinage of divisional money at the rate of 66d. per ounce. Extreme prices, £i 2s. for gold and 64d. for silver ; in January, £3 18s. 6d., and 59id. in December. 1816. — Substitution for the ratio of 1 to 15-5 in Holland, established by a rather confused coinage, of the ratio of 1 to 15|. 1819. — Abolition of forced currency in England. Price of gold £3 17s. lOJd. and of silver, 62d.* per ounce in October, against £4 Is. 6d. and 67d. in February. 1832. — Introduction of the monetary system of France in- Belgium with a decree providing for the coinage of pieces of 20 and 40 francs, which, however, were not stamped. Silver, 59|-d. 1834. — Substitution of the ratio of 1 to 16 for that of 1 to 15 in the United States by reducing the weight of the eagle, $10 gold piece, from 270 grains to 258 grains. In 1837 the fineness of the United States gold coins was raised from 0-899225 to 0-900, and the silver coins from 0-8924 to 0-900, giving a ratio of 1 to 15-988 and fixing the standard weight of the silver dollar at 412| grains. Silver, 69Tld. 1835. — Introduction of the company rupee, a piece of silver weighing 165 grains fine, in India, in place of the sicca rupee. Creation of a trade coin — the Mohur, or piece of 16 rupees — containing 165 grains of fine gold. Silver, 59^d. 1844. — Introduction of the double standard in Turkey, with the ratio of 1 to 15-10. Silver, 59id. * The price of silver given hereafter represents the average rate per ounce standard— that is, the mean between the highest price and the lowest price quoted during the year. Summary of Events. uy 1847.— Abolition of the double standard in Holland by the introduction of the silver standard on the basis of a 1 -florin piece 0-945 grams fine, the coinage of which has already been decreed in 1839. Silver, 59i^. 1847.— Discovery of the gold mines of California. 1848, — Coinage in Belgium of pieces of 10 and 25 francs in gold, a shade too light These pieces were demohitized and withdrawn from circulation in 1884. Silver, 59id. 1848. — Replacing the ratio of 1 to 16 in Spain, which had been in force since 1786, by that of 1 to 15-77. 1850. — Introduction of the French monetary system in Switzer- land without any actual coinage of gold pieces. Silver, 60id. 1851. — Discovery of the gold mines of Australia. 1853. — Lowering of the weight of silver pieces of less value than $1 to the extent of 7 per cent, in the United States, and limitations of their legal-tender power to $5. Silver 61 id, 1853. — Maximum of . the production of gold reached in California, when it amounted to $66,000,000. 1854.— Introduction of the gold standard in Portugal on the basis of the crown of 16-257 grams fine. Before this period the country had the silver standard, with a rather large circulation of gold coins stamped on the basis of 1 to 15| in 1835 and 1 to 16i in 1847. Silver, 61^d. 1854. — Modification of the ratio of 1 to 15-77 in Spain by raising it to 1 to 15-48, and by lowering the piaster from 23-49 grams to 23-36 grams fine. 1854. — Introduction of the silver standard, as it existed in the mother country, in Java, in place of the ideal Javenese money, and coinage of colonial silver pieces. 1857.— Conclusion of a monetary treaty between Austria and the Qerman States, in accordance with which 1 pound of fine silver (one-half a kilogram) was stamped into 39 thalers or 52^ florins of south Germany, or 45 Austrian florins, resulting in 1 thaler equalling If German florins or 1^ Austrian florins. SUver, 61|d. 1861. — Law decreeing the coinage of gold pieces of 10 and 20 francs exactly equal to French coins of the same denomination in Belgium. Silver, 61 Jd. 1862. — Adoption of the French monetary system by Italy. Silver, 61^d. jjg Monetary Systems. 1865. — Formation of the Latin Union between France, Belgium, Switzerland, and Italy on the basis of a ratio of 1 to 15^. Silver, 61^d. 1867. — First international monetary conference held in Paris. 1868. — Adoption of the French monetary system by Roumania, with the exclusion of the 5-franc silver piece, which was, however, stamped in 1881 and 1883. Silver, 60id. 1868. — Admission of Greece into the Latin Union. The definite and universal introduction of the French monetary system into the country was effected only in 1883. 1868. — Adoption of the French monetary system, with the peseta or franc as the unit, by Spain. The coinage of gold alphonses d'or of 25 pesetas was made only in 1876. 1871. — Replacing of the silver standard in Germany by the gold standard. Coinage in 1878 of gold pieces of 5, 10, and 20 mark pieces, the latter weighing 7-168 grams fine. Silver, 60Jd. 1871. — Establishment of the double standard in Japan with the ratio of 1 to 16-17 by the coinage of the gold yen of 1-667 grams and of the silver yen of 26-956 grams, both with a fineness of 0-900. 1873. — Increase of the intrinsic value of the subsidiary coins of the United States. Replacing of the double standard by the gold standard. Reduction of the cost of coinage of gold to one-fifth per cent, the total abolition of which charge was decreed in 1875. Creation of a trade dollar of 420 grains with a fineness of 0-900. Silver, 69 Jd. 1873. — Suspension of the coinage of 5-franc pieces in Belgium. 1873. — Limitation of the coinage of 5-francs on individual account in France. 1873. — Suspension of the coinage of silver in Holland. 1873. — Formation of the Scandinavian Monetary Union. Replacing of the silver standard in Denmark, Sweden and Norway by that of gold on the basis of the krone. Coinage of pieces of 10 and 20 kroner, the latter weighing 8-961 grams, with a fineness of 0-900. , 1874.— Introduction of the system of contingents for the ooinage of 5-frane silver pieces in the Latin Union. Silver, SS^d. 1875. — Suspension of the coinage of silver on individual account in Italy. Silver, 66|d. 1875. — Suspension of the coinage of silver on account of the Dutch colonies. Summary of Events. ug 1875. — Introduction of the double standard in Holland on the basis of the ratio of 1 to 16'62 by the creation of a gold piece of 10 florins, weighing 5'048 grams fine, with the main- tenance of the suspension of the coinage of silver. 1876. — Great fluctuations in the price of silver, which declined to 463d., representing the ratio of 1 to 20-172, in July. Eecovery, in December, to 58-j-d. Average price, 52|d, 1877. — Coinage of 5-franc silver pieces by Spain continued later, notwithstanding the decline of silver in the market. Silver, 64Jd. 1877. — Replacing of the double standard in Finland by that of gold on the basis of the mark or franc. 1878. — Act of United States Congress providing for the purchase, from time to time, of silver bullion, at the market price thereof, of not less than 2,000,000 dols. worth per month as a minimum, nor more than 4,000,000 dols. worth per month as a maximum, and its coinage as fast as purchased into silver dollars of 412^ grains. The coinage of silver on private account prohibited. Silver, 52Kd. 1878. — Meeting of the second international monetary con- ference in Paris. Prolongation of the Latin Union to January 1, 1886. 1879. — Suspension of the sales of silver by Germany, Silver, Slid. 1879. — Resumption of specie payment by the United States. 1881. — Third international monetary conference in Paris. Silver, Sliid. 1885. — Introduction of the double standard in Egypt. Silver, 48fd. 1885. — Prolongation of the Latin Union to January 1, 1891. 1886. — Great decline in the price of silver, which fell in August to 42d. representing a ratio of 1 to 22-5, and recovery, in December, to 46d, Modification of the coinage of gold and silver pieces in Russia, Silver, 45fd, 1887, — Retirement of the trade dollars by the Government of the United States in February. Demonetization of the Spanish piasters, known as Ferdinand Carolus, whose reimbursement at the rate of 5 pesetas ended on March 11, New decline of silver in March to 44d,, representing the ratio of 1 to 21-43, Silver, 44|d, I20 Monetary Systems. 1890. — United States — Repeal of the act of February 28, 1878, commonly known as Bland-Allison law, and substitution of authority for purchase of 4,500,000 fine ounces of silver each month to be paid for by issue of Treasury notes payable in coin- (Act of July 14, 1890.) Demonetization of 26,000,000 lei in pieces of 5 lei in Eoumania in consequence of the intro- duction of the gold standard by the law of October 27. Silver, 47iid. 1891. — Introduction of the French monetary system in Tunis on the basis of the gold standard. Coinage of national gold coins and billon. Silver, 45Ad. 1892. — Replacing of the silver standard in Austria-Hungary by that of gold by the law of August 2. Coinage of pieces of 20 crowns, containing 6"098 grams fine. The crown equals one-half florin. Meeting of the fourth international monetary conference at Brussels. Production of gold reaches its maximum, varying between 675,000,000 and 734,000,000 francs. Silver, 89^d. 1893. — Suspension of the coinage of silver in British India and of French trade dollars on individual account. Panic in the silver market in July in London, when the price fell to 30|d., representing the ratio of 1 to 30'92. Repeal of the purchasing clause of the act of July 14, 1890, by the Congress of the United States. 1895. — Adoption of the gold standard by Chile. 1895.— Russia decides to coin 100,000,000 gold rubles in 1896. 1896. — Costa Rica adopts the gold standard. 1896. — Russia decides to resume specie payments. 1897. — Adoption of the gold standard by Russia and Japan. 1897. — Peru suspends the coinage .of silver and prohibits its importation. 1898. — Peru adopted the gold standard. 1899. — India adopted the gold standard in September. 1 Gram equals 1543235 Grains. Gold SurriY. At the present time— November 21st, 1899— the gold requirements of the world are probably larger than they have ever been before. The large railways now being made in Eussia, China, and Africa, the wonderful industrial growth which is taking place in almost every manufacturing country of the world, and the large development of trade generally, are causing a demand for gold. The adoption of the gold standard for India, and the opening up of new colonies in different parts of the world, are augmenting the needs for gold. Under these circumstances, the temporary closing of the South African mines, should the war last long, will be sure to cause a great amount of financial trouble and loss, for want of gold. It seems now that in all probability it will be years before we need fear that an over-production of gold may seriously interfere with prices or values. However, it is necessary to consider that, should the number of banks continue to increase (rapidly) in the principal countries of Europe, and especially in France, and improve in usefulness, and the increase of the production of gbld also continue, it is not unlikely that the financial world will be called upon to make some rearrangements in order to prevent a serious rise in prices, which would mean a fall in the purchasing power of workmen's wages, unless these were increased proportionally. In consequence of the South African mines being closed, public attention has been directed to other goldfields of the world, at the expense of the Eand district. We hope that when the war is settled the Transvaal mines will soon be in a position to take care of themselves. It is expected that they will be able to work the mines at a more profitable rate in the future. That, however, may not apply until after the war tax has been paid. All things considered, we think that there is no need at present for any serious thought or consideration respecting the world's gold supply. Treatise on Hall-Makks. ->*«- Historical Events connected with the Mints and Assay Offices. It is thought there was a mint in Britain 150 b.c, if not earlier. 287 A.D. Boman mints were set up in London and Colchester, 380. Roman coins were struck by M. Maximus. 760. The Saxon silver penny was first struck. For 600 years the silver penny remained the chief and almost the only coin of general use. Its original weight, 24 grains, has given its name to the pennyweight. 800. There were several mints at this period, one at York. 1125. Coins were first made in Scotland by David I. 1180. There were two issues of pennies about this time, and several Goldsmiths' Guilds were in existence in England. * 1827. First Charter granted for London Goldsmiths' Company. 1336. Leopard's Head crowned and maker's mark introduced. Historical Events. ^2^ 1238. The Mayor and Aldermen of London had to select six good men and true to see that no gold or silver articles were made of inferior metal than the King's money. 1260. The Touch of Paris was enacted for silver, viz. : — -925. 1267. Gold pennies were struck by Henry III., weight 45 grains each, equal in value to 20 silver pennies. About this time a severe battle was fought near the river Thames, at London, by 500 goldsmiths and 500 tailors, a considerable number were killed, and the dead bodies were thrown into the river. 1300. Half-pennies and farthings, both in silver, were coined. The Goldsmiths' Company was recognised and put on a sound basis, and the leopard's head selected as the standard mark. 1300. The Touch of Paris, for both gold and silver, was established in England, viz. : — 19^ carats gold, and ^^ for silver. 1327. Groats and half-groats were issued by Edward III. On the reverse of these coins was a long cross with the words, "I have made God my helper." Also the Goldsmiths' Company was incorporated by Charter during the reign of Edward III. 1331. The Goldsmiths' Company commenced its records, which are governed by a principal Warden and three others, with 21 Assistants, and 150 Guardians. The gold florin was current for six shillings about this date. 1343. It was provided that good Stirling money should be made in England, and several different denominations were issued about this time by Edward III. 1355. The trial plate was introduced at the Assay office, and -the process of assaying was by Cupel. 1363. The maker's mark was introduced and stamped on the work after it had been assayed and marked with the King's mark. 1366. One Thomas Hessey was the King's goldsmith at this time. 1379. It was enacted that the mark of the city or town, along with the maker's mark, should be stamped on all assayed articles. 1381. An Act was passed forbidding the export of gold or silver. 1392. The King re-incorporated the goldsmiths on account of some default in a former act. 1401. The gold standard reduced to 16 carats. 1402. The Act of 1381 was amended and other clauses added, one forbidding gold or silver in either mon«y or plate ttf be carried out of England. 124 Hall-Marks. 1404. An Act was passed forbidding any gilding or silvering of inferior articles, unless a portion of the original metal was left exposed, so that no one could be deceived by it. 1414. It was enacted that gilt articles were to be charged twice the price of their weight in silver. 1415. Sir Drew Barentyn, a noted goldsmith, died. 1420. An Act was passed not to allow any metal except silver to be gilded. 1423. It was ordered that no silver or gold worker should make or sell any silver plate of less fineness than "Stirling" either in London, York, Newcastle, Lincoln, Norwich, or Bristol ; and that it must be assayed and marked with the leopard's head before it was sold. 1436. The Act of 1355 was introduced under greater pressure. This Act led to the date-letter being introduced. 1462. The King empowered the Goldsmiths' Company of London, as the assayers of all England practically, with power to punish offenders in any part of the country ; and the wardens occasionally travelled through the land to inspect and examine the work of jewellers and silversmiths in the different cities, and towns. 1477. No gold under 18-carats fine was allowed to be worked and sold, nor any silver under " Stirling," and all harness mounts must be made of silver and hall-marked. 1482. It was enacted that no workman must be made a. freeman of the Goldsmiths' Company unless he had served seven years to the trade. 1488. Up to this date the refiners prepared all gold and silver for the mints of London, Canterbury, Durham, York, and Calais. 1512, During the reign of Henry VIII. a sad occurrence took place in the history of Old English gold and silver plate. Plate which had been the sacred property of churches and cathedrals for a long period was all destroyed or taken away. Later, another disaster befell the old plate that was stored by the Guilds and Goldsmiths' Company, and for a time ended the history of Old English Plate. 1513, Before any gold or silver plate could be put to sale, the maker must put his mark on the work, and the assayer must also- put his mark (the date-letter) on it. Historical Events. 125 1519. Was an eventful year in the history of precious metals In Europe a general rise was witnessed. 1526. A pound weight of gold (23-oarats, 3^ grains fine), was worth, in current money, £27. 1544. On the 16th May the price of the gold angel was advanced from 7/6 to 8/-. Gold was raised from 45/- to 48/- the oz., and silver from 3/9 to 4/-. 1545. The debasement of our currency began, which caused a great amount of trouble and poverty. 1560. About this time Queen Elizabeth took steps to restore the standard of money and plate, which had been much debased for years. The first attempt, too, was now made to supersede the old hammering method of making coins by the mill and screw, with a new machine, the screw press. The use of the dates on the coinage now became common. The Queen went to the mint and struck a numbar of coins herself and gave them aiway to those who were standing round. 1568. Affable Partridge was the principal goldsmith to the Queen. 1569. The first lottery was arranged by one of the Queen's goldsmiths, M. Dericke, of Cheapside. 1570. The sovereign of crown gold, 22 carats fine, was introduced. 1576. After the 20th of April no gold plate less than 22-carats fine was allowed to be made or sold, and no silver less than Stirling ("925). The goldsmith stamped his mark thereon, and the assayers were obliged to stamp all articles with the leopard's head. 1597. The lion and alphabetical date-letter was introduced by statute, though the date-letter had been in use for over 100 years, and the lion had been in use more than forty years. A curious scrap of gold belonging to this reign is preserved in the British Museum, supposed to be the fragment of a sovereign. 1604. During the reign of James I. there were some fine specimens of gold coins issued, 23-carats, 3J-grains fine, with ^-grain alloy, and averaged in weight 154-83 grains troy. 1628. Nicholas Briot, a Frenchman, was chief engineer to the English mint. Various provincial mints were worked in this reign. After the outbreak of the civil war, in 1642, the mint at Shrewsbury was removed to Oxford. The Oxford crown piece of 125 H all-Marks Charles I. is a very fine specimen : on the obverse, ■within an inner circle, is the King on horseback to left, crowned, and holding a drawn sword; in the distance is tie city of Oxford, with oxoN over it, and to the left the letter R (the initial of the engraver, Eowlins) ; on the reverse, the "Declaration," in two lines across the field between two rows of scroll-work, three sets of plumes, the letter V above and 1644 below, all in an inner circle. 1646. At Newark a set of coins, consisting of four pieces, diamond shape, were issued : obverse, a crown, with and E on either side, and XXX, XII, IX, or VI, to denote the value in pence ; on the reverse, in three lines, B S : Newark : 1646. 1649. About this period one of the most famous coins or medals was struck by Thomas Eowlins for King Charles, known as the " Juxon Medal." It was sold by auction at Sotheby, Wilkinson and Hodge's sale rooms, in November, 1896, there being a very large attendance at the sale, and expectation ran high when the famous medal was put up. This coin was presented to the Bishop of London by the King just before his execution. It passed down to Juxon's decendants, first to Mrs. Mary Gythens, who bequeathed it to her son-in-law, the Eev. James Commeline, of St. John's College, Cambridge. It ultimately came into the possession of Mr. Montague, at whose sale on November 16th, 1896, it fetched £770. (This, is the largest price ever paid for a coin or medal in this country). It has since been acquired by the British Museum, and takes its place in the National Collection. 1649-1660. The Commonwealth. On one British crown commonweath is spelt with one m, a peculiarity which also appears on a shilling. 1653-1658. Protectorate. During this period coins were struck bearing the portrait and name of Cromwell. On the edge of the crown piece are the words, " Let no one remove these letters under pain of death." 1662. About £32,000 was paid to Sir Eobt. Vynu, His Majesty's goldsmith, for a gold globe, two sceptres, and two crowns, set with precious stones. 1662. The mill -and -screw method of coining was again revived, and the hammered coinage ceased for ever. The first Historical Events. 127 milled crown piece is distinguished by a rose under the bust, from whence it derives its name of the Eose Crown. 1663. The famous " Petition Crown " was made by Thomas Simon, a well-known English die-sinker, and presented to Charles II. The inscription round the edge was an appeal or a petition to the King for relief. But it is said the petition had no result. 1669. Plate lotteries were allowed in England and Wales. 1671. Copper coins were first issued, and the first English numismatic representation of Britannia. The Duchess of Richmond sat as the model for Britannia. 1675i An order was granted for the re-enforcement of 22-carat gold, and Stirling silver of "925 fineness, to be marked with the lion and leopard's head crowned, one or both of them. 1696. All the old hammered money was called in, melted down, and re-coined. For this purpose mints were set up at Bristol, Chester, Exeter, Norwich, and York. Coins made at the above places have the initials of the name of the town upon them. Also, an Act was passed that, on and after March 25th, 1697, no silver plate under "959 fine should be made or sold ; and the new standard silver plate must have a different mark to the old standard in order to distinguish it, viz. : — a lion's head erased, instead of the leopard's head, and a figure of a woman, called Britannia, in place of the lion. This Act had the desired effect of putting a stop to the practice of melting down coins and making thsm into plate. 1700. York, Exeter, Bristol, Chester, and Norwich were re-appointed Assay towns. 1701. Newcastle-on-Tyne was re-appointed an Assay town. 1707. The Parliaments of Scotland and England were united. In consequence of this union an alteration was made in the armorial bearings as they appeared on the coins. On some of the gold and silver coins of this reign are found, under the bust, the word, "Vigo. This refers to the capture in 1702 of the gold and silver, of which these pieces were minted, from the Spanish galleons at Vigo. On some of the silver coins of this reign are roses in the angles of the cross, which indicate that the silver came from the West of England. There are also silver coins g Hall-Marks. with plumes in the centre of the cross ; this metal is supposed to have come from Wales. Then again, the plumes and roses together mean it is English and Welsh silver mixed. 1715. It may be interesting to state that there are gold coins of this period on which the following inscription is found: " George, by the grace of God, King of Great Britain, France, and Ireland ; Pefender of the Faith, Duke of Brunswick and Liineberg, Arch-Treasurer and Elector of the Holy Eoman Empire." The title, " Fidu Defensor," conferred on Henry VIII. by Pope Leo X., now appears on the coinage for the first time. 1720. The old standard silver ('925), and the old Assay marks were re-introduced ; and a duty of 6d. per oz. imposed. 1739. It was again found necessary, in order to prevent frauds, to refix the standards of 22-carat gold and Stirling silver, -925. The higher standard of silver was not abolished. The maker's mark was changed from the first two letters of his name to the initials of the maker. 1773. Birmingham and Sheffield were appointed Assay towns for silver. 1784. The King's head was ordered to be stamped on all articles subject to duty, which was 8/- per oz. on gold and 6d. per oz. on silver. 1798. The standard of 18-carat gold was introduced, to be marked with a crown and 18. 1810, The mint was removed from the Tower to where it now stands, on Tower Hill. 1813. The lilies of Prance disappeared from our coins, having adorned them for more than 400 years. 1815. The duty was increased to 17/- per oz, on gold and 1/6 per oz. on silver. 1824. Gold articles were first stamped at Birmingham Assay Office. 1844. 22-carat gold was first stamped with the crown and 22. 1854. The three lower standards of gold were introduced, viz.: 15, 12, and 9 -carat, and though they were subject to duty it was not necessary to stamp them with the Sovereign's head. 1876. The letter F was added to foreign plate assayed in England besides the other marks. 1887. Special marks were introduced to be stamped on all foreign watch cases assayed in this country. Historical Events. J2q 1887. Double-florina were introduced. 1887. In this (Jubilee) year 53,200 five-pound pieces were issued, and 85,293 two-pound pieces. 1887. The number of commemorative medals struck were 944 in gold, 2,289 in silver, and 4,257 in bronze. 1890. The duty of 17/- per oz. on gold and 1/6 per oz. on silver was abolished, and the duty marks discontinued. 1890. The minting of double-florins was discontinued. 1890. An Act, dated May 13th, for a Eeturn of the number of ounces of gold and silver upon which duty was paid at each of the Goldsmiths' Halls in London, Birmingham, Chester, Sheffield, Edinburgh, Glasgow, and Dublin, in each year from 1887-8 inclusive, and of the number of ounces upon which draw-back has been allowed in each of those years ; showing also the number of ounces of gold and silver plate hall-marked under the voluntary system of hall-marking articles not subject to duty, and the number of gold and silver watch cases which have been hall-marked, distinguishing those which are British from those which are foreign. 1893. 20,160 five-pound pieces and 49,771 two-pound pieces were issued. (None issued since). 1893. An Act, dated December 5th, for a Eeturn of the Charges made for the assay and marking of gold and silver wares by the hall-marking authorities in the under-mentioned places : London, Birmingham, Sheffield, Chester, Edinburgh, Glasgow, and Dublin. Diamond Jubilee Medals 1897. In commemoration of the completion of the 60th year of the Queen's beneficent reign — a reign which has extended over a longer period of time than that of anyone of Her Majesty's predecessors — a medal was struck in two sizes : the large, 2^^ inches diameter ; the small, 1 inch in diameter. Weight : large, gold, 3 oz.; large, silver, 2-75 oz.; small, gold, 200 grains ; small, sUver, 150 grains; bronze, 2-50 oz. Price of Medals: large, gold, £13 ; small, gold, £2 ; large, silver, 10/- ; small, silver, 1/- ; bronze, 4/- ^all in cases except the small silver). Total number of orders received, as per Mint report, 1897 : large, gold, 3,735 ; small, gold, 19,453 ; large, silver, 27,682 ; small, silver, 245,944 ; j^Qo H all-Marks. bronze, 41,981— total, 338,796. 192,701 were ordered at the Bank of England, London, and the rest, 146,095, were ordered at its branches in the provinces, including Edinburgh and Dublin. On the medal which was struck to mark the occasion of the Diamond Jubilee Year,' are the following words : — " Viotokia Annvm Rbgni Sexagesimym Pelicitee Clatjdit XXI, VN. MDCCCXCVII." On the reverse, the inscription was adapted from the Vulgate, Proverbs iii, v. 16, to the following effect : — " LONGITVDO DiERVM IN DeXTERA EiVS ET IN SINISTRA GlORIA," words conveying the idea of the young Queen ascending her throne, bearing in either hand the gifts of Wisdom, gifts which during her reign have been so abundantly in evidence. At the base of the effigy an arrangement of olive branches, denoting prosperity, and the date of the year of Her Majesty's accession, 1837. Quality : fine gold, fine silver, and copper bronzed. In the making of these medals polished dies were not used, as a highly polished table would not have been suitable to the arrangement adopted, and is not so agreeable or artistic in effect as a dull table. On the obverse of the medal is the effigy of the Queen, as delineated by Mr. Brock for the existing coinage ; and on the reverse, her effigy as pourtrayed by the late Mr. Wm. Wyon for the coinage introduced at the commencement of Her Majesty's reign. In addition (of a different shape) there were 14 gold and 512 silver commemorative medals struck for presentation to the Lord Mayors and Mayors, the Lord Provosts and Provosts of the various Corporations in Great Britain and Ireland. Consumption of Gold and Silver. joj The World's Industrial Consumption of Gold and Silver, 1897. There is no correct answer can be given as to the actual amount of the industrial consumption of the precious metals, because there are very few countries where statistics are properly kept relating to this matter. It was stated in the "United States Mint Eeport," for 1895, that foreign governments are begining to take a great interest in the collection of such facts. The estimate given in the above report for 1897, was as follows : — Austria-Hungary Belgium and ... Netherlands Egypt England France Germany Italy Portugal Russia Sweden Switzerland ... United States Other Countries Gold £373,106 „ £412,052 , £143,154 , £2,060,240 , £2,126,720 £1,754,544 £664,600 £1,196 £543,244 £55,560 £1,142,560 £1,859,600 £664,600 Total £11,801,176 Silver, £446770 „ £166,240 „ £68,005 £41,842 „ £1,163,680 „ £1,246,800 „ . £1,246,800 £174,552 £831 £789,640 £29,923 £236,892 „ £2,059,539 £415,600 £8,087,114 Weight of Precious Metals Assayed and Marked in the United Kingdom for Industrial Purposes, from 1893 to 1898. Gold (Ounces). 1893. 1894. 1895. 1896. 1897. 1898. London 228,160 218,857 224,432 218,641 225,670 226,550 Birmingham 229,016 223,759 239,472 283,423 311,335 333,741 Chester 61,318 62,442 73,283 97,281 109,187 130,480 Glasgow 1,420 1,422 1,448 1,449 1,461 1,500 Edinburgh 100 104 123 125 140 150 Dublin 78 80 87 89 93 100 Total ounces 520,092 506,664 538,845 600,908 647,886 692,521 Silver (Ounces), London 1216563 1141495 1354566 1752541 2102563 2103662 Birmingham 1276317 1401449 1796056 2117622 2303157 2530019 Chester 208388 227250 311624 873887 656801 592783 Sheffield 404697 496148 715248 922482 974477 1165017 Glasgow 10000 11321 12452 12863 13395 15321 Edinburgh 12173 12496 13123 13453 14120 16418 Dublin 6365 6521 7315 7736 8123 8123 Total ounces 3134503 3296680 4210384 5700584 6972636 6430328 J, 2 Hall-Marks. The average price of silver for the before-mentioned period was about 2/8 per ounce. As regards the weights given for London, Glasgow, Edinburgh and Dublin in a few cases we have had to 3stimate the weights of the metals assayed, because we were not able to secure official returns. The industrial consumption of gold in the world is now about thirteen millions Stirling per year, and silver commercial value, about five millions sterling per year. The Gold Standards. In 1300 to 1478 the ,'^tandard for gold plate was 19f-earat „ 1478 to 1576 „ „ „ 18 „ ,, 1576 to 1798 ,, was equal to coin 22 „ or ^ From 1798 to the present time both 22 and 18 „ In December 1854, three lower standards were granted, viz., 15, 12 and 9-carat. The Silver Standards. The standard for silver-plate has been, for over 500 years, 11 oz. 2 dwts. of fine silver, and 18 dwts. of alloy (-925) to the pound troy. Except for a short period, from March 1697, to June 1720, in the reign of Wm. III. At that time it was thought that the coins of the realm were being melted and made into plate. In order to stop the practix3e, an act was passed raising the standard of silver- plate to 11 oz. 10 dwts. pare silver, and 10 dwts. of alloy to the pound troy (-959), It was soon found that plate made of the new standard "959 (Britannia Standard) was too soft for service and durability, and the old standard of 925 was restored. Both acts are now in force, but the new standard, -959, is seldom required. This quality is called Britannia Silver, and is marked with the figure of Britannia in place of the old Silver Mark at London, and in addition at the other offices. The old silver-plate, made between 1697 and 1720, is known now-a-days as " Queen Anne Silver." Manufacturer's or Merchant's Mark. This mark has been in use for a very long period. At first, it was used as a symbol, and consisted of the figure of a bottle, cross, heart, crown, or an animal of some kind. In 1863 it was made compulsory that every maker should have a mark of his own, and Manufacturer's or Merchant's Mark. jo, known to the man appointed to survey the work. As to the name and address of any particular maker, no reliable information can be given previous to 1697, when an act was passed which declared that the maker's mark must be the first two letters of his surname instead of his initials. In 1720 this act was repealed, when the old standard of silver -925 was restored. From 1720 to 1739 manufacturers had the option of marking their goods either with the first two letters of their surname or with their initials. The act of March 28th, 1739, declared that the initials of the maker must be stamped at the works on all goods which were intended to be assayed, and the punch used for that purpose must be registered at the assay office, and properly entered in the name register book and signed. That is the law at present time. Duty Mark. On December 1st, 1784, a duty of 8s. per ounce on gold-plate, and 6d. per ounce on silver, was imposed. In 1815 it was increased to 17s. per ounce on gold, and to Is. 6d. per ounce on silver. The duty was paid at the assay office. The King's, or the Queen's head was stamped on all articles subject to duty, which denoted that duty had been paid. Plate made in England, and exported new, was exempted from duty or, what was the same thing, a draw- back of the duty was allowed. Watch cases were not subject to duty ; but plain gold rings and wedding rings were duty charged and marked with the Sovereign's head. Duty was paid on 15, 12, and 9-carat gold-plate, but it was not necessary to mark these three lower standards with the Sovereign's head. ' The duty and duty-mark was abolished on the 30th of April, 1890. Licenses. Dealers in gold exceeding 2 dwts. and under 2 oz., and sUver exceeding 5 dwts. and under 30 oz., £2 6s. Od. per annum. Dealers in gold and silver over the above weights, and to refiners of gold and silver, £5 15s. Od. per annum. Date Letter. The date-letter is by far the most interesting and useful mark in connection with this subject. It was first used about the year 1487 in order that should any dispute arise about the marking, it might be known who was the responsible warden at the time. It will be seen that these letters consist of part, or in some cases the J 24 Hall-Marks. whole of the alphabet, in various forms. Since 1560 the letters ' have mostly been enclosed in shields of various styles and shapes, which in many cases are found to be very useful. The assay year at each office commences about the middle of the year, so that each letter serves for the last six months of one year and the first six months of the next year. The Lion Passant. The lion-passant is sometimes called Her Majesty's Lion. It is well-known as the standard mark for silver in England, and was also used as the standard mark for 'fia-carat gold from 1545 to 1844, when an act was passed to change the mark of 22-carat gold. Section XV. reads as follows : — And whereas all, gold wares of the standard or fineness of twenty-two-carats of fine gold in every pound troy assayed by any of the said companies of goldsmiths and guardians are by certain statutes now in force required to be marked with the same mark as that with which all silver wares of the standard or fineness of eleven ounces and two pennyweights, assayed as aforesaid, are required to be marked, (that is to say,) with the figure of the lion-passant, in order to denote the standards thereof respectively, whereby great facilities to frauds are afforded, and extensive frauds have been committed by dealers in gold and silver wares ; and it is expedient that all gold wares of the standard or fineness aforesaid, and so assayed as aforesaid, should be marked by a different mark, to denote the standard thereof, from the mark so used for the said silver wares as aforesaid : Be it there- fore enacted, that from and after the first day of October, one thousand eight hundred and forty-four, there shall be struck or marked by the said company of goldsmiths in London, and by the several companies of goldsmiths in the Cities of York, Exeter, Bristol, Chester, and Norwich, a,nd the Town of Newcastle-upon-Tyne, and the Company of guardians of the standard of wrought plate in the town of Birmingham, upon all gold wares of the standard or fine- ness of twenty-two carats of fine gold in every pound troy, brought to them respectively to be assayed, the mark of a crown and the figures 22, instead of the mark of the lion-passant. Section XVII. reads :— And belt enacted, that this act shall not extend to Scotland or Ireland. The lion-passant has probably been in use for 360 years, it is first mentioned in the records of the Goldsmiths' Company in 1597, but has been found on plate made in 1545. It was enclosed The Lion Passant. jor in a shield or rectangle from. 1548 to 1557. For the first four years the lion was crowned. The shape of the shield has been changed from time to time. It is quite within the province of any office to adopt a change anytime it thinks fit. This was done at the London office in 1896, when the present cycle of date-letters commenced. The lion-passant, turned to the right, was used at Newcastle-on-Tyne as the standard markjn 1672. The Leopard's Head. This mark is the oldest hall-mark on record. In the year 1827 it was spoken of as the mark of ancient times. Its shape and appearance has been changed at various periods, from 1300 to 1547, it was enclosed in a circle, or round shield. Prom 1547 to 1678, the shape of the shield followed the head and crown. From 1678 to 1697 the head was again placed in a circle. From 1697 to 1720, the punch of the leopard's head was not used at the Lon- don office, the lion's head erased was substituted for it. From 1720 to 1729, the leopard's head was again brought into use, but the shape of the punch, is not definitely knowh. For a number of years from 1729 the shape of the shield for the leopard's head crowned was a plain aiigular heraldic shield. From about 1756, the present style of shield has been in use. From 1822 the leopard's head has appeared without the crown, and it has often been said to resemble the head of a cat. The leopard's head was the national standard mark for both gold and silver up to 1545, when the lion-passant was introduced. Since that time it has been considered the city or haU-mark for London. For many years, commencing with 1720, the leopard's head crowned was used at the provincial assay offices, in addition to the local marks, and at Newcastle it was regularly used until the office closed in 1885. The Crown. This is a very familiar mark in connection with the hall-marks. It has been in use at Sheffield as the city or hall-mark from the commencement in 1773. It has also been used at London, Birmingham and Chester as the standard-mark for 18-carat gold since 1798, and as a standard mark for 22-carat gold at these offices since 1844. The crown and a Eoman letter X was the hall-mark at Exeter in 1672 and 1640. The crown and a rose was used as the standard mark at Norwich, from 1630 to 1690. The crown on the leopard's head was used at the London hall for hundreds of years up to 1822. 1^6 H all-Marks How to find out in which Year any Hall- Marked Article was made. A few words on this subject will, we hope, be useful to many of our readers. — It is a difficult thing for an inexperienced person to find out the proper date or year in which a great number of hall-marked articles were made. The following examples we trust will assist those who are not acquainted with the matter. Example 1. I open the back case of a silver watch and I find the marks are : — The D is the date letter, the lion the standard- j|s? mark, the dagger between three wheat sheaves is Chester city or hall-mark, the F and S ^) ^1 are the initials of the case maker, or, as in this case, the initials of a firm who engages a case (5) maker, viz., Fattorini & Sons. I now turn to the Chester list of date-letters, and find a similar Eoman letter D to the one on the watch case which was used at Chester office, in the year 1887-8, consequently this watch is eleven years old. Example 2. I have now in my hand a teaspoon marked as follows : first, | „■ „; ] second, leopard's head crowned ; third, lion ; fourth, small letter F in a shield ; fifth, king's head. No. 1, the initials of the firm who made the spoon. No. 2, the leopard's head crowned — the London hall-mark. No. 3, the lion, or standard-mark. No. 4, a small letter f in a shield. The shape of shield assists me to find the proper letter in the book. No. 5, the king's head, or duty mark. As this article was assayed and marked at London, I turn to the London list of date-letters, and find a similar letter, which corresponds in every way to the one marked on the spoon under the date of 1821-2, therefore the spoon is 78 years old. Example 3. I have before me a silver fruit knife marked with three marks, as follows ; — 1, the lion ; 2, anchor ; 8, old English capital letter (JU . No. 1, the standard mark. No. 2, Birmingham hall-mark. No. 3, The date-letter, an old English capital U, as above. In this case the article was assayed and marked at Birmingham^ consequently I turn to the Birmingham list of date-letters, and w <: w « o o pi The Hall-Mark. 137 find a similar letter to the one on the article, under date 1844-5 ; it is evident then that the knife is 65 years old. (May, 1899.) The Hall-Mark. The Hall-Mark proper is the city or town mark, sometimes The following are specimens of called the local mark. London. Birminoham. Ghesteb. Sheffikld, Edinburgh. Olasgow. Dublin. m those in present use. The word Hall-Marks generally, has reference to all the marks used at the assay offices. Fine Gold. The term fine gold means pure gold, in a commercial sense, and is worth £4 5s. Od. per ounce troy. It is almost as soft as lead, and altogether unsuitable for industrial purposes. But as a thing of beauty and adornment there is nothing to equal it. It pleases the eye of every one, from the beggar to the prince. In the jewellery trade the term fine gold is often applied to articles made of 13 and 15-carat gold. Charges made for Assaying and Marking Gold and Silver Wares. The following is a summary of a return made to the Board of Trade, by order of the House of Commons, December, 1893. Return of the charges made for the assaying and marking of gold and silver wares by the Hall-Marking Authorities, in the undermentioned places, with respect to plate manufactured in the United Kingdom, and to that imported from abroad, and the statutory authorities for making such charges : London, Birming- ham, Sheffield, Chester, Edinburgh, Glasgow and Dublin. It should be clearly understood that in case the amount received for assaying and marking should raise more money than shall be sufficient to defray the necessary expenses, the overplus is applied in the first instance towards prosecutions against those who try to swindle the public by marking inferior metal in an unlawful manner and, if not required for that purpose, in reduction of the amount to be charged for assaying. (The efficiency of hall- 138 Hail-Marks. marking is such now that the charges are a mere nothing.) Owing to the thorough examination made of every article at the Gold- smiths' Hall, London, for many years the expenses have consider- ably exceeded the amount received from fees. As regards the cost of assaying and marking foreign plate, on account of the extra care and trouble on the part of the officers, the average price per ounce is 2-4:21d. (nearly 2Jd.). Practically the whole of the foreign plate imported into England is dealt with at the London office Assay Office, Goldsmiths' Hall, London; Prices to be taken for Assaying and Marking Plate. Silver Work. On Large Plate, weighing above 4 lbs. (48 ozs.) a Diet of 10 grs. per lb. Troy. Shoe Clasps Sleeve Buttons, or Studs, per doz. Each Sword Hilt \ Frame for Cruets Dish Stand Cock Ink Stand Dish Cross Argyle Bread Back Each Badge Flower Frame Butter Cooler Shaving Pot ' Bottle, or Lamp Each Coral Socket ^ Snuff and other Boxes Pair of Spurs Dozen of Tea Spoons Seals Buttons Salt Shovels Strainers Salt Ladles, or - Pieces to Gar- nish Cabinets - Knife Cases Tea Chests, or Bridles - Gold Work. s. d. Each Watch Case, or Box 9 Each Pendant - - 3 Each Sword Hilt or Watch Chain - - 1 6 Each Hook or Cane Head - Frame for Picture - Tooth-pick Case Coral Socket Spectacle Frame Seal > 10 Medal - Spoon Badge Pencil Case Pap Boat - ' Each Buckle, or Piece of Chain 5 Each Snuff Box, or other 1 Box 3 Each Thimble - Brooch, or Slide - Key - - - 6 Split Eing Blade E ach Pair of Sleeve Buttons 2 Each Eing Coat, or . 1 Breast Button Other Gold Work, weighing 2 6 30 oz. or under 30 to 50 oz. and so in proportion - 3 9 Least Parcel of Gold 1 S 9d. y 5d. 4d. 3^d. Prices for Marking and Assaying Plate, jog Selyer Wakks weighing 5 ozs. each, and upwards, and spoons and forks weighing 5 ozs. and upwards per dozen, one halfpenny per ounce. Wares Weighing less than 5 ozs. as under : each Badges 4d. each Chains ' 2d. ( Baskets 3d. J) Chatelaines 6d. Basins or Boats 8d. )j ,, Appendages 2d. Basins or Boats under Chatelaines Appen- 2 ozs. 2d. J) dages Combinations 4d. Blades or Prongs Id. J) Chalice, Flagon, or Bracelets, Clasps or Paten 3d. Meda,ls 2d. J, Chalice, Flagon, or Bells - 3d. It Paten, under 2 ozs. 2d. Boxes or Bottles 3d. jj Cigar Eims 2d. Boxes or Bottles Com- Clips 2d. binations 6d, )) Coffee, Cocoa, or Boxes or Bottles under Shaving Pot 5d. 2 ozs. 2d. It Coral Sockets 3d. Boxes or Bottles under Comb Mounts - 2d. Combinations ■ 4d. ti Crests 2d. Bottle Stands - 2d. tt Cruet Frames 5d. ,, Tickets or Book- „ Tops Id. markers Id. )t Crumb or Cheese Breakfast Frames - 3d. ti Scoops 3d. Buckles 2d. tt Dressing Case Covers 2d. Eutter Coolers 4d. ti Dog Collars 5d. ,, Knives Id. )) Dog Collars, Plain Buttons 8d. perdoz. Band - 2d. Brush Backs 3d. each Egg Boilers 5d. Brush Backs under Ewers 3d. 2 ozs. 2d. each ,, under 2 ozs. 2d. Caddy or Canister 5d. ti Escallop Shells 2d. Call or Whistle - 2d. tt Funnels - 2d. Candlestick or Taper 3d. tt Flower Vases 2d. Carriage Lamps - 1/- tt Grape Scissors Bd. There are scores of other articles which are charged at about the same rate as the abovev , Any wares weighing less than 3 ozs., if made out of one piece without a joint, and sent in quantities not less than 24 pieces, each Id. Least Parcel of Silver, 5d. Name-Mark to be struck before sending to Hall. BIRMINGHAM. Trices to be paid for assaying and marking gold and silver wares on and after the 15th of July, 1890 140 Hall-Marks. Gold. Chain or Watch Case 5d. each Locket, Bracelet, or Necklet Pendant 2d. „ Stads, Links or Kings 3d. doz. Other wares Id. each SHiYEB. Wares not exceeding in weight 5 dwts. each (excepting watch pendants) 3d. per doz. Chains, - Id. per oz. Other Wares, - ^. „ No Parcel of Work will be charged less than Is. The full weight of gold and silver wOl be returned without stoppage for dirt. SHEFFIELD. Articles not exceeding 10 dwts. in weight each, 8d. per dozen. All other wares ^d. per oz., the TninimTiTn charge for any one parcel being 6d. These charges are in each case one-half of the charges allowed by statnte. Gold. Chain 5d. each Watch Case 6d. „ Locket, Bracelet or Necklet Pendant 2d. ,, CHESTER. Sh/Teb. Wares not exceeding in weight 5 dwts. each (excepting watch pendants) - Bd.perdoz. Studs, Links or Eings 3d. doz. Watch Cases - Id. peroz. Other Wares - Id. each Chains Id. „ Other Wares id. „ Foreign Plate - Id. „ EDINBUEGH. Gold. Sn-vKK. Stamping - Is. peroz. Stamping Assay - - - Is. each Assay 2d. peroz. 3d. p.ach GLASGOW. Gold. Sh^tee. Wares Is. per oz. Wares weighing 5 Watch Cases - Is. each dwts. each and up- Badges or Medals, not wards weighing more than Wares under 5 dwts. 3 dwts. each 6d. per doz. each Id. peroz. 6d. per doz, Studs, Links, or Eings - 6d. ,, No piece of gold will be charged less than Is., or parcel of silver less than 6d., each parcel being one quality. The charge for assays to members, for gold Is. ; for silver, 3d. ; non-members, gold. Is. 6d. ; silver 6d. Prices for Marking and Assaying Plate. ^.^ DUBLIN. Gold. Sn.vEB. Each Wedding King, xmder Plate per oz. 6 dwts. Id. Wares (not plate) „ Fancy Ring 2d- weighing under 3 „ Medal or Badge - 4d. dwts. each id „ Pair of Links - 4d. Under 30 Articles, ,, Bracelet 6d extra for Assaying ,, 4d ,, Chain Is Wares under 6 dwts. „ Id „ Watch Case 8d. Under 12 Articles, Plate peroz. 6d. extra for Assaying „ 4d Is. is charged in all cases for Medals or badges over assaying above the markii ig. 6 dwts „ 2d Watch Cases ,. 6d Lowest charge for silver „ 6d Id. These charges are regulated by the Goldsmiths' Corporation of Dublin. Special Charges are made for goods manufactured in England or Scotland. Hall-Marking and Assaying at Chester Assay Office The following has been furnished by W. F, Lowe, F.I.C, Assor. R.S.M., June, 1898 : — The process of assay by cupeUation is the removal, by the aid of fused lead oxide, of all the constituents of an aUoy with the exception of the so-called noble metals, gold and silver (and also platinum, it present). It is carried out by the addition of a suitable quantity of lead to the alloy, which is then placed on a hot bone-ash cupel, and heated in a current of air. The lead and also the other metals, with the exception of the gold and silver, oxidise, and the fused lead oxide takes up the other oxides as fast as they form and carries them down into the porous cupel until a button of pure gold or sUver only is left. The process of cupeUation is one of the oldest metal- lurgical operations there is any record of, for it is frequently mentioned in the old testament as the "refiner's fire." There is no doubt that the Roman's carried out the process on a large scale. The furnace used for cupeUation is a muffle furnace. At Chester Office, Fletcher's perfected gas mu£Be furnaces are now used, and are found to give more uniform results than the older form of gas muffles. They are also larger and admit of 60 assays being cupeUed at one time. For Silver assay, 10 grains are taken. The balances employed are made by Oertling, and wiU indicate distinctly x^Vij "^ * grain. H all-Marks. 142 The weighed assay is placed in a little bag of lead, made by taking very thin sheet assay lead (laminated lead) cut to the proper weight (the piece then measures about 3i by 21 in.) and rolling this up into a little conical bag like the bags used by grocers for holding moist sugar, &c. Needless to say each batch of lead is assayed for silver. The commercial laminated lead is usually quite pur& enough for this purpose, as on an average the amount used for each assay contains only sufficient silver to raise the amount by 0-08 per thousand. After being placed in the lead bag, the latter is folded and is squeezed up into a small ball, which is then ready for cupelling. Check Assays made from pure silver or pure gold are assayed with every batch of assays. The pure silver for checks as also the pure gold for the same purpose, we always prepare ourselves, and before using them com- pare them with assays from the trial plates supplied by the mint. The assays after being removed from the furnace are squeezed with a pair of pliers, brushed, and then weighed by the assay master. If found correct, he gives orders for the article from which assay was taken to be stamjied with the hall-mark, the date-letter, and the standard mark ; hut if the assay is not tip to the required standard it is put on one side and tested again twice more next day, and if still not right, the goods are broken and returned to the manu- facturer. Gold. — The oldest method of testing the quality of gold was by the touch. This consisted in making a streak on a black stone, called a touchstone, and comparing it with a streak from a piece of gold of known composition called a touch needle. Erckern says that by this method a difference of half a carat can be detected, but it has been shown that a difference of two or three carats very frequently cannot be detected even by those accustomed to use the touchstone. The process for the bullion assay of gold depends on the solu- bility of silver and the insolubility of gold in nitric acid. It was formerly considered that 3 parts of silver should be added to 1 part of gold in order that all the silver might be removed, and hence the process received the name of inquartation. It is now found that gold will part on the addition qf two parts of silver to one of gold but in assaying it is usual to obtain the alloy in the Hall-Marking at Chester Assay Office. j-^^j proportion of 2^ parts silver to one of gold. At Chester the unit weight employed is 5 grains ; the writer would prefer to employ a larger quantity, but the difficulty lies in not being able to obtain a sufficient amount for assay without damaging the articles sent to be hall-marked, Many of these, such as rings, brooches, chains, &c., are very small- In taking the assay from the articles, if they are large enough they are scraped with a steel scraper, and if the article is made in several portions a separate assay is made from each part. The smaller articles have small pieces cut off, as they are sent up unfinished. Not less than two assays are made if possible from a single lot of work, and where there is a large num- ber of articles in one lot, a dozen or more assays may be made from it. The weighed assay is placed in what is called a silver lead, that is a small conical bag of lead into which has been weighed the requisite amount of fine silver to form an alloy of 2^ parts of silver to one part of gold. When a batch of 60 assays is ready they are each squeezed up to the size of a small bullet, and cupelled in one muffle. The buttons are taken from the cupel with a pair of pliers, squeezed, and brushed with a fine wire brush then flattened on an anvil kept bright and polished, and are then rolled out into a little strip about three inches long. Each assay, after rolling, is placed on a tray of wire gauze over a large, solid- flame Fletcher burner, and in this way the whole batch of 60 are annealed at one time. After the strips are cool they are rolled up into little coils called cornets, and are then ready for parting. The parting apparatus (which was designed by the writer), consists of a porcelain basin 8^ in. in diameter, having a capacity of 50 oz. ; a porcelain cover perforated with 60 holes, each hole being numbered with black enamel ; and a number of glass tubes with small holes in the bottoms. The tubes are made to slip loosely through the holes in the cover. In this basin the cornets (or assays) are boiled in strong nitric acid over one of Fletcher's radial burners. When they have boiled for 15 or 20 minutes and the action of the acid has ceased, the whole 60 assays are transferred to another basin of stronger acid and are boiled briskly for half- an-hour ; they are then taken out, washed with distilled water, and transferred to small crucibles ; after this they are annealed in the muffle, when the assays are ready to weigh. 144 Hall-Marks. From the London Gazette, May 9th, 1887. Marks on Foreign-made Watch Cases. * All gold and silver watch eases imported into this country for sale must b'e tested and stamped with a special punch, which bears altogether a different mark from the English mark as follows : — London mark (Phcebus) or full moon with rays around it. Birmingham mark (Equilateral Triangle). Chester mark (Acorn and two Leaves). Sheffield mark (Crossed Arrows). Edinburgh mark (St. Andrew's Cross). Glasgow mark (Bishop's Mitre). Dublin mark (Shamrock). Xortdon/ (&0liU fMier) Sirmmglwmi (GcUb) {Sikcr.l Cheatxr Sh^idd, ftSii^er} Gtasgov (Ccldl (6Ybtr) FSKEKSKI) raiaEBSM ■ {F®!^ SuJbtuv aviJ, coral vb£u£ is aUo to l/a iii£&ted/ vvpoaiixirv as ^vetrrf 'ddom . Since this Act was passed, probably on account of the marks differing so much from the English lion and the marks for gold standards, scarcely any foreign watch cases have been marked in Laws of Foreign Countries j .^ England, thus preventing the sale of foreign as British make*, fot which purpose the Act was intended. They prefer now to mark them in their own country. On foreign silver watch cases you will find two bears standing on their hind legs, and 0935 ; on gold cases 18K, 14K, lOK, &c. Laws 'and Standards of Foreign Countries, FEANCB. Hall-marking is compulsory. There are a large number of assay offices. Laws very strict. Number of standards : four gold, and three silver, viz. : — Gold : -920, -906, -840 and -750. Silver : •950, 948. and -800. PORTUGAL. High duty on imports. Hall-marking laws very strict. The standard for both gold and silver v/as -844. A change has taken place to gold, "840^ ; and silver, -8431 ; for small-ware jewellery a lower quality is allowed. SWITZERLAND. Hall-marking is compulsory. There are two standards for gold, and three for silver, viz. : Gold, '750 and •583^. Silver Watch cases, -935 ; other wares, -875 and "800. HOLLAND. The Hall-marking laws are very similar to our own, with a small duty on silver There are four standards for gold, and three for silver : Gold, -giei, -833, -750 and -583. Silver, -934, ■875 and -833. RUSSIA. Hall-marking is strictly adhered to. Workmen must have a license, and they must get a permit if they wish to remove from one place to another. Standards for gold, -950, -880, -750 and •561 ; silver, -950, 900 and ^800, DENMARK. The laws of this country relating to the question are optional. The standards are •819 for gold, and -840 for silver. A tax is levied on foreign travellers. SWEDEN AND NORWAY. Compulsory laws are in force. No laws for exports. Gold standards, -966, ^840, -750 and •583^. Silver, -840. There is a small duty on imports, and foreign travellers are taxed. 1^5 Hail-Marks. AU8TEIA. All gold and silver goods must be hall-marked. The standards are as follows :-gold, -920, -840, -750 and -580 ; silver, -950, -900 •800, and "750. BELGIUM. The laws here are not compulsory, the standards are same as in France. But little business is done at the assay office in Brussels, and French goods are sold largely in Belgium. There is a 5 per cent, import duty. UNITED STATES. Heavy duty on imports. No authorised Hall-marks are used in any part of America. SPAIN. Voluntary. Not much business done here. Gold standards, 916f , 833i, and -750 ; silver, 916|- and -750. It is difficult to get correct information on foreign Hall-marks. We have got the bulk of the foregoing particulars from Mrs. Brewer's book on Gold, with notes by Mr. Edwin W. Streeter, and Mr. Edward J. Watherston's pamphlet on Voluntary versus Com- pulsory Hall-marldng ; and from a French Dictionary on Jewellery. General Information. It is compulsory for all domestic gold and silver plate and watch cases to be assayed and hall-marked. Makers of watch cases do not require a license, nor do dealers in gold lace, wire, fringe or thread. The term carat is not an absolute or real weight for gold, but is relative and denotes the quality. When refering to diamonds it is a real weight, 151^ = 1 oz. troy. It is not compulsory to mark gold and silver watch chains, but makers find it beneficial to do so. As they sell much better when they are hall-marked. 18-carat is stamped with a crown and 18 ; 15-carat with 15-625 ; 12-carat with 12-6 ; and 9-carat with 9-375 respectively. On one of the links the local mark and date-letter will be found. Silver chains are stamped with the lion. 22-carat gold articles are equal in quality to gold coins. Silver stamped with the lion is equal to silver coins. 10 dwts. is a carat of a pound troy, 24 times 10=240 dwts.=l lb. The alloy in gold and silver serves two purposes, it cheapens and hardens the metal. General Information. 147 The price of gold is 8/6 Jd. per carat. 24 times 3/6^d=£4 5s. = 1 oz. pure gold. For a good test acid, try the following : Pure nitric acid, 4 oz. Pure hydrochloric acid one scruple, distilled water 1 oz. Gold can he beaten into leaves jTirVrT of an inch in thickness. One sovereign, or 123^ grains, can he made to spread ovev a surface of 6588 square feet. Gold is 19i times heavier than water. One cubic foot of pure gold weighs 1208 -^ lb. avoirdupois, 1463'04 lbs. troy. One cubic inch of gold weighs 10-160 ozs. troy. For weighing diamonds there are sets of carat weights, consisting of weights of 200, 100, 64, 32, 16, 8, 4, 3, 2 carats and of 1, ^, i, *' TC. V^. -h^ carat. 151| carats, or 600 diamond-graihs^l oz. troy. Pearl weights. The pearl grain is the ^-l^ part of a troy oz., or ^th of the grain troy. The carat weight used in the sale of common pearls is the same as that in use for weighing diamonds, 3 1683 grains. The pound troy, 12 oz. and the dwt. are now obsolete ; but the troy ounce of 480 grains is recognised by the Board of Trade. Three pennies, five half-pennies or ten farthings, weigh one ounce avoirdupois. 7000 grains=l pound avoirdupois, 5760 grains=l pound troy. 437i grains=l oz. avoirdupois, 480 grains=l oz. troy. Therefore the pound avoirdupois is greater than the troy pound by 17 to 14, but the avoidupois ounce is less than the troy ounce in the proportion of 72 to 79, about. One ounce avoidupois is equal to 18^ dwts. ; or 20 dwts. troy =1 oz. troy. The value of one cubic inch of fine gold is £43 3s. 7^, about. The Duty of Guardians and Wardens. To the guardians and wardens of each particular company belongs the duty of selecting experienced and qualified persons to make the necessary assays of articles submitted for marking. This is a responsible office, and the wardens are required to take an oath before a justice of the peace, residing in the county where the assay office is established. In this oath they undertake faithfully to discharge their duties, not to discover to any person any pattern, 148 H all-Marks. design, or invention of any plate brought to the office for assay. The office of the assay master is more responsible still, he is required to give a bond to the master-of-the-mint, with two sureties, in the penalty of JESOO, for the faithful discharge of his duties to all concerned, and that he will not, either directly or indirecty, be concerned in the buying or selling of bullion, or the manufacture of wrought plate. The Assay masters of Birmingham and Sheffield are required twice a year to appear at the mint and verify their proceedings, under a penalty of £200 and dismissal from their office for ever. This is not the case with any other office. BULLION DEALEES' PKICES OP OLD GOLD. The metal must be clean and free from solder. 22-carat Hall-marked Eings 18 „ Eings, Watch Cases, &c. 15 „ Eings, &e., Hall-marked 12 10 9 Ladies' Chains, Earrings, &c., unmarked, from 12/- to 1 5 „ „ LONDON. There is every evidence that a society or guild of goldsmiths has been in operation here for over 700 years, if we go back to the consolidation of the Goldsmiths' Company of London. In the former part of the twelfth century, it was found necessary by the moneyers, as they were then called, to take steps for the protection of their trade. Thus was founded a society which was the germ of the great Goldsmiths' fraternity, which, to-day, is one of the wealthiest and most powerful trade corporations of the city of London. The first statute on the subject of Hall-marks was passed in 1300, when the leopard's head crowned was introduced as the Government mark for both gold and silver. This mark was termed " Leopard," but was in fact the head of a lion. The "King's Mark " it was called in the statute of 1863. In the act of 1477 it was described in both ways. In a later account, near the end of 3 16 d. per ounce troy 8 ft )j 2 10 ti » 2 ij jj 1 13 )? >f 1 10 )j )> General Information. j^g the 16th century, it was styled the leopaord's head only. In the year 1678 the' head was placed in a circle, and not nntU 1822 did it ever appear without the crown. The Hall-marks at present in use, at the London Assay Office, are as foUows : — 22-carat gold articles are stamped with the crown and 22, the leopard's head (which is often more like a cat's head), the maker's mark,- and the annual date-letter. 18-carat, same as above, with the exception of the figures 18 in place of the 22, 15-carat gold ware is stamped with 15 •625. 12 „ „ „ „ 12' 5. 9 „ „ „ „ 9-376. Stirling silver, old standard -925, is marked with the lion- passant, maker's mark, leopard's head, and the annual date-letter. Britannia silver, or New Standard -959, is marked with the figure Britannia instead of the lion, and with the lion's head erased in plac6 of the leopard's head. Foreign silver plate, imported for sale and assayed at this office, is stamped with the letter F in addition to the marks for old English silver. For marks on foreign watch cases see elsewhere. TIME OF ATTENDANCE. All work received from 9 o'clock to 9-30 a.m. ; except on Saturdays, when the work must be sent before 9 o'clock a.m., in order to be assayed, marked and ready for delivery before 2 o'clock p.m. No attendance on Good Friday, Easter-Monday, Tuesday and Wednesday ; Queen's Birthday ; Whit-Monday, Tuesday, and Wednesday ; May 28th (Trial of the Diet) ; May 29th (Swearing-in the Wardens and Officers) ; August Bank Holiday ; November 9th ; Christmas Day and three following days. Hekbbkt W. Eobinson, Deputy Warden. BIRMINGHAM. This office was established in 1773. The local mark is an anchor, and the standard marks for both gold and silver are the same as those used at London. This is the largest office of all the seven, and more goods are assayed and stamped at this place than at all the other provincial towns put together. In order to meet the requirements of the rapid increase of business, the offices here, ICQ Hall-Marks which -were re-built in 1877, have been enlarged several times and are fitted with all the requirements of a first-class establishment. Electricity is largely made use of not only for lighting the offices and vsrorkrooms, but for driving lathes, lifts and machines of various binds. It is replete with cooking, dining and lavatory rooms, and no one is allowed to leave the premises until all the punches are in their proper places and locked under three keys, which are taken charge of by the assay master and two of the wardens. In each department the work is carried on systematically by a staff of well trained hands. Method is absolutely necessary in an office of this kind, in order to keep the different assays in their proper places. The guardians connected with this office are always on the alert, and no expense is spared to put down fraud and protect the honour of the trade. In 1824, power was given to the guardians of Birmingham to assay gold as well as silver. The shape of the tablets given with the figures denoting the three lower standards of gold are rectangular fa I ■^^^\ I la I -s i I is | •625"| The mode of selecting the cycle of date-letter might easily be improved by keeping the different styles of letter further apart. The first and the fourth cycles are similar^ and the shape of the shield in this case is no guide Readers will remember that there was no duty-mark from 1773 to 1784, whilst all through the cycle from 1850 to 1875 the duty-mark has been used. TIME OF ATTENDANCE. Daily (except Sundays and Bank Holidays) from 4 to 5 p.m., from 9 to 9-30 a.m., and on payment of a late fee of Is. for each parcel, from 11 to 11-80 a.m. This rule is strictly adhered to. Parcels of work are delivered at 3-30 p.m. in the order, as nearly as possible, in which they were received, preference being given to those of the previous afternoon. Parcels on which a late fee has been paid are delivered the same day. Henry Westwood and Aethuk Westwood, Assay Masters, New Hall Street, SHEFFIELD. This office was established 1773 under the same Act by which the Birmingham Assay Office was founded. The hall-mark is a crown. A large and increasing business is done, chiefly in heavy silver plate such as tea sets, waiters, centre- pieces, spoons, forks, &c., though a considerable quantity of light General Information. ^cj articles, mounts, blades, &o., oonneoted with the cutlery trade of the city are also marked at this hall, which has a very high repu- tation for efficiency. The appliances of the office are throughout of the most modern type. Gas has been used as the fuel for the assay furnaces since the year 1867, when the present assay master introduced it as an improvement upon charcoal, and designed a furnace which, for thirty years has worked vaos^ satisfactorily. Only Silver wares are assayed here. The office is open for receiving goods from 9 to 10 a.m. which are returned to the manufacturers between 5 and 6 p.m. Articles not exceeding 10 dwts. each in weight are charged 3d. per dozen : All other wares ^d. per ounce. The second and the fourth cycle of date-letters at this office were similar, viz., Eoman capitals ; the former were in a lozenge- shaped shield, the latter in a square or oblong-shaped shield, the duty-mark will be sufficient to distinguish the cycles. Sometimes the crown and the date-letter are found within the same shield, the same thing occurs with regard to the lion and the crown, they are stamped with the same punch ; however for the most part they are stamped separately, Arnold T. Watson, Assay Master, Leopold Street. CHESTEE. There is no satisfactory record of the date when assaying and marking plate first commenced at Chester, but the goldsmiths of this historic city must have been in existence for three or four hundred years. We have had the privilege of inspecting an old minute-book containing an entry prior to 1573, which runs as follows : — " That noe brother shall delivere noe plate by him wrought unless his touche be marked and set upon the same beffore deliverie thereof upon paine of forfeture of everie diffalt to be levied out of his goods iiijs iiijd. " Chester is one of the towns where large quantities of silver were coined in the time of Charles I. and William III. It is stated that there were at one period six or seven mint masters in Chester. The old local mark at Chester was the arms of the city— three lions ramp., dim., im- paled with three garbes dim. This mark was used between 1701 and 1784. Since then to the present time the local or hall-mark has been a sword erect between three wheat sheaves. There is good authority for stating that Chester was an assay town in J £2 H all-Marks. 1685. The oflSce, however was re-established in 1701, and a fairly large amount of business has been done since that date. Goods are sent to this office from Coventry, Liverpool and other parts of the country. During the year, ending June 80th, 1897, 109,187 ounces of gold wares, and 556,801 ounces of silver wares were assayed and marked here. Number of watch cases, gold, 8,421 ; silver, 73,056. This office is neat and clean, and proper methods are adopted for carrying on the business in an expeditious manner. W. F. Lowe, p.i.c, Assor. b.s.m., who is connected with this office, has kindly supplied us with an article on hall-marking and assaying, and corrected it to date. This will be found in another part of this work. Office (open daily), Goss Street. Jas. P. Lowe, m.a., Assay Master, EDINBUEGH. This assay office dates from 1457 and from that date to 1483 two stamps only were used — the makers' and the assay masters' marks. The city or hall-mark is a castle with three towers, in- troduced in the reign of James III. by act of parliament, in 1483 ; and repeated in Queen Mary's reign, 1555. According to the information given in Cripps' ''Old English Plate," and from what information we have gathered ourselves, we find that the shape of the castle has appeared in at least ten different styles. The one here given has been taken from an impression kindly furnished by the present assay master lately. The thistle is the standard mark at this office for both gold and silver. For the new standard of silver called Britannia, the figure of Britannia is the standard mark ; the date-mark, a letter of the alphabet introduced in 1681 and changed every year in October by minute of incorporation. Office, 98, South Bridge. Open on Mondays, Wednesdays and Fridays. Alexandbb Keib, Assay Master. The marks now in use are as follows ; — For 22-carat gold ... 22, castle, thistle, date-letter. 18 15 12 9 ^^ )) )) )J 15 ,, ,, no date-letter. Silver, old standard (*925), is stamped with the castle, thistle and date-letter. ... 22, lion rampant, tree. date-letter * ... 18 jj >j J) ... -625 jj )» ,. 15* ... 12 jt ii * ... -375 tree, date-letter, 9 (no lion) * n is stamped on 15 -carat gold (no special General Information. 153 New standard silTer is marked with the figure of Britannia and date-letter. GLASGOW. The last assay office charter was granted to Glasgow, by an act of 1819 (59 George III. c. 28). The area comprised Glasgow and forty miles around, and all plate made within the radius must be assayed at this oifice. The hall or city-mark is a tree with a fish across the trunk, a bell hanging from one of the branches, and a small bird on the tree top. The lion rampant is the standard mark for both gold and silver. The marks used at present are as follows : — For 22-carat gold For 18 For 15 For 12 For 9 Sometimes no lion reason). * These marks are struck from one punch when practicable. Mr. Graham has been kind enough to supply us with specimens of the marks at present in use. This shape I I I I I with the respective marks within the squares. Silver goods are marked with the tree, lion rampant and date- letter. The figure of Britannia is added to the new standard "959. Silver plate was marked at Glasgow more than two hundred years agOj and the town mark was then an oak tree with a salmon across the trunk which had a ring in its mouth ; (the fish's head is sometimes to the left and sometimes to the right) ; on the top of the tree a bird, and to the sinister or left branch of the tree a bell, to the dexter a letter G. Office : 48, Buchanan Street, open on Tuesdays and Fridays from 10 to 4 p.m. James Black, Assay Master. DUBLIN. This is the only assay office in Ireland. It was established in the Reign of Charles I., 1638, but a long time before this the harp was used at Dublin as an assay mark on plate. Since December^ 1638, the harp crowned has been the city or hall-mark. It was enacted by the Irish Parliament in 1729, that all gold and silver articles should be assayed and marked by the Goldsmiths' Company ] 5 4 H all-Marks. of Dublin. 22-carat gold and silver of the old standard (-925) should be marked with the harp crowned, makers' initials, and a date-letter. No Britannia silver has ever been marked at this office. In 1730 the figure of Hibernia.was introduced as the duty-mark. Prom 1807 to 1890 the sovereign's head was used as the duty- mark, and since that date the harp crowned has been considered the standard mark for 22-carat gold and also for silver. In 1783 three standards were fixed for gold, viz., 18, 20 and 22-carats, an unicorn's head is the mark for 18-carat, a plume of three feathers represents 20-carat, and the harp crowned is the standard mark for 22-carat. At this time there was an assay office in the village of New Geneva, Waterford, where a number of Swiss protestants were congregated together, many of these being working jewellers and silversmiths, consequently an assay office was established, with the marks only varying a little from those used at Dublin. The new settlers soon left the country and the assay office was not long in existence. A good business was done at Dublin assay office fifty years ago, compared with the amount that is done there to-day ; four or five times as much. The date-letter was adopted in 1638, and commenced with a Roman capital letter A, ending in 1657-8 with U, J being omitted. The next cycle consisted of small letters, commencing with a in l(i58-9, and ending with u in 1677-8, j being again omitted. For the next forty years the date-letter was very uncertain, and it does not appear that any regular system was adhered to. From 1721-2 to 1745-6 old English capitals were used from A to Z, omitting J. A very universal and unwise form of date-letter was used from 1746-7 to 1845-6, viz., four cycles of all one style of Roman capitals, twenty-five letters in each cycle. From 1846-7 to 1870-1 a cycle of small roman letters was used Then again from 1871-2, Roman capitals were used, ending with 1895-6. The present cycle of date-letters are old English capitals. When calculating back the above dj,te-letters special attention should be paid to the shape of the shields, and the duty-mark which was introduced in 1807, gives a little variation in the hall- marks at this office. The office is open on. Tuesday, Thursday and Saturday from 10 to 11 o'clock for marking same day. Office : Goldsmiths' Hall ; Castom House, Dublin ; S. W. Le Bass, Assay Master, Assay Offices now Closed. ,-r Assay Offices which are now Closed. NEWCASTLE-UPON-TYNE. During the reign of Henry III., in 1249, the bailiffs and good men were commanded to choose four of the most prudent and trusty men of their town for the office of moneyers there, and other four similar persons for keepiiig the king's mint in that town ; also two suitable goldsmiths to be assayers of the money to be made there. It will be seen from the above statement that hall-marking has been from a remote period, more or less connected with coining. Not unlikely the idea of marking plate was suggested by the more ancient practice of marking the sovereign's head on pieces of precious metal for coinage. It is evident there was an assay office here at a very early period, •which must have lapsed. In 1702 it was re-established, the hall- mark being three castles, two in the top part of the shield and one below. The annual date-letter runs regularly from June, 1702 to May 3rd, 1886. When the office was closed. From 1724-5 to 1745-6, Old English capitals were used A to W, omitting J. Prom 1702-3 to 1723-4, Eoman capitals were used A to W, jomitting J. From 1746-7 to 1768-9, Eoman capitals A to W. From 1769-0 to 1790-1, Italic capitals A to W, omitting J. The marks used at this office were the date-letter, the leopard's head crowned, the lion passant, a shield with three castles, and the makers' initials. ♦ EXETEE. The old Exeter mark of 1570 is a Eoman capital letter X with a crown over it, in a round shield dotted, a small star being on either side of the letter. Later, in 1640, the mark was a Eoman capital letter X, crowned, and a shield following the shape of the letter and crown. In 1700 the Assay Office at this city was re-opened. The first Assay master was elected on the 19th November, 1701. From 1701-2 to 1724.-5 Eoman capitals were used as date- letters, omitting J and U. 156 Hall-Marks. The next cycle, with the same number of letters, were Eoman small ; the third cycle were similar to the first ; and the fourth cycle similar to the second ; then again, from 1797-8 to ] 816-7, A to U (omitting J) were Eoman capitals. From 1701-2 to 1885, when the office was closed, five stamps were used. From the opening of the office until 1720 the marks were : lion's he^d erased, Britannia, castle, date-mark, and maker's initials. From 1720 to 1784-5 the marks were : 1, lion passant ; 2, leopard's head ; 3, castle ; 4, date-mark ; 5, maker's initials. From 1785 to 1885 the marks were: 1, lion passant ; 2, castle ; 3, date-mark ; 4, maker's initials ; 5, duty-mark (Sovereign's head). YOEK. York is one of the oldest and most important historic cities we have in England. It is more than a thousand years since money was first made at York. And there were jewellers and silversmiths who had their wares assayed and marked in the IBth Century. The old mark used at York was a double rose, within tressure of arches and beaded circle, having in the centre a shield charged with three fleur-de-lys, the arms of France, and no doubt intended to symbolise Henry's pretensions to the French crown. In the year 1560 the mark at York was half of a seeded rose ; from 1700 the mark was five lions on a cross. Very little business has been carried on at this office for 100 years, and it was finally closed in 1856. Swiss Hall Aarks, Gold. SiLVEE. •875. •800. 12 3 4 5 i8 ct. -750. This is the mark for 18 carat gold ; a j'uno head in profile, couped at the neck, in ellipse. 14 ct. -583. This is the mark for 14 carat gold; a. squirrel sejant contourne in ellipse. ■935. This is the mark for Swiss silver of the best quality, mostly used in watch cases for export ; two bears rampant. ■875. This is the mark for medium quality silver ; a bear rampant. ■800. This is the mark of the lowest quality of silver; a hen contourne, in ellipse. Gold in Sea Water. In 1872 Prof Sonstadt found that there was gold in sea water. 20 years later he re-affirmed these results and made out that there was about I grain of gold in every ton of sea water. Some few years ago Prof A. Liversidge, who made a large number of tests upon sea water off the coast of Queensland and New South Wales came to the conclusion that there was from J a grain to i grain of gold per ton of water, which means from 130 to 260 tons of gold per cubic mile of sea water. Since then it has been ascertain- ed very satisfactorily that the sea water off the south coast of England contains just about the same weight of gold per ton as Prof Liversidge met with at the Antipodes. As regards the commercial value of this process, we may add that the gold is precipitated in a free state, and, therefore, its recovery from the sludge is a very simple and handy process ; moreover, each ton of sea water when treated precipitates about i lb. of sludge, which contains from J to i grain of gold, therefore each ton of sludge would produce from 1120 to 2240 grains or from 2i to 5 ounces of gold. These particulars have been gathered from two or three numbers of the Mining Journal, Dec. 1899. Production of Gold for 1899. The production of gold for 1899 is expected to be somewhat less than that for 1898 in consequence of the interruption of mining in South Africa for three whole months. 1 59 Hall-Marks. Description of the foregoing Hall-Marks. 1. A. Leopard's Head uncrowned — The Hall-Mark for London. 2. A Crown — The Standard Mark for 22 and i8-carat gold in England ; also Sheffield Local or Hall-Mark 3. A Sword erect between Three Wheat Sheaves — Chester City or Hall-Mark. 4. An Anchor— The Local Mark used at Birmingham. 5. A Castle with Three Towers— Edinburgh Hall-Mark. 6. A Tree, Fish, Bell, and Bird— The City Mark for Glasgow. 7. The Figure of Hibernia— Dublin City Mark. 8. The Lion Passant — The Standard Mark for Silver ('925) in England. 9. A Thistle— The Standard Mark for both Gold and Silver at Edinburgh. 10. The Lion Rampant — The Standard Mark for both Gold and Silver at Glasgow, 11. Harp Crowned — The Standard Mark for 22-carat Gold and for Silver at Dublin. 12. A Unicorn's Head — The Standard Mark for i8-carat gold at Dublin. 13. A Plume of Three Feathers — The Standard Mark for 20-carat gold at Dublin. This is the only office that has authority to mark this quality of gold. 14. 15, 16. The marks and Style of Punch used at the London Assay Office, for 15, 12, and 9-carat gold. 17. Crown and Letter X — Exeter City Mark from 1570 to 1640. 18. A Lion's Head Erased — London Hall-Mark for Britannia Silver ('959 fine). 19. The Queen's Head — Duty Mark, discontinued in April, 1890. 20. The Figure of Britannia — The Standard Mark for Britannia Silver. 21. Five Lions on a Cross — York City Mark (office now closed). 22. Three Castles — Newcastle Hall-Mark (office now closed). 23. A Castle with Three Towers — Exeter City Mark (office now closed). 24. E.A L. — Maker's Initials. 25. Leopard's Head Crowned — London Hall-Mark previous to 1823. 26. Three Demi-Lions and a Wheat Sheaf on a Shield, and Part of another Sheaf— The Old Local Mark at Chester— The Arms of the City. 27. 28, and 29. The Marks and Style of Punches used at the Birmingham Office for 15, 12, and g-carat gold. 30. A New Shape of Punch used for Marking Silver at London Assay Office since May 3rd, 1896. 31. Leopard's Head Crowned in a Circle— (being in fact a Lion's Head). The National Standard Mark at London and elsewhere for both Gold and Silver from 1300 to 1547 ; also the London Hall-Mark from 1678 to i6g6. 32. London Hall-Mark from 1548 to 1678. 33. The Lion Passant, enclosed, in an outline following the shape of the animal, was the Standard Mark for 22-carat Gold and Sterling Silver from 1545 to 1844, except from i6g6 to 1720 , alterations being made in the shape of the shield from time to time. 34. Standard Mark for Gold and Silver, from 1548 to 1557. 35. This is the first Hall-Mark or Standard Mark ever used, and styled " me teste de leopart." It was the Hall-Mark at London from 1720 to 1822. It was also used at some of the Provincial offices. The goldsmiths of Newcastle- on-Tyne used this mark along with their own local marks until the office closed in 1885. The shape of the shield was oblong from 1746. 36. Edinburgh Hall-Mark in 14S3 and at other subsequent dates. 37. The Dublin Hall-Mark was this shape from 1730 to 1792. 38. The Dublin Hall-Mark was this shape from I7g2 to 1808. 39. The Standard Mark for both Gold and Silver at Dublin in the 17th century 40 The Standard Mark at Dublin in the i8th century till 17S5. 41. Standard Mark at Dublin from 1785 to 1792. Standard Mark at Dublin from 1792 to 1808. The Law of Hall-Aarkinq. In the United Kingdom, it is compulsory for all gold and silver domestic plate, watch cases and 22-carat gold wedding rings to be hall-marked. The following gold articles are not required to be hall-marked : Snuffbox rims, whereof tops or bottoms are made of shell or stone ; nutmeg graters, very small ; stock or garter clasps, jointed ; rings, collets for rings, or other jewels ; chains ; neck- lace beads ; lockets ; jewellers' work, wherein any jewels or other stones are set (except mourning rings, jointed night ear-rings of gold, or gold springs of lockets) ; buttons, hollow or raised ; buttons for sleeves ; thimbles ; coral sockets and bells ; ferrules ; pipe-lighters ; cranes for bottles ; book-clasps, very small ; sliding pencils ; pencil cases ; needle cases ; tooth-pick cases ; or any fancy manufactured articles carved or chased in such a way as not to admit of an assay being taken without defacing the same. AETICLES OF SILVEE. Silver wares under 5 dwts. each are not required to be hall- marked. The following silver articles, which are considered to be of domestic use, must be hall-marked : — necks, collars and tops for castors ; cruets or glasses appertaining to any sort of stands or frames ; buttons for wearing apparel ; solid sleeve buttons ; solid studs ; wrought seals ; bottle tickets ; shoe clasps ; patch boxes ; salt spoons ; salt shovels ; salt ladles ; tea spoons ; tea strainers ; caddy ladles, &c. Very few of the above articles are now made without the hall-mark, such is the popularity and security of these marks. The Assay Offices are not allowed to make any profit out of the business. If any large surplus were left after paying wages, and other expenses connected with the Office, they would be obliged to lower the charges. The present hall-marking regulations prevent the legal sale of foreign plate in this country, unless it has been assayed and marked at one of the Assay Offices. The hall-mark, then, guarantees the quality of the article. In the case of home-made silver plate it is also evidence that it has been made in England, foreign-made plate having a mark of its own. The public should understand that the great majority of silversmiths, both wholesale and retail, are strongly opposed to the abolition of compulsory hall-marking. The argument that hall-marking is useless, and that a trade-mark Unlicensed Watch Clubs. i6i would do as well is an unwarranted statement. The mark of a trader would not have the same weight as the hall-mark, for this reason : the mark of a trader would be nothing more than his assertion that it is of a particular standard, whereas the marks of the Assay Offices are the evidence of a body other than the trader himself, and that a public body appointed to do a public function. The hall-mark has the effect of placing all traders on an equality as regards the guarantee they are able to give their customers of the quality of their goods, and in this respect it is a Free Trade measure, preventing a few eminent firms from obtaining a monopoly with the best class of customers. Then again, the hall-mark is a safe guide to the retailers and the public as to the year in which' the article was made, if they will only take the trouble to compare the date-letter with the tables given in this work. The tendency of modern legislation is to enact laws to prevent adulteration and fraud. As a broad principle, the public have a right to be protected against the purchase of goods the quality of which they cannot possibly judge for themselves, and the only sufficient guarantee in the case of the precious metals is the hall-toark. (See Mr. Jas. U. Poole's pamphlet on " Hail- Marks of Gold and Silver Ware;" 62, St. John's Square London). Unlicensed Watch Clubs and Presents. It is unlawful for any agent or secretary to sell gold or silver watches, alberts, chains, spoons, &c., without a license. The National Eetail Jewellers', and Pawnbrokers' Associations have during the last three or four years, brought before the Inland Eevenue officials a great many cases of fraud and unlawful transactions connected with watch clubs, tea shops, soap makers, and other unscrupulous dealers, in consequence of which over 6000 agencies have been closed, and many of them fined. At Colchester, an innkeeper was fined £12 10s. and costs, for selling a watch without a license. At Warrington a firm of soap manufacturers were fined ^620 and costs for giving a silver albert as a present to a purchaser of 10s. worth of soap. We understand that the National Eetail Jewellers' Association and the National Pawnbrokers' Association are determined if possible to put a stop to their unscrupulous competitors, who are gulling the public by the promise of " presents " on condition of buying certain goods. Common sense ought to teach people that in trade no one will i62 Counterfeit Silver Plate. give away his wares, whether they be silver watches, alberts, or anything else. We have never known an offer of this kind that was worth what it cost, as a rule the articles are worthless, therefore the money spent is wasted. All licensed goldsmiths, silversmiths, watchmakers, jewellers, pawnbrokers, and opticians are strongly recommended to join the National Retail Jewellers' or Pawnbrokers' Association. These societies have rendered good service in the past, but much more remains to be done before all unfair competition is done away with. Counterfeit Antique Silver Plate. During the last few years there has been a great demand for antique silver, and as this is an article that cannot (lawfully) be multiplied, enormous sums of money can now- be had for choice silver plate of the 16th and 17th Centuries. This state of things has led to the establishment of works specially equipped for making duplicate pieces of old silver plate ; Ancient marks are imitated and applied so skilfully by these firms as to make even experts doubtful of their origin and genuineness. In some cases the hall-marks have been adroitly cut from an old fork or spoon and sweated into a much larger piece in the form of a tankard or kettle. These large pieces are then sold as genuine articles and fetch a very high price. Another trick of the faker is to purchase an old cup or dish bearing a suitable hall-mark, the cup itself being of very little value is beat up, and with the addition of one or two handles of new silver, is converted into an old George or Queen Anne drinking cup, commanding a price in many cases from £20 to f 80 per ounce. The hall-mark in a case like this is real and genuine. ' Another mode of deceiving the public is, illicit traders often attend auctions and buy small lots of antique silver ware, which are taken or sent to maufacturers who, to order, will turn out any number of duplicates with counterfeit hall-marks. Last year we saw in London two large baskets full of faked silver, with false hall-marks, which was seized and detained by the Goldsmiths' Company, from a Holborn dealer. In this instance, the accused had to pay a fine of £8090, or £10 for each article. Unfortunately for the purchaser, under the Charter this offence is not criminal and the illicit dealer is exonerated, so far as the company is concerned, on payment of the fine. The one thing needed is that the risk run by the forger shall be made so great that " the game shall not be worth the candle." Some Choice- EiGfiTEENin Century Plate. This is the title of an illustrated article which appeared in The House, May, 1899, and the following is an extract taken from it by permission : — " The collector of old silver who desires to enlarge his know- ledge of his favourite pursuit has certainly no very extensive field in which to ongage in research. One of the most interesting places in this country where rare and valuable old silver may be viewed is at Christie's famous sale rooms. Mr. Cote's collection of silver was " put up " on March 24th, 1899, at Christie's, together with some other magnificent pieces, vaguely des- cribed as " The property of a gentleman," and the prices reached showed that for really good examples of old silver pur- chasers are not lacking, and purchasers, too, who will pay heavily for the privilege of acquiring the pieces on which they have set their hearts. A tea-kettle (1728), on a tripod stand, of a globular shape, was sold for £54 6s. 9d., or 17s. 3d. per ounce. A pretty little bowl and cover (1731), was knocked down at 29s. per ounce, £10 IBs. 2d. in all. A pierced bread basket, the centre decorated with ilowers, shells, and scroll ornament in flat chasing, dated 1737, sold for £77 4s. 5d., or 22s. per ounce. The next lot was a Queen-Anne tankard and cover (1709), which fetched 15s. 6d. per ounce for thirty-seven odd ounces. A circular salver was the next lot of interest. It weighed 201 ounces, and was sold at 17s. 3d. per ounce. A candlestick, by John White (1725 1, was sold for 17s. 9d. per ounce. A set of candelabra, on vase-shaped stems and round feet, standing fifteen inches high, and dated, the one 1750, and the other two 1760, went at 14s. 9d. perounce. One of three Jacobean Goblets, sold for £225 2r, 3d. 164 Ancient Pieces of Silver. A heavy epergne, ■weighing over 170 ounces, went at 15s. 8d. per ounce. It was marked T P in an oblong rectangle, and dated 1777, thus suggesting that its maker was in all probability also the maker of two other epergnes, one the property of Mr. Amherst, and dated 1771 ; the other belonging to Mr. Master, and twelve years older ; both cited by Cripps. The next article of interest put up was a large silver monteith, which had attracted a great deal of notice, and realised £442 15s., or 55s. per ounce. It stood eleven and a half inches high, with a diameter of fifteen inches, and bore the Dublin hall-mark for I7I8, viz., a harp crowned and ft enclosed in a shield. The next three lots, which very closely resembled each other, the tallest of which is pictured here, were the gem of the sale. Although they were not 18th Century pieces, it would do injustice to our readers were we to omit a sketch and mention of them. They were Jacobean silver-gilt goblets, small things, weighing about thirteen ounces all three, and yet they sold for the enormous sum of .4>225 2s. 3d., or £11 5s. per ounce. This price, as collectors will remember, makes no record, for the three famous salt cellars of 1890 figured out at nearly £80 per ounce. A few Ancient Pieces of Valuable Silver. Eecently we were engaged in taking an inventory of the silver plate belonging to Charles E. Chorley, Esq., of 9, Spring Eoad, Headingley. We were allowed to take photographs of rare and costly lots from Mr. Chorley's stock, for the purpose of insertion in this work (see plates 5, 6, 7 and 8), a brief account of which we hope will be of interest to our readers. Plate 5. T No. 1. Chocolate Pot— maker's mark, E^G; Leopard's Head crowned ; no date-letter. 2. Jug — maker's mark, T W ; London date-letter, 1748. 8. Hot-water Jug and Stand — maker's mark, j d ; Newcastle date-letter, 1772. 4. Tea-pot and Stand — maker's mark, W T ; London, 1776. 5. Jug — maker's mark, F C ; London, 1766. 6. 8 inch Paten, stands on three feet— maker's initials, D & S ; Dixon and Sons, Sheffield, 1863 Ancient Pieces of Silver. 165 7. 12 inch Paten — maker's mark, E C ; London, 1764. 8. 10 inch Paten — maker's mark, L W ; London, 1766. 9 & 11. Pair of very fine Candlesticks, Sheffield plate. 10. 6 inch Paten, stands on three feet — bears the family crest of Hill's ; made in London, 1771. Plate 6. No. 1. Pepper-box — made in London, 1799. 2 & 6 . Pair of very fine Sheffield plate Peppers. 3. Mustard-pot — maker's mark, N H ; London, 1801. 4. Cruet, with three bottles — maker's initials, ED; London, 1764. P B 6. Mustard-pot — maker's mark, . -p (Peter and Ann Bateman) ; 1775, C H 7. Pepper-box — maker's mark, ^ . ; London, 1775. 8. Cream-jug — maker's mark, T S ; London, 1781. 9. Bowl — maker's mark, W S , London, 1813. 10. Cream-jug, stands on three feet — made in London, 1859. The following fine Tankards are all made of the new standard silver ("959), known as Queen Anne or Britannia Silver. These are a unique and valuable lot of tankards : — 11. Tankard — maker's mark, NB ; date, 1719. 12. „ „ „ ES; „ 1709. 18. ,, „ ,, worn out ; 1702. 14. ,, ,, „ ,, 1712 probably. 15. „ „ „ CH; „ 1704. Plate 7. No. 1. Sugar-basin — marks are nearly all worn out. but is evidently a piece of Queen Anne plate. 2 & 4. A pair of Salts — maker's mark, J S ; London, 1791. 3. Sugar-basin — Leopard's Head crowned ; date-letter worn out. 5. Sugar-basin — made in London, 1779. PB 6 & 8. .Pair Sauce-boats — maker's mark, tt, j,; London, 1808. 7. Sugar-basin — Queen Anne silver, 1710. 9, Cream-jug — maker's mark worn out ; London, 1775. 10. Cream-jug — made in the reign of George I., 1718. 11. Cup— maker's mark, W C ; London, 1764. 12. Cream-jug — made in London, 1800. 18. Cream-jug -maker's mark, W P , London, 1780.' l66 Rare and Choice Old Silver Plate. PLiTK 8. This group consists of 21 articles, nearly all of ■which are in condition equal to new, and very fine patterns. No. 1. Sugar-spoon— London date-mark, 1817. 2. Sugar-basin — The bottom of this piece consists of a florin in perfect condition, dated 1787. 3. Cream-jug — maker's mark, W W ; date-letter worn out. 4. Child's Mug— Formerly belonging to Mrs. Chorley's mother ; maker's mark, S H ; London, 1811. 5. Cream-jug — marks worn out except T W M. 6. Cream-jug — The bottom of this jug consists of a florin equal to new, dated 1758. 7. Tea-caddy Spoon — date 1775. 8 & 20. 2 Sauce-spoons— maker's mark, W W ; 176b. 9 & 19. 2 very ancient steel Forks, with silver handles. 10 & 18. 2 Gravj- spoons, twisted handles — London, 1776. 11 & 17. 2 „ marked S and W E ; date 1826. 12 & 16. 2 „ marked Wiveliscombe (Club) New- castle hall-mark, 1821. 13 & 16. Salad-fork and Spoon — very fine make ; London, 1775. l-l. Toddy-ladle, whalebone handle — marks worn out. 21. Snuff-box — maker's mark, W P ; Birmingham, 1812. Rare and Choice Old Silver Plate. The collection of objects of art of Mr. Richard ^VUson, of Westfield, Armley, Leeds, is the largest and best we have ever seen in one daj-, except at the British Museum — consisting of rare and valuable examples of silver, ivory, English and foreign china, Wedgewood ware, Leeds pottery (the best collection in England), oak and Chippendale furniture, oil and water colour pictures, &c. For more particulars about Mr. Wilson's Leeds pottery, see " Historical Notices of the Leeds Old Pottery," by E. and F. Kidson. Since this work was published the cream ware centre- piece, Plate 5, and a ntunber of other fine pieces illustrated in that work, have also been acquired by Mr. WUson. We have, by Rare and Choice Old Silver Plate. 167 the kind permission of Mr. Wilson, been allcwed, more than once, the pleasure of inspecting his varied collection. We have also had the privilege of photographing a number of examples for th« use of this v?ork. (The prints were taken by Mesbrs. Baugh and Swinden, Leeds). Plaxi; 1. Frontispiece. — A tankard, ivory and silver gilt ; base silver gilt with arabesques and masks ; lid, silver gilt Trith similar decorations ; handle, a satyr vrith scroll terminations ; body, in carving, a bacchanalia with satyrs, fauns, female bacchantes and cherubs. The whole carving is in high relief. On the lid is a small ivory carving of a man carrying off a woman, with another woman prostrate at his feet, probably the rape of Proserpine. Italian workmanship Plate 2. Nos. 1 and 8. — Pair of sauce boats, rich repousse, or embossed decorations ; 3 claw legs ; makers' mark, W P, London, 1822. No. 2. — Hot water jug ; ebony handle and nodule to lid ; lower half of body fluted ; upper half embossed and engraved design, as also on face of spout ; maker's initials, SH, London, 1781. Nos. 3 and 6. — Pair of sauce tureens with lids, oval pointed, boat shape, plain, with beaded rims ; maker's initials, H C (Hen. Chawner, 1786-96) ; London date-letter, 1788. pT> No. 4. — Coffee-pot ; engraved design ; maker's mark, .Z. (Peter and Ann Bateman), London, 1813. No. 5. — Dessert spoon. This is a very rare and interesting piece of old silver. Eat-tail pattern ; first maker's mark, T B, second, golden fleece (in a shield), third, maker's initials repeated. This is the Leeds assay mark and is the same and bears the same maker's initials as are found on a paten in Almondbury Church. No. 7. — Bookcover. This is a very interesting and unique piece of silver. It was in a dilapidated state when Mr. Wilson bought it on the back of an old book. It is now a beautiful and rare article of its kind ; embossed and perforated design. First side, floriated design with passion flower in medallions at top and bottom, and in the centre a medallion of the baptism of Christ by John ; on either side of the bottom of the medallion is a pelican 1 58 Rare and Choice Old Silver Plate. in her piety. Second side, like the first but the centre medallion represents the Transfiguration. Back, in the centre two cherubs ; above, female figure representing Faith ; below, similar figure of Hope. Clasps, scroll work. Probably French or Italian work. No, 9. — An ancient silver badge (hanging up behind No. 7). In order to describe this fully we will give a quotation from Warden's Municipal History of Leeds, page 27 : " The Corporate Seal under this Charter is of silver, and bears the following inscription or legend : ' Sigillvm . . Bvrgi : de Leedes : 1626.' An ancient silver badge, which may perhaps be attributed to this period, and formerly belonging to one of the four waits appointed by the Corporation, is in the possession of the author (now Mr. Wilson's), a drawing of which, of the same size as the original, is given in Plate 3, page 103. Plate 3, Nos. 1 and 9. — Pair of candlesticks. Plated on copper ; on each face of the curved base are embossed figures of the Three Graces ; in the centre of each face of the body is a figure of Fame. No. 2. — Vase and lid. Acanthus leaf decoration springing from base up the body of the vase; beaded edge; York assay mark, five lionS on a cross, leopard's head crowned, York date-letter, E 1793, maker's initials indistinct— probably IxH P No. 3. — Tazza and lid. Silver embossed floral design round the square base ; bottom of cup formed of carved wire, then a rim of fretted silver connected with similar upper rim by follow- ing designs : on the centre of each side a seated female figure — one playing the lyre, the others the pipes — and under each handle an acanthus leaf. In the volute of each handle, a pair of doves on a bowl. Blue glass bowl inserted. Italian workmanship. Nos. 4 and 6. — A pair of candlesticks Silver, leaf shaped and embossed with curved stems as handles — probably French. No. 5. — Claret jug. Silver, engraved design, made at Sheffield, 1860. No. 7. — Tazza and lid. Plated on copper, clear glass bowl. No. 8. — Sugar basin. Silver, embossed design, maker's initials, CF, London, 1796. I :z; O O < 1-1 a u ■p a o 2 fin til Q W W J Rare and Choice Old Silver Plate. 169 Plate 4. For really good examples of old silver plate, we have them in this group. All except one piece were made in the 18th Century. No. 1.- Tankard. Maker's initials indistinct; the first letter is E, marked at London in reign of George I., with lion's head erased and figure of Britannia, 1716. No. 2. — Cup. Maker's initials, IL (John Longlands) ; New- castle assay mark ; date-letter, Eoman F in a square, probably, 1772. P T No. 3. — Tankard. Maker's initials, l-d, London, 179G. No. 4. — Cup. Lower part of the body fluted; vine leaf pattern round outside rim ; London, 1810. No. 5. — Tankard, similar to No. 3 ; London, 1795. No. 6. — Cup. Two handles; maker's initials, HB (Hester Bateman, 1782^, ; London date-letter, 1788. •W No. 7. — -Mug. Maker's initials, ^^ p S ; London date-letter, 1758. Ecclesiastical Plate. Bradford City Church Communion Plate. (3ee Plate 12.) By the kind permission of the authorities of the Bradford Parish Church -we are enabled to present to our readers an illustrated article on this very interesting ecclesiastical silver plate. We thank our friends, Mr. J. H. Wilks, and Mr. W. Claridge, M.A., for information received relating to this article. As is frequently the case in ancient churches,, the sacramental plate is not all of one date, nor of one style, hut has been acquired by gift from different persons at different times. It now consists of two small and two large chalices ; one small and two large patens ; and a flagon ; all of silver. The two small chalices, Nos. 4 and 5, are Cj inches in height, and weigh 7ozs. 14dwts., and ,6ozs. 16dwts. respectively. A reference to the hall-mark shows the cups to have been made in London in the year 1799 ; maker's mark, ^f (Robert and David Henell ent 1795). Both chalices bear the following Latin device round the upper edge : " Ex dono Petri Sunderland : armigeri et ciuitatis, Londoni, senatoris Honorati." (English translation : Prom the gift of Peter Sunderland, gentleman, and member of the Corporation of London. As will be seen from the following particulars relating to the donor of these chaliceg, it is not improbable that they were made from a large silver cup and a silver paten which was presented to the church more than 100 years before this date, by Peter Sunderland, of Fairweather Green, Allerton. In James's History of Bradford we find the following: "By deed dated March, 1671, Peter Sunderland, Esquire, of Allerton, gave a rent-charge of £40 a year, out of houses and land in Bradford, to the Trustees and Vicar of the Bradford Parish Church for ever, for the purpose of providing a lectureship." He also presented to the Church a large Silver Communion Cup and a Silver Paten, both of which are now missing. His brother, Samuel Sunderland, of Harden, gave the lands for Hipperholme Grammar Schools, which were completed in 1661. These two brothers made large fortunes by Ecclesiastical Plate. lyi trade in Londoi). Peter died in 1677. He was a governor of the Bradford Grammar School from 1662 to 1677, having previously been one of the committee appointed in 1668 by the Commissioners for charitable uses to rearrange local affairs after the wars of the Commonwealth, and especially to reconstruct the Grammar School. Of this committee Peter Sunderland was chairman, and he gave a Seal to the governors, and this Seal is also now missing. The Coley estate, near Lightcliffe, belonged to the Sunderland family, and is still associated with the Sunderlands. Seeing that these cups are marked as presented by Peter Sunderland 122 years after he died, we are forced to the conclusion that the old missing plate was melted down and re-made, or else the stipend of the lecturer (which was £40 per annum), was utilised for this purpose. Of the larger chalices, Nos. 2 and 3, one is ancient, and the other a modern copy. They measure 8^ inches in height, and weigh 14ozs. 9^dwts., and 15ozs. 19dwts. respectively. The original. No. 3, as shown by the hall-mark was made in London, 1748, and bears the following legend : " The Gift of John Stead, of Bradford, Staymaker, 1744." The copy is similar to the above, and is thus inscribed : "Bradford Parish Church, 1840, B. B. Popplewell, Geo. Pollard, Church- wardens." The two large patens resemble ordinary plates, having no feet ; they are 8 inches in diameter, and weigh respectively llozs. Idwt. and 13oz. 8dwts. They are, like the chalice, of different dates ; one. No. 7, made in London in 1788, bears the following : " The gift of Frances Eawson, widow of Jeremiah Eawson, Esq., a.d. 1789;" the other, made to match it, is inscribed as follows: "Bradford Parish Church, 1840, B. B. Popplewell, Geo. Pollard, Churchwardens." The smaller paten, No. 8, is 6 inches- in diameter, and has a foot ; it weighs 6oz. 11 dwts. ; it has no inscription ; and though the donor be unknown, yet it is a very interesting piece of silver plate, from the fact that it was made during Queen Anne's reign, in 1710. It is, therefore, stamped with the figure of Britannia instead of the usual lion passant. This shows it to be made of the higher standard silver ('959), which thirteen years before had been made compulsory for the manufacture of plate, because many makers, to save themselves the trouble of refining the metal, had melted down large quantities of coin, a practice which this enactment was designed to prevent. 172 Ecclesiastical Plate. The remaining piece of silver plate (flagon, No. 1) is by far the most striking and interesting of them all, as well as the most ancient. It is 12 inches in height, and weighs 43oz. ISdwts., and, while simple in outline, has a bold sweep of the handle, and a wide curve at the base, which give it a character of its own. Moreover, the plain trace of hammer marks prove it to be one of those pieces of hand-wrought plate so highly prized by collectors. The inscription — engraved in a style that might well have been followed in the other instances — runs thus : " The Gift of Mrs. Mary Eeresby, one of the daughters of John Midgley, of Headley, Gent., 1691." (" About 1638, the Manor of Thornton was sold to the Midgley's and by them it was retained until 1715, when it was conveyed by Josias Midgley, along with the Headley estate, where he resided, to John Cockroft, Attorney, of Bradford." — CuDWOBTH.) It is, however, of special interest from the fact that it is without hall-mark, instead of which it is stamped with the maker's mark, a letter, and a mark something like a cogged wheel, probably a trade mark. The want of a proper hall- mark is no doubt to be accounted for in this way : It had been the custom with many silversmiths, owing to the looseness of the regulations on the subject, to make and sell many articles without sending them to be assayed at the Goldsmiths' Hall, and as, unfortunately, all men are not honest, some of them were below the standard. Complaint was made to the Goldsmiths' Company, and in 1675 they issued an order that, not only should all silver wares be brought to the Hall, assayed and stamped with the lion passant and leopard's head, but that every silversmith carrying on his craft within the jurisdiction of the city of London should register the punch with which he stamped his goods, upon a sheet of copper provided for the purpose. On referring to a far, simile of this register, we find that the maker of this flagon did so record his stamp. Judging from the quality of the metal, which is fully up to the standard, and the character of this work, he must have been an honest craftsman, and it is therefore preferable to place the date of manufacture prior to 1676, although not given to the church until 16 years later, than to suppose that he had acted in defiance of the law. It is worth noting that, while very few churches possess Communion plate dating earlier than 1660, it is by no means uncommon to find specimens presented during the fifteen or twenty years that follow. Ecclesiastical Plate 173 Great quantities that had survived former depredations came to the melting pot during the Civil War, and the loss was supplied by good churchmen after the Eestoration, in many cases as a thankoffering for that event. Valuable church plate is generally stored in a strong safe at the church or a bank, and sometimes at a private house. Leeds Parish Church Communion Plate. By the kind permission of the present authorities of the Leeds Parish Church, we have had the privilege of inspecting and photographing the sacramental plate used at St. Peter's Church, Leeds. We are informed that no one has ever before had permission to examine this historic ecclesiastical silver com- munion service. This Church is well furnished with a large quantity of very interesting eueharistic plate, which has been presented to the ■church-wardens (or officials of the Church) at different periods And by different persons. It now consists of 34 pieces, 28 of which are silver— all made in London — four of good metal (silver plated), and two of fine brass. There are six flagons, 12 chalices, 14 patens ; and two alms dishes made of brass, not shown in the illustration. Flagons. — Plate 9. No. 1 weighs 57 ozs. 15 dwts. ; height, 14 inches. It was made in the noted reign of Queen Anne, and inscribed as follows : " Ds. Thomas Pease, Mercator, Lagenam hano Argenteam EcclesicB parochial! de Leeds munifice contulit, Anno Dom, 1708." (English rendering: " Dr Thos. Pease, Merchant, bountifully gave this silver wine flagon to the Parish Church of Leeds). Yet it is said to have been a consideration paid for a pew, to which he was admitted by the vicar and church-wardens. (See Thorsby's History of Leeds, ^SsgB 51). Nos. 2 and 4 weigh 64 ozs. 10 dwts. each ; height, 14 inches. These were also made in the reign of Queen Anne, of the new standard silver 959, and marked with the figure of Britannia and lion's head erased ; the date letter is N, 1708 ; the Leeds Coat of Arms is engraved on the front of each vessel, beneath it the ifoUowing legend: "Sumptibus incolarvm parochise de Leeds." 174 Ecclesiastical Plate. No. 3 weighs 41 ounces; height, 12 inches; was made in the reign of George II., and is inscribed as follows : "In usum Ecclesioj de Leeds, 1736." No. 5 weighs 60 ozs. 10 dwts. ; height, 14 inches ; maker's mark, T E ; the inscription similar to No. 3. No. 6. — This is the oldest, heaviest and most interesting flagon in the group. The height is 12 inches, and it weighs 67 ozs. It was made in the reign of Charles II. The hall-mark corresponds to the date given. The legend runs as follows : " The gift of Edward Atkinson, late Alderman of Leedes, deceased, for the Service of God's Holy Altar in St. Peter's Church there. Anno Dom, 1676." Chalices.— Plate 10. There are eight ancient silver chalices. They measure 9| inches in height, and weigh from 20 to 21 ounces each, and two modern silver cups, which weigh 21 ounces each, and stand eight inches high ; also two silver-plated cups of recent date. Nos. 1 and 9 — These two chalices were presented to the Church in 1869, by Eichard Bickerton Turner, Esq. They are not silver, but made of good metal, well plated, and of the best workmanship. No. 2. — This chalice is a very interesting piece. Maker's mark, is; date letter not very legible. It is evident, however, that it was made in the reign of Charles II. It was given by the daughter of Alderman Atkinson, Mrs. Ann Crowle (see Thorsby's Histoi-y of Leeds), and engraved as follows : " Ex Dono DnsB AniiEB Crowle xmo Augusti, MDCLXXVI. Nos. 3 and 7. — These two chalices were presented by the widow of a late vicar of this church as a token of gratitude in memory of her pious and beloved husband. They were made in the reign of George II. The maker's mark is M D ; the date letter is nearly worn out. They bear the following legend : " Hunc calicem Eucharistioe Sacrum Maria Killingbeck, Vidua EeVjdi Joannis Killingbeck, Hujus Ecclesioe quondam Vicarii gratitudiuis ergo Pie & munifice contulit, Anno Dom, 1730. No. 4. — This chalice was given by a late Vicar, Dr. S. Talbot, now Bishop of Eochester. This cup will vie in point of exquisite workmanship and richness of detail with many productions of the Ecclesiastical Plate. 175 old masters. It was made in London, in 1895, by Barkenlin and Krall, from a design by F. C. Eden, Esq., M.A., of Keble College, Oxford. It has an inscription round the angles of the base, as follows : " Edwardus S. Talbot, D D, Vic. Leeds et Lavinia Uxorejus connubio per Annos XXV. felicissimo conjuncti, MDCCCLXX— MDCCCXCV Deo Gratias. (The English of which is : " Edward S. Talbot, D.D , Vicar of Leeds, and Lavinia, his wife, for 25 years most happily united in wedlock, 1870—1895, Thanks be given to God") No. 5. — This- chahce was made ia the reign of George II., 1752. Maker's mark, ^® ; legend : " For the Church of Leeds in Yorkeshier," and the golden fleece within a wreath, and beneath it another inscription : " Sumptibus incolarum parochioe de Leeds " (which means : " At the cost of the inhabitants of the Parish of Leeds.") No. 6. — This cup, like No. 4, is of recent date and of excellent workmanship. It was assayed and marked at the Goldsmiths Hall, London, in 1870. The initials of the makers are i o- It is not quite so elaborate in some respects as No. 4, but has probably cost more than any piece in the collection. The stem and knob are set with a large number of pearls and stones. Donor not known. No. 8. — This chalice was made in the reign of George III, 1781. Maker's mark, HO- -No inscription. Nos. 10, 11 and 12. — These three chalices were made in the reign of Queen Anne, 1708, and stamped with the figure of Britannia ; have the golden fleece within a wreath, and under it is the legend similar to the one on No. 8. Patens. — Plate 11. In this group there are eight ordinal y shaped 10 inch silver patens, of ancient date, without feet. The weight of each is about 20 ounces. There are four of recent date, two of which, Nos. 1 and 3, are very fine and expensive plated ones. Also a 14 inch plate or dish, and a small 6 inch paten which stands on three feet. Nos. 1 and 3. — These two silver plated patens are of the beat workmanship, ajid were presented to the church in 1869, by E. B. Turner, Esq. The following device is on the underside of the rims : " Deo et EcclesicB S Petri, Leeds, dedit E B Turner." lyS Ecclesiastical Plate. No. 2. — This handsome paten is by far the most costly in the group. It was assayed and marked at the London Assay Office in 1869. Maker's initials, GA; size, 8 inches; ■weight, 15|oz. The design and finish are unique. It has six fine gold coin settings, the one in the centre is a Spanish half quadruple Charles III., 1782, in the mint state of preservation, -893 fine ; weight, 208 grains ; value in English money, 33s. The fine settings in the flanges are : one 1842 English sovereign ; one French 20-franc piece, Louis XVIII., 1819 ; one Eepublic 20-franc piece, ] 849 (both of these French coins are equal to new) ; one pistole Charles III. of Spain, 1787 ; and one half pistole, 1788. These are also in a good state of preservation. There is a tragical account given in connection with this paten. On the underside, round the edge of the flange, the following inscription is engraved : " The coins in this paten were found on the body of Geo. Benjamin Maule, Esq., who was killed, together with 14 fellow travellers, on the night of the 14th of Septembej', A.D. 1850, by being washed down a mountain torrent into the sea near Oropesa, on the coast of Valencia, in the Kingdom of Spain ; Dedicated to the Holy Service of Leeds Parish Church, by his brother, the Eecorder. One of the present churchwardens, Mr. Eichard Wilson, has in his possession the letter which was sent to the vicar (Dr. Woodford) along with this paten, dated January 1st, 1870, and signed by J. B. Maule. Mr. Wilson has also a newspaper cutting which gives an account of the death of Sir J. B. Maule, the donor. He died on the 20th October, 1889, at 47, Eunismore Gardens, S.W. He was born at Kensington in 1817, the son of the late Mr. George Maule, barrister, by Caroline, daughter of the late Mr. J. Forsyth. From 1861 to 1880 he was Eecorder of Leeds, and at the latter date he was appointed to the office of director of public prosecutions. In 1882, Mr. John Blosset Maule was treasurer of his Inn, and was knighted upon the occasion of the opening of the Eoyal Courts of Justice in that year. No. 4. — This paten was made in the reign of George II. The device is • " In usum Bcclesioe de Leeds, 1752." Nos. 6 and 7. — These two patens were made in the reign of George I., of the new standard silver, and marked with the figure of Britannia. Inscription : " Hanc Patellam Deo et Altari Sacram, Thos. Simpson de Leeds, Gen D.D.D., 1720." Ecclesiastical Plate. 177 No. 6 is a 14 inch circular salver or dish, weighs 45 oz. The engraved device is a fine specimen of art and workmanship, and of an ancient style. The maker's mark is a crown, star, and PY (Benjamin Pyne), made of the new standard silver, and marked with the figure of Britannia and a lion's head erased. Device : "Deo et Altari Sacram Patellam Hanc Sarah Eobinson, Eev.di Hen : Eobinson. Ecele's D. lohan Evang, de Leeds, Nuper, Incumbentis Pientissima Conjux Debita Devotione D.D.D.C.Q., Anno Dom 1698. In the centre there is a coat of arms surrounded by a wreath, under which is the 8th verse of the 36th Psalm in Latin : " Saturabuntur pinguedine Domus tuac ; and fluvio Deliciarum tuarum potabis eos." (The English rendering is as follows : " Sarah Eobinson, the most devout spouse of the Eevd. Hy. Eobinson, lately incumbent of the Church of St. John the Evangelist, Leeds, with due piety gave this plate to God, and bestowed it upon His altar, in the year 1608.") Nos. 8, 10, 12, and 13. — These four patens were added at the same time in the reign of George II. Inscription : " In usum EcclesioB de Leeds, 1736." No. 9. — There are no marks or device on the front of this paten. On the underside there are the hall-marks — not very distinct — and 1781. No. 11 is a small silver 7 inch paten ; weighs 6 ozs. It was assayed and marked at the Goldsmiths' Hall, London, in 1870. Maker's initials, ^c It is well finished, and a pretty pattern. Around the inner rim there is the following legend : " Agnus Dei Qui Tollis Peccata Mundi Miserere Nobis." No. 14 is a small 6 inch paten which stands on three feet. It was made in the reign of George I., 1720 ; maker's mark, BA. It is one of those rare and interesting pieces of old silver plate, made of the new standard silver, and marked with the figure of Britannia and lion's head erased. There are also at this church two very fine and large alms dishes, made of hammered brass. They are beautifully engraved, and bear suitable mottos worked in an artistic manner. London Date Letters, iHY. VIH. 1509-0 I5I0-I I5I9-0 I520-I 1529-0 I530.-I 1511-2 1512-3 1513-4 J52I-2 1522-3 1523-4 1514-5 1524-5 1531-2 1532-3 1539-0 1540-1 1541-2 1549-0 m 1550-1 1559-0 QUEEN I560-I 1551-2 1542-3 1533--^ 1534-5 1515-6 1516-7 1525-6 1526-7 1543-4 1 544-5 1552-3 MARY 1553-4 ELIZ. 1561-2 W^ 1569-0 ^ 1570-1 ^ 1571-2 1562-3 1579-0 I580-I 1581-2 1563-4 1554-5 1564-s 1535-6 1545-6 *536-7 « 555-6 1546-7 1556-7 1565-6 157^-3 ^ 1573M ^ 1574-5 1566-7 1575-6 1582-3 1583-4 1584-5 1576-7 1585-6 1586-7. 1517-8 1527-8 w 1537-8 ED. VI. 1547-8 w ^ 1557-8 1567-8 1577-8 1587-8 1518-9 1528-9 1538-9 1548-9 ELIZ. 1558-9 D ^ ^ 1568.9 1578-9 1588-9 i8o London Date Letters. 1589-0 1599=0 1609-0 1619-0 w 1629-0 ^ 1639-0 cosnaoN 1649-0 1659-0 1590-1 1600-: i6io-i 1 620- 1 ^ 1630-1 1640-1 WETtCTH 1 650- 1 CHSST II. 1660-1 1591-2 160I-2 ^ 161 1-2 ^ I62I-2 ^ 1631-2 164I-2 i) 1651-2 ^ 1661-2 ^ 1592-3 1602-3 1612-3 ^ 1622-3 (^ 1632-3 1642-3 (i 1652-3 1662-3 1593-4 JAMES I. 1603-4 f I6I3-4 1623-4 1633-4 1643-4 1653-4 1663-4 1594-5 J 604-5 1614-5 1624-5 ^ 1634-5 1644-5 1654-5 1664-5 [§1 1595-6 (g) 1605-6 1615-6 CHAS. I. 1625-6 1635-6 1645-6 ^ 1655-6 1665-6 m 1596-7 I 1606-7 1616-7 ^ 1626-7 5^ 1636-7 w 1646-7 1656-7 1666-7 ^ 1597-8 1607-8 1617-8 1627-8 1637-8 1647-8 1657-8 1667-8 1598-9 i6o8-g 1618-9 W 1628-9 1638-9 1648-9 1^ 1658-9 I 668-9 London Date Letters. l8i 1669-0 1679-0 MARY 1689-0 w 1698-g 1708-9 I7I8-9 m 1728-9 © 1738-9 1670-1 1 680- 1 5 1690- I 1699-0 w 1709-0 1719-0 ^ 1729-0 1739-0 m 1671-2 1681-2 [5^ 1691-2 ^ 1 700- 1 ^ 1710-1 m 1720-1 ^ 1 730- 1 ei 1 740- 1 1672-3 ^ 1682-3 m 1692-3 [f 1701-2 1711-2 m 1721-2 1731-2 f 1741-2 1§J 1673-4 1683-4 1693-4 g. ANNE 1702-3 1712-3 1722-3 !5 1732-3 1742-3 1674-5 1684-5 1694-5 ^ 1703-4 [^ 1713-4 1723-4 ^ 1733-4 1743-4 1675-6 JAMES II 1685-6 WM. Ill 1695-6 W 1704-5 Geo. I 1714-5 m 1724-5 1734-5 1744-5 1676-7 [p 1686-7 1696-7 ^ 1705-6 W .1715-6 ^ 1725-6 1735-6 1745-6 m 1677-8 ^ 1687-8 w 1696-7 53 1706-7 1716-7 GEO II. 1726-7 1736-7 1 1746-7 [^ ^ WM. 1678-9 1 1688-9 1 1697-8 1707-8 ^ I7I7-8 P 1727-8 ^ 1737-8 1747-8 1 82 London Dale Letters. 1748-9 ® 1754-5 I 760- I 1766-7 1772-3 1778-9 5) 1784-5 I 790- I 1749-0 1755-6 1761-2 1767-8 1773-4 ® 1779-0 1765-6 1791-2 )p( 1 750-1 1756-7 1762-3 1768-9 1774-5 (e) 1780-1 5) 1786-7 (r) 1792-3 ^ 1751-2 1757-8 1763-4 1769-0 1775-6 1781-2 1787-8 1793-4 1752-3 1758-9 1764-5 1776-7 1782-3 ^ 1788-9 (D • 1794-5 fi "753-4 GEO 111. 1759-0 1765-0 177I-2 (D 1777-8 1783-4 (9) 1789-0 I5J 1795-6 Kings AND Queens of Enqlah D Pko,^ 1422 TO Present Day. Henky VT. 1422 Charles II. 1660 Edwaed IV. 1461 James II. 1635 „ V. 1483 William & Maey 1689 KiCHAED III. 1483 William III. 1695 Henby VII. 1485 Anne 1702 „ VIII. 1509 George I. 1714 Edwabd VI. 1547 „ II. 1727 Mary I. 1553 „ III. 1760 Elizabeth 1558 „ IV. 1820 James I. 1603 William IV. 1880 Charles I. 1625 Victoria 1887 COMUOKWEALTH 1649 Hall-Marks. ib3 Specimens of Shields used with the Date-letters at Goldsmiths' Hallj London, from 1796-7 to 1915-6. 1796-7 I8I5-6 (a) 1816-7 1835-6 1836-7 1855-6 1856-7 1875-6 18Z6-7 1895-6 1896-7 1 91 6-7 Up to 1844 the Standard Mark for 22-Carat Gold was the Lion passant, same as the Silver Mark. 1796-7 A 1797-8 B 1798-9 1804-5 I 1805-6 K C 17990 D 1800-1 E 1801-2 F 1802-8 G 1803-4 H 1806-7 L 1812-3 1813-4 s 1807-8 M 1808-9 N 18090 o 1810-1 P 1811-2 Q 1814-5 T 1820-1 e 1821-2 1822-3 1815-6 u 1816-7 a 1817-8 b 1818-9 c 1819-0 d 1823-4 London Hall-Maik 1826-7 1 1827-8 m 1828-9 n 1829-0 1830-1 P since 1823 ; 1824-5 o 1 1825-6 k 1831-2 JL l8a2-3 r 1833-4 s 1834-5 1835-6 u 1886-7 1837-8 16 1838 9 € 1839-0 1840-1 18-J1-2 1842-3 6 1843-4 1844-5 1845-6 1846-7 c 1817-8 18-IH-9 1 SI 0-0 i84 London Date Letters. 1850-1 1859-0 1868-9 1877-8 1886-7 1895-6 1904-5 1913-4 % ^ it n B L U 1 s 1851-2 1860-1 1869-0 1878-9 1887-8 1896-7 1905-6 1914-5 i 1 t c M a k t 1852-8 1861-2 1870-1 1879-0 1888-9 1897-8 1906-7 1915 6 I I f P D N b 1 u 185S-4 1862-8 1871-2 1880-1 1889-0 1898-9 1907-8 1916-7 ^ % ^ E o c m ! 1854-5 1863-4 1872-3 1881-2 1890-1 1899-0 1908-9 1917-8 1855-6 It r F P d B 1864-5 1873-4 1882-3 1891-2 1900-1 1909 1918-9 E I s G Q e 1856-7 1865-6 1874-5 1888-4 1892-3 1901-2 1910-1 1919-0 a h t H E, f P 1857-8 1866-7 1875-6 1884-5 1898-4 1902-3 1911-2 1920-1 h 1 ir I S g q 1858-9 1867-8 1876-7 1885-6 1894-5 1908-4 1912-8 1921-2 t m A K T h r W o 3 -t X o o (^ D X o c/i s c/} Q U tJ Birmingham Date Letters. LIST OF DATE LETTERS At the Assay Office, Birmingham, From June 24, 1773-4 to 1900. The Hall-Mark at this Office is an Anchor. 185 1773-4- A 1784-5 L 1795-6 w 1806-7 h 1817-8 S 1828-9 m 1839-0 1774-5 1785-6 M 1796-7 X 1807-8 i 1818-9 t 1829-0 1840-1 1775-6 G 1786-7 N 1797-8 Y 1808-9 J 1819-0 U 1830-1 1841-2 1776-7 D 1787-8 1798-9 z 1809-0 1820-1 V 1831-2 1842-3 1777-8 E 1788-9 P 1799-0 a 1810-1 1 1821-2 W 1832-3 1833-4 i 1843-4 1778-9 F 1789-0 Q 1800-1 b 1811-2 m 1822-3 X 1844-5 1779-0 G 1790-1 R 1801-2 C 1812-3 n 1828-4 y 1834-5 E 1845-6 1 1780-1 H 1791-2 s 1802-3 d 1813-4 1824-5 Z 1835-6 H 1836-7 m 1846-7 1781-2 I 1792-3 T 1803-4 e 1814-6 P 1825-6 1847-8 1782-3 J 1793-4 u 1804-6 f 1815-6 1826-7 1837-8 B 1848-9 178S-4 K 1794-5 V 1805-6 g 1816-7 r 1827-8 1888-9 1849-0 1 i86 Birmingham Date Letters. 1850-1 1860-1 1870-1 1880-1 1890-1 1900-1 1910-1 1920-1 A L V f q 1 V 1851-2 1861-2 1871-2 1881-2 1891-2 1901-2 1911-2 1921-2 B M W^ 9 r b m w 1852-3 1862-3 1872-3 1882-3 1892-3 1902-3 1912-3 1922-3 c N X ») s c n X 1923-4 1858-4 1863-4 1873-4 1883-4 1898-4 1-9,03-4 1913-4 D o Y i t ll o y 1854-5 1864-5 1874-5 1884-6 1894-5 1904-5 1911-5 1924-5 E P z k u e P z 1855-6 1865-6 1875-6 1885-6 1895-6 1905-6 1915-6 1925-6 P Q a I b f q 1856-7 1866-7 1876-7 1886-7 1896-7 1906-7 1916-7 1926-7 G R h m 1887-8 U) g r 1857-8 1867-8 1877-8 1897-8 1907-8 1917-8 1927-8 H s 1868-9 f n X h 1 s 1858-9 1878-9 1888-9 1898-9 1908-9 1918-9 1928-9 I T tr fi i t 1859-0 1869-0 1879-0 1889-0 1899-0 1909-0 1919-0 1929-0 K u e P i k u i87 i' Chester Date Letters. LIST OF DATE LETTERS At the Chester Assay Office, From Aug. 5, 1706 to 1900. The Hail-Mark is a Sword between three wheat sheaves. Date-letters at Chester Office from 1706 to 1796-7 were as follows : 1706-7 to 1725-6 were Eoman capitals F to Z omitting J. 1726-7 to 1751-2 „ Italic capitals S4 io Si all. 1752-3 to 1775-6 „ Eoman capitals A to X 1776-7 to 1796-7 „ Eoman small a to v omitting i. 1797-8 A 1806-7 K 1815-6 T 1824-5 G 1833-4 1842-3 13 1851-2 1798-9 B 1807-8 L 1616-7 U 1825-6 H 1834-5 R 1843-4 1852-3 1799-0 C 1808-9 M 1817-8 V 1818-9 A 1826-7 I 1835-6 S 1844-5 J- 1853-4 1800-1 D 1809-0 N 1827-8 K 1836-7 T 1845-6 1854-5 1801-2 E 1810-1 o 1819-0 B 1828-9 L 1837-8 U 1846-7 1855-6 1802-3 " F 1811-2 P 1820-1 c 1829-0 M 1838-9 V 1847-8 i 1856-7 1803-4 G 1812-3 Q 1821-2 D 1830-1 N 1839-0 1848-9 1857-8 1804-5 H 1818-4 R l!j22-3 E 1731-2 O 1840-1 1849-0 1858-9 1805-6 I 1814-5 S 1823-4 F 1832-3 P 1841-2 1850-1 m 1859-0 i8S Chester Date Letters. 1860-1 mi 1868-9 t 1876^7 n 1884-5 A 1892-3 I 1900-1 1908-9 1916-7 1861-2 1869-0 i 1877-8 1885-6 B 1893-4 K 1917-8 1901-2 J: 1909-0 1862-3 9 1870-1 9 1878-9 1886-7 1894-5 L 1902-3 1910-1 1911-2 1918-9 1868-4 1 1871-2 ft 1879-0 1887-8 D 1896-6 M 1919-0 1903-4 1864-5 a 1872-3 i 1880-1 r 1888-9 E 1896-7 N 1904-5 1912-3 Ji 1920-1 1921-2 1865-6 I) 1878-4 k 1881-2 s 1889-0 F 1897-8 1905-6 1913-4 1866-7 c 1874-5 I 1882-3 t 1890-1 1898-9 P 1906-7 1914-5 1922-3 1867-8 1875-6 m 1888-4 u 1891-2 H 1899-0 Q 1907-8 1915-6 [l. 1923-4 LIST OF DATE LETTERS At the Assay Office, Sheffield, From June 24. 1773 to 1918. The Hall-Mark at this Office is a Crown. Only silver goods are assayed here. 1773-4 1775-6 1777-8 1779-0 1781-2 m 1783-4 is 1785-6 1787-8 1774-5 1776-7 1778-9 1780-1 1782-8 i3 1784-5 3 1786-7 1788-9 mi Sheffield Date Letters. 189 1789-0 m 1801-2 H 1813-4 R 1825-6 b 1837-8 r 1849-0 P 1861-2 T 1790-1 H 1791-2 1802-8 M 1814-6 w 1826-7 c 1838-9 s 1860-1 G 1862-3 u 1803-4 F 1816-6 1827-8 d 1889-0 t 1861-2 H 1863-4 V i 1792-8 1804-6 G 1816-7 T 1828-9 e 1840-1 1852-3 I 1864-6 w 1793-4 1805-6 B 1817-8 X 1829-0 f 1841-2 V 1858-4 E 1865-6 X 1794-S It 1806-7 A 1818-9 I 1830-1 g 1842-8 X 1854-5 L 1866-7 Y 1795-6 <1| 1807-8 s 1819-0 V 1831-2 b 1843-4 Z 1855-6 M 1867-8 z 1796-7 1808-9 P 1820-1 1832-8 k 1844-5 A 1856-7 N 1868-9 A 1797-8 1809-0 1821-2 Y 1833-4 1 1845-6 B 1857-8 1869-0 B 1798-9 1810-1 L 1822-8 z 1884-6 m 1846-7 1858-9 P 1870-1 c 1799-0 E 1811-2 c 1823-4 TJ 1835-6 P 1847-8 D 1859-0 B 1871-2 D 1800-1 N 1812-3 D 1824-5 a 1836-7 1848-9 E 1860-1 s 1872-8 E igo Sheffield Date Letters. 1873-4 F 1879-0 M 1885-6 8 1891-2 Y 1897-8 e 1903-4 I 1909-0 r 1916-6 X 1874-5 G 1880-1 N 1886-7 T 1892-3 Z 1898-9 i 1904-5 m 1910-1 1916-7 B 1875-6 H 1876-7 d 1881-2 1887-8 u 1893-4 a 1899-0 1905-6 n 1911-2 t 1917-8 J 1882-3 P 1888-9 V 1894-5 1900-1 f) 1906-7 1912-8 u 1918-9 1877-8 K 1883-4 Q 1889-0 w 1895-6 c 1901-2 I 1907-8 1918-4 1919-0 1878-9 L 1884-5 R 1890-1 X 1896-7 1902-3 k 1908-9 q 1914-5 to 1920-1 Specimens of Shields used at Edinburgh Office, from 1681 to 1906-7. LIST OF DATE LETTERS At the Assay Office^ Edinburgh, (C. From 1681 to 1906-7. The Hall-mark at this Office is a castle. 1 68 1 -2 1704-5 1705-6 1729-0 I730-I 1755-6 1779-0 1^ 1780-1 1805-6 (a) 1806-7 1831-2 1832-3 1856-7 ® 1857-8 1881-2 @ 1882-3 1906-7 Edinburgh Date Letters. JO I 1681-2 a 16928 m 1708-4 B 1714-5 K 1725-6 V 17:!(l-7 0' 1717-8 1082-8 1098-4 n 1704-5 1 1716-6 L 1726-7 w 1787-K Jto 17-1S.9 .7 1683-4 c 1684-6 1694-6 1705-6 1716-7 M 1727-8 X 1738 9 J i7;«t-o 1719-0 17i"i0-l 1695-6 1706-7 B 1717-8 1728-9 Y r 1696-7 q 1707-8 c 1718-9 1729-0 z 1740-1 i7r.i-2 II' 17.Vi-3 1686-7 f 1697-8 r 1708-!) I) 1719-0 P 1780-1 1711-2 l(i87S 1698-9 1709-0 E 1710-1 F 1720-1 q 1781-': 1712-8 J- 1768-4 17r.4-5 1 1688-9 J) 16990 t 17'21-'2 1782-8 I7rt8-.t 1748-4 i 1700-1 171L-:i G S 1744-C 171f)-0 1746-7 l4 l75r,-() I(i<»0-1 k 1701-2 to 1712-8 H i72H-a T 17S4-5 e i7f.r.-7 IS 1691-2 I 170-2.8 1 1718-4 I 1721 r. u 178i.-0 17ri7-S ig2 Edinburgh Date Letters. ! j 1758-9 m 1770-1 1782-3 C 1794-6 o 1806-7 a 1818-9 TTl 1830-1 y 1842-3 1759-0 1760-1 1771-2 1783-4 D 1795-6 P 1807-8 b 1819-0 n 1831-2 Z 1843-4 m 1772-3 1784-5 E 1796-7 Q 1808-9 1820-1 O 1832-3 1844-6 1761-2 1773-4 1785-6 F 1797-8 1809-0 d 1821-2 P 1833-4 1845-6 1762-3 1774-5 1786-7 1798-9 S 1810-1 e 1822-3 1834-6 1846-7 1763-4 3 1775 6 i5 1787-8 1799-0 T 1811-2 f 1823-4 r 1835-6 IB 1847-8 1764-5 1776-7 1788-9 H 1800-1 U 1812-3 g 1824-5 1836-7 1848-9 1765-6 1777-8 t 1789-0 I 1801-2 V 1813-4 h 1825-6 t 1837-8 jr 1849-0 1766-7 #1 1778-9 1 1790-1 1802-8 w 1814-5 i 1826-7 U 1838-9 i3 1850-1 1767-8 1779-0 1791-2 L 1 1808-4 X 1816-6 J 1827-8 V 1839-0 1851-2 1768-9 1780-1 A 1792-3 M 1804-8 Y 1816-7 k 1828-9 W 1840-1 3 1852-3 1769-0 1781-2 B 1793-4 N 1805-6 z 1817-8 1 1829-0 X 1841-a E 1853-4 Edminirgh Date Luiurs. 103 18545 18556 1856-7 1 1857^ A 1858-9 1862-3 lSTO-1 1S7S-9 F ; o w lS$6-7 1S94-5 e n 190-2-3 1868-4 lS71-i 1879-0 1 1887-8 ljvv-6 liOo-4 G i P 5 X f U) 1864-6 1872-3 1880-1 | 188S-9 1896-7 1904-5 H I Q ^ Y I g P X 1865-6 \ 1878-4 18.81-2 1889-0 i 1897 8 ■ 1905-6 I R Z ! I) q . S lSf? 1916-7 & 1928-9 Dublin Date Letters. '95 LIST OF DATE LETTERS At the Assay Office, Dublin. From May. 1821 to 1920-1. The Hall-mark at this Office is the figure of Hibemia. Specimen of Shields used at Dublin HaU, 1721-2 to 1920-1. Letter J omitted in first 5 cycles. I72I-2 1745-6- [A) 1746-7 1770-1 1771-2 1795:6 (A) ) 1796-7 I 820- I ® 1821-2 1845-6 1871-2 1895-6 1896-7 1921-2 1821-2 A 1829-0 I 1837-8 E 1845-6 z 1853-4 h 1861-2 Q 1869-0 Y 1822-3 B 1830-1 K 1888-9 s 1846-7 a 1854-5 J 1862-3 r 1870-1 z 1823-4 c 1831-2 L 1889-0 T 1847-8 b 1855-6 k 1863-4 8 1871-2 A 1824-5 D 1832-8 M 1840-1 u 1848-9 C 1856-7 1 1864-5 t 1872-3 B 1826-6 eE 1833-4 N 1841-2 V 1849-0 d 1857-8 m 1865-6 u 1873-4 c 1826-7 F 18S4-5 1842-8 w 1850-1 e 1858-9 n 1866-7 1874-5 1827-8 Q 1835-6 P 1848-4 X 1851-2 f 1859-0 1867-8 W 1875-6 E 1828-9 H 1886-7 Q 1844-5 Y 1852-8 g 1860-1 P 1868-9 X 1876-7 F 196 Dublin Date Letters. 1877-8 1883-4 N 1889-0 T 1895-6 z 1901-2 1907-8 m 1913-4 1919-0 1878-9 H 1884-5 1890-1 u 1896-7 1902-3 (3 1908-9 1914-5 1920-1 1879-0 I 1886-6 P 1891-2 V 1897-8 1903-4 1909-0 1915-6 e 1921-2 1880-1 K 1886-7 Q 1892-8 W 1898-9 e 1904-5 1910-1 1916-7 1922-8 1881-2 L 1887-8 R 1893-4 X 1899-0 m 1905-6 E 1911-2 1917-8 1928-4 1882-3 M 1888-9 s 1894-5 Y 1900-1 1906-7 1912-8 1918-9 1924-6 LIST OF DATE LETTERS At the Assay Office, Newcastle-on-Tyne, From May 8, 1791 to 1885. The Hall-mark at this Office was Three Castles. This Office was closed in 1885. 1791-2 1794-5 1797-8 1800-1 1808-4 1806-7 1809-0 1812-8 A D G K N Q T X 1792-8 1795-6 1798-9 1801-2 1804-5 1807-8 1810-1 1818-4 B E H L R , u Y 1793-4 1796-7 1799-0 1802-8 1806-6 1808-9 1811-2 1814-6 c F I M P S W z 197 N ewcastle-on-Tyne Date Letters. 1816-6 A 1826-7 M 1837-8 Y 1848-9 J 1859-0 U 1870-1 g 1881-2 S 1816-7 B 1827-8 N 1838-9 z 1849-0 K 1860-1 W 1871-2 h 1882-3 t 1817-8 c 1828-9 1839-0 A 1850-1 L 1861-2 X 1872-8 i 1883-4 XL 1818-9 D 1829-0 P 1840-1 B 1851-2 M 1862-3 Y 1878-4 k 1884-5 W 1819-0 E 1830-1 9 1841-2 c 1852-3 N 1863-4 z 1874-5 1 1886 X 1820-1 F 1831-2 R 1842-3 D 1853-4 o 1864-5 a 1875-6 m 1821-2 G 1832-3 S 1843-4 E 1854-5 P 1866 6 b 1876-7 n 1822-3 H 1833-4 T 1844-5 F 1855-6 Q 1866-7 C 1877-8 O 1823-4 I 1834-5 U 1845-6 G 185fi-7 R 1867-8 d 1878-9 P 1824-5 K 1835-6 W 1846-7 H 1857-8 S 1868-9 e 1879-0 q 1825-6 L 1836-7 X 1847-8 I 1858-9 T 1869-0 f 1880-1 r 1 98 Exeter Date Letters. LIST OF DATE LETTERS At the Assay Office, Exeter, From August, 1817 to 1876-7. The Hall-mark at this OfiSce was a Castle with Three Towers. This Office has now become extinct. 1817-8 a 1825-6 i 1833-4 r 1841-2 1849-0 1857-8 A 1 1865-6 I 1873-4 R 1818-9 b 1826-7 k 1884-6 S 1842-3 1860-1 1858-9 B 1866-7 K 1874-5 S .1819-0 c 1827-8 1 1835-6 t 1843-4 1851-2 1859-0 C 1867-8 L 1875-6 T 1820-1 d 1828-9 m 1886-7 u 1844-5 1852-8 1860-1 D 1868-9 M 1876-7 U 1821-2 e 1829-0 n 1887-8 1845-6 i 1858-4 1854-5 1861-2 E 1869-0 N 1822-3 f 1830-1 o 1838-9 1846-7 E 1862-3 F 1870-1 o 1823-4 g 1831-2 P 1839-0 1847-8 11 1855-6 1863-4 G 1871-2 P 1824-5 h 1832-3 q 1840-1 IB 1848-9 m 1856-7 1864-5 H 1872-3 Q York Date Letters. 199 LIST OF DATE LETTERS At the Assay Office, York. From 1812 to 1856-7. The Hall-mark at this Office was Five Lions on a Cross, the Leopard's Head being also impressed as an additional mark. This Assay OiBce has now become extinct. 1812-3 a 1818-9 1824-5 n 1830-1 t 1836-7 1 1842-3 F 1848-9 M 1854-5 S 1813-4 b 1819-0 1825-6 1831-2 u 1837-8 A 1843-4 G 1849-0 N 1855-6 T 1814-5 c 1820-1 I 1826-7 1832-3 1838-9 B 1844-5 H 1850-1 1856-7 u 1815-6 1821-2 1827-8 q 1833-4 1839-0 c 1845-6 I 1851-2 P 1816-7 £ 1822-8 I 1828-9 r 1834-5 X 1840-1 D 1846-7 K 1852-3 Q 1817-8 f 1823-4 m 1829-0 s 1835-6 1841-2 E 1847-8 L 1853-4 R A Visit to the Bank of England. It would take up too much space here to give full particulars of our visit to the historic and wonderful Old Lady of Threadneedle Street, so a few words about three or four of the principal depart- ments must suffice. Everybody who has passed the south entrance to the Bank will have noticed the doorkeepers standing there, dressed in brown suit and top-hat with gold band. Inside the courtyard there is a very mild and respectful-looking, beadle-like individual, whose red cloth cloak, trimmed with vari-coloured silk braid and tufts, makes an imposing display. Since the dynamite scares in London it is exceedingly difficult to enter the interior of the Bank ; but with the aid of a friend who is connected with the Bank we were allowed the privilege of inspecting the famous piles of gold and bank notes. After visiting several different departments, and examining a' number of large gold coins and medals, we entered a room called the Bullion Office, where all the gold and silver that enters or leaves the Bank passes through to be checked. Here we were first introduced to the scales, or, as it is termed, the " Grand Balance." The scale is worked by hydraulic power, and is the most sensitive weighing machine in existence. The manager set the machine in motion by means of a small wheel ; it was then ready for weighing. " We will first weigh a postage stamp," observed the suave gentleman. The gold is made up in 400 ounce bars, and the difference of one-thousandth part of an ounce can be detected. The stamp being added to the 400 ounce weights will make the index jump a distance of six inches. If a bar contains more than this scale is made to weigh the index will not move, but an electric bell commences ringing, which indicates that the machine has been overloaded. This is the only balance of its kind in the world ; it cost JE2,000 The silver scale is not so finely balanced. The two are called respectively " The Lord Chief Justice " and " The Lord High Chancellor." Our guide then moved away from the machine, and, turning a handle in the wall (which lighted up a long vault, with finely- groined arches), a gate was opened and we passed in, followed by one of the bodyguards. On small barrows, with strong wheels, IP I tn 'A w 12 J> ■*■ J> J 9 )» -'- )) > , Pure Silver 1 )i ) , of Standard Silver Precious Stones and Gems, By W. E. Stebbtek, F.E.G.B. This is considered the best and most interesting work on Precious Stones and Gems ever published, and is most valuable to all who have a desire to ascertain the genuineness and value of j)recious stones. The author has had over 50 years of practical experience as a merchant and dealer not only in the buying and selling, but also in the cutting and setting of precious stones. Mr. Streeter's practical knowledge in mining, testing, and valuing gems and stones give him a pre-eminence as an authority on the subject. This work is full of interesting matter from beginning to end, and is without doubt the most complete book of its kind ever issued. The Standard says; — "Mr. Streeter gives an accurate- and complete description of every kind of precious stone and gem known, and makes his book still more attractive and complete by a series of coloured plates of several stones in the rough. Published price, 15/-. To be had of W. Eedman, 29, Thirkhill Terrace, Bradford. BRADFORD : BOTTOMLEY BrOS., PRINTERS, BRADFORD. ^J^ To THE Jewellery and Kindred Trades only. telegrams: ' Wilderness, London. Wholesale Only. COPYRIGHT We beg to call attention to our BULLION DEPARTMENT, and upon hearing from you, v,e shall have much pleasure in sending LIST OF PRICES which we allow for Old Gold and Silver, Etc. Being practical Refiners, and established upwards of 60 years, we are able to offer exceptional advantages in the purchasing of Old Gold AND Silver, Platinum, Dental Alloy, Lace, Lemel, Scrap, Etc : also such goods as Second-hand Watches, Old Silver Plate, Diamond and other Gem Rings, etc , etc. We make a special feature of attending to Country parcels immediately upon receipt of same and Cash or Offer (as may be requested) will be forwarded per return of post. In all cases we send a remittance, whether a contra account is standing or not, unless customer specially asks to have the amount placed to the credit of his account. This department remains under the personal supervision of one of our partners, Mr. Robert Pringle, Junr , but has lately been re-organised. We now have a more experienced and competent staff of assistants and workmen, and under the new arrangements which we have made, customers will receive better attention than in the past Members of the Trade wishing to dispose of their lots by Assay, are invited to have the same melted under their own inspection. ■**«- Robert Fringle & Sons, GOLD AND SILVER REFINERS, WILDERNESS WORKS." 40 & 42, Cierkenwell Road, & 20, Gt, Sutton Street, —>>^- LONDON, E.G. ROBERT FRINQLE & SONS, COLD AND SILVER REFINERS, "WILDERNESS WORKS," 40 & 42, Clerkenwell Road, and 20, Great Sutton Street, —i^^ LONDON, E.C. PURCHASE AT HIGHEST MARKET PRICES OLD GOLD, OLD SILVER, GILT LACE, LEMEL, SCRAP, PLATINUM, DENTAL ALLOY, Etc. Also Second-hand Watches, Old Silver Plate, Diamond Rings, &c , &c. Country Parcels attended to without delay, and Cash or Offer SENT PER Return Post. GOLD & SILVER BARS PURCHASED BY ASSAY. Melting under Customers' Own Inspection. Price List of above on Application. Wholesale Only. Private Transactions cannot under any circumstances de entertained. SPECIAL Attention GIVEN ^^5^ TO Pawnbrokers' Lots,