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taken away to countries where the metal fetched its full bullion value." What does he meau ? Where are the countries to which it would go? What will they do with it when they get it? All this has been answered again and again.

Once more, Professor Price is surprised that it should be proposed to restore the ratio of silver to gold, which is now 18 to 1 to 15.4 to 1, heedless of the argument that this was the ratio prior to the German demonetization, and would, no doubt, be the ratio on any resumption of silver coinage under a bi-metallic or any other system; and he goes on to say “ They know well what must necessarily happen. Silver, whose value has been capriciously elevated, will pour in from abroad. It will be converted by free mintage into coins. These silver coins will be exchanged for sovereigns, getting for 151 ounces an ounce of gold really worth 18, and with it buying 18 ounces worth of goods--and there will be many ways of accomplishing the operation, Lor will be applied to the purchase of bills to be paid for by other countries. The importer of the silver will now export abroad 18 ounces' worth of gold or goodsa handsome profit will be made, gold will steadily depart, and silver will fill the country.” Once more it must be asked what definite meaning can he intend to convey? Let it be remembered that, by the hypothesis, there is to be universal bi-metallism, at least in Europe and America. From whence then is the silver to pour in? Why should it come here rather than to any other bi-metallic nation? Who is to take all the gold at the high price, and keep it, and for what purpose ? It is roughly estimated that there may be about seven hundred and fifty millions of gold in the world, of which about five hundred millions is probably in the hands of those nations which it is proposed should accept bi-metallism. The Professor's argument assumes that some nation outside these would be able (although bi-metallism gives to the debtor the choice of metals in payment) to obtain this enormous mass of gold for silver, and to hold it at the ratio of 1 to 18, with the knowledge that no bi-metallist nation will accept it back again in payment at that rate. To such absurd conclusions does his statement, if followed out, really lead.

Again, it must be said that there is no desire in this Journal to uphold one side or the other in this controversy, but it is certain that the settlement of questions of deep importance cannot be furthered by the course pursued. Arguments do not consist in mere repetition, with the eyes shut to passing events and every answer which has previously been given steadily ignored. The writer once received, from the sister Isle, a letter desiring something which could not be done. He answered it carefully, and, he believed, exhaustively, setting forth, as he thought, very clearly the reasons which rendered compliance impossible. A few months afterwards he received another letter in precisely the same terms the sender having evidently kept a copy of the first-without one word to show that any answer to it had already been given. The hopeless feeling with which this was received rises again on reading Professor Price's article. We have the old statements, just as if they were new and unanswered.

The article concludes with an exposition of the plan proposed by Mr. Clarmont Daniell, who desires “to adopt as the one standard, one legal tender of money for all the world, gold, to which he adds silver, to be equally legal tender to any amount, upon condition that its value as existing in the buliion market, shall be ascertained from time to time, and the proportion in which the silver coins shall be related to those of gold shall be determined and proclaimed be competent authority. ... Silver would then stand in its just and true relation of value to silver, and it would be a matter of indifference which of the two metallic coins was selected for monetary payments.” Professor Price is “profoundly convinced” that this is the one only real remedy from the evils of a coinage composed of gold only, of which “ there never will be enough to do, itself alono, the work of money noeded by all civilized countries.”

a

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46,125 47,456 | 47,989 49,263 50,199

12,712 12,512 | 12,510 22,437 25,769 25,544 10,023 8,285 8,900

953 890 1,035

18,130 13,130 24,384 24,651 10,622 11,344 1,127 1,074

46,125 | 47,456

47,989

49,263

50,199

25,175 | 25,847 10,796 9,176

25,115 | 24,739

9,936 11,748

24,532 12,417

39

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87.60

38:55

81.18 (Jan. 30)

6%

5%

6 %

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Total

52,932

ASSETS.
Government securities.....
Other securities

Notes ..

14,832 20,681 16,123 1,6%

Gold and silver coin...

Total

52,932

......

Notes in the hands of the public
Reserve ....
Proportion of reserve to liabilities

(per cent.)

25,959 17,419

49.78

Rate of discount

Jan. 26.

Feb. 2.

Feb. 9.

Feb. 16. Feb. 23.

1881. Feb. 24.

25.15

25.141

25.27

25.223

25.29

25.35

RATES OF EXCHANGE ON

LONDON. Paris, cheque

(par £1=25f. 221 c.) Berlin, 8 days

(par £1=20 m. 43 pf.).. New York, 60 days

(par £1=$4.867) Calcutta, 4 m/d

(per rupee)

20:40

20:45

20:47

20:46

20:454

20-483

4.84

4.847

4.84

4.84

4.85

4815

1s. 8jtd 18.81.d. 1s. 8fd. 1s. 8 d. 18. 81od.

1s. Sid.

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£ £

£

£ £ 16,746

19,368 13,529 13,079 11,972 22,742 27,362 37,514 36,119 35,622 114,093 115,10 + 113,558 112,214 111,006 12,653 13,083 13,834 13,236 13,526

4,479 17,908 99,101 11,590

166,234 173,917 178,435 174,648 172,126 133,078

27,477 29,183 45,966 45,879 60,797 65,881 20,256 21,140 11,738 | 11,834

32,257 45,352 68,068 20,857 11,901

32,650 33,033 45,116 45,287 64,394 62,016 20,311 | 19,855 12,177 11,935

21,955 48,637 88,167 11,406 12,913

166,234 173,917 | 178,435 174,648 172,126 133,078

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5%

5%

5%

45 %

31%

Jan. 31.

Feb. 7. Feb. 15.

Feb. 23.

1881. Feb. 23.

£

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£ 33,189 11,708

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BANK OF FRANCE.
(Converting the franc at 25 to the £)
LIABILITIES.

Public deposits
Private deposits
Notes in circulation
Other items

Total

AssetS.

Gold
Silver
Bills
Advances
Other items

Total

Rate of discount ......

IMPERIAL BANK OF

GERMANY. (Converting the reich-mark at 20 to

the £) LIABILITIES.

Notes in circulation
Current accounts ....

Other items
ASSETS.

Coin and bullion
Bills and loans ...

Other items ....
Rate of discount

Jan. 25. Feb. 1.

Feb. 8. Feb. 16. Feb. 22.

1881.
Feb. 23.

MISCELLANEOUS.
Clearing-house returns
Average price of wheat
Price of consols
Bar silver fine per oz. standard
3% French Rentes

99,637 164,307 104,396 153,347 111,565 93,274
46s. 1d. | 468. 30. 46s. 1d. 46s. 5d. 46s. Od. 428.3d.
100
991 99 $
1001 1004

99 52d. 52d. 521 52; 52d.

52 82:12 82-25 82:40 82.521 82.821 84:12 4,882,986 #t 1,753.688

SUMMARY OF AUSTRALASIAN BANK RETURNS. Compiled from the Sworn Averages for the Quarter ended 30th September, 1881.

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• New Zealand.-This includes 1633.861 Government deposits. + Tasman'a.-In this colony's Bank Returns, deposits bearing interest are not distinguished from those not bearing interest.

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Victoria
New South Wales
New Zealand
South Australia...
Queensland
Tasmania
Western Australia

£ 376,745 3,018, 170

65,975 18,316 354,552 370,809 11,800

£
+ 21,326,776

19,713,282
12,487, 48
8,154,417

£ 26,161,696 27,192,252 15,002,372 7,712,280 6,640,761 2,630,529

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467,897

014,012

..

Totals

4,405,367 60,816,821 85,853,902 • Including notes, bills of exchange, and all stock and funded debts of every description, except notes, bills, and balances due to the banks from other banks. + Victoria-Government securities of any) held by the hanks are not separately distinguished in their returns. : New South Wales.'l his includes #1,826,835 Government securities. New Zealand. This included £80,00) Government Necurities; notes and buls discounted, L4,149,992; debts due to the banks, exclusive of debts ahanmined as bad, £7,89), 170 ; securities pot included under other heads, £137,7'6. Sonth Austratin.

includes £35,000 Government securities. ** Queensland. This includes 18,217 Goveroment 110. # Tasmanin. This includes £163,800 Government securities, and agencies or the bank 1 Diemen's Land. £47.510. Western Australia. -1 his includes 25,200 public securities,

Australasion Banking Record,

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