CHAP. XXVI. JEWELLERS. 289 



which, according to the estimate before framed, 

 remains, after the part appropriated to various 

 other purposes has been deducted. It forms, 

 however, but the minor proportion of that used 

 by the jewellers. 



The gold used by the first-rate London jewellers 

 is commonly of sixteen carats fine, or with two- 

 thirds of its weight pure gold. As that gold 

 which can be purchased consists for the greater 

 part of light guineas, light sovereigns, doubloons, 

 Portugal pieces, and other foreign coin, it may be 

 considered as of twenty-two carats fine, or as 

 two parts in twenty-four, or one twelfth less fine 

 than the refiner's gold. The price of this stan- 

 dard gold is three pounds seventeen shillings and 

 ten-pence halfpenny per ounce, and such gold is 

 always a ready money article. The price of the 

 pure gold of the refiners is four pounds seven 

 shillings and sixpence the ounce, and is sold on 

 credit. The difference of price Js thus nine 

 shillings and three halfpence the ounce, whilst the 

 difference in the real quantity of pure gold is one 

 twelfth part of four pounds seven shillings and six- 

 pence, or seven shillings and three-pence halfpenny. 

 The cost of refining and the loss of weight by that 

 operation may be taken at sixpence the ounce. 

 The difference in price, then, between the stan- 

 dard gold and the pure gold will appear to be 

 one shilling and ten-pence more on the latter 

 than the difference in real value. 



VOL. II. U 



