CHAP, xxviil. TO OTHER PRECIOUS METALS. 353 



The effect of this state of the trade is to keep a 

 large portion of gold in a constant state of in- 

 activity. We have seen the annual supply of gold 

 demanded by our jewellers estimated at 1 ,636,700, 

 and we are induced to believe after much inquiry 

 and consideration, that the stock of that metal in 

 the process of manufacturing, with that in the 

 shops of the various dealers in jewellery, amounts 

 to full four years' annual demand, or according 

 to the view taken in the 26th chapter, to 

 6,546,800. 



If we assume the stock of silver in the hands of 

 the manufacturers and dealers to be in the same 

 proportion to the annual demand as that of gold, 

 it will amount to 3,280,000, and the value of 

 the two metals thus in a state of transition will 

 appear to be 9,926,000. 



We have hitherto considered only the quantity 

 of coined gold and silver in the possession of indi- 

 viduals arranged according to supposititious classes. 

 We must, therefore, now notice the accumulation 

 of coin in the hands of that great corporation the 

 bank of England. The stock of gold and silver 

 in the vaults of the bank cannot be accurately 

 ascertained, but sufficient notices of the state of 

 their treasure at particular past periods have come 

 before the public, to ground assumptions that 

 cannot generally be very far from the truth. We 

 estimate then that in London, in the branch 

 banks, and in the hands of the London and 



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