ON PBECIOCS METALS IN USB AS MONET. 



227 



_ CC' _ CO' s. 



Cl Sy. 



Whence 



wvi/ —^ir~'=<^r z — = say c p 

 'EE'<c^ + p.-fi., + p^c^+ &c. 



(2) Jevons attempts to improve upon the result which has been 

 obtained by means of a second approximation. He seeks a nearer limit 

 to the total number of coins by subtracting from the number of coins 

 issued from the Mint in the most recent period (which forms the datum of 

 the first approximation) a certain proportion which may be known to have 

 been exported.' The coinage of 1863-64 forming the basis of his calcula- 

 tion, he ascertains the quantity of coin exported during the short interval 

 of time (1865-67) between the end of that period and the date at which 

 te wrote, which quantity proves to be 8,664,653. He then goes on : 

 * There are no means of determining from the above, with accuracy, how 

 much of the coinage of 1863-64 has been exported ; but as exporters prefer 

 the newest and heaviest coin, we are probably within the truth in assum- 

 ing that the sovereigns of 1863-64, which form about one-fifth of the 

 sovereign currency, also form one-fifth of the above exports.' Accord- 

 ingly he subtracts from 14,578,000, the number of sovereigns issued from 

 the Mint in 1863-64 (which constituted the uncorrected datum of the 

 simpler- calculation) one-fifth of 8,664,653. He thus succeeds in obtain- 

 ing a considerably lower limit than by the uncorrected method. 



This reasoning- admits, or should admit, of being expanded and illustrated as 

 follows. In the annexed figure let the height of each column up to the unbroken 



Cxvrrency and Finance, p. 267. 



Above, p. 225. 



Q3 



