ON GOLD AND SILYEE. 



511 



Probably also the gold of the Unite3 States, of Russia, and that from metal- 

 lurgical processes are known with sufficient exactness. Bat all other 

 fio-nres are simply estimates, often from very loose and insufficient data. 

 The statistics of gold from vein-mining are more easily obtained, and are 

 generally more accurate, than those relating to placer-mining ; placer mines 

 being generally spread over large areas, and in the hands of many sets of 

 mining adventurers. The actual returns from mines will likewise be of 

 varying value : where a duty has to be paid the return will be kept low ; 

 where a mine has to be puffed its ' returns ' will be kept up. Again, in a 

 large number of cases, the only estimate made is of gold exported, and this, 

 even ii' correct in itself, may not fairly represent the yield of any one year. 



Much information upon the production of gold and silver is contained 

 in the ' First Report of the Gold and Silver Commission,' just published, 

 and in the ' Report from the Select Committee on Depreciation of Silver, 

 1S76;' some also in the 'Report of the Royal Commission on Depres- 

 sion of Trade, 1886.' The fullest statistics are those of Dr. Ad. Soetbeer, 

 a second edition of whose book appeared last year.' There are also the 

 statistics prepared by the Mint authorities of the United States, and the 

 general statistics collected by Jacob, Del Mar, and others. 



Dr. Soetbeer's figures are those generally quoted ; but those of Sir 

 Hector Hay are evidently prepared with great care, and should be com- 

 pared witli the former.^ 



Mr. Stewart Pixley submitted a set of figures to the Gold and Silver 

 Commission differing widely from all others. I have placed them on the 

 following table, but have not elsewhere made use of them. 



As indicating the uncertainty which hangs over this question, I give 

 here these various estimates of the world's gold production for recent 

 years : — 



With variations such as these, it is evidently idle to trouble about 

 fractions of a million in estimating the world's production ; and for a 

 similar reason, in considering the future supply, we need pay but little 

 heed to a country where the production is below a quarter of a million, 

 unless it may happen that several increasing countries may together 

 amount to a sum which would have an appreciable effect upon the world's 

 supply. 



' Materialien zvr Frlduterrmg vnd Bevrteihtng der Tvlrtscliafflichen Edelmetall- 

 verhdltnisse vnd der Wdhrungrfrage. 4to., Berlin, 1866. With an Appendix of Dia- 

 grams. 



2 Sir Hector Hay's tables of 1887 ^ve rather larger figures than those published 

 by bim in 1876. They have been revised to date by the best authorities obtainable. 



