534 EEroET— 1887. 



(as yet little known), as Equatorial Africa, Borneo, and North China, 

 may add somewhat to the world's stock. A steady though comparatively 

 small supply may be looked for from the treatment of silver ores and 

 from the auriferous ores of other metals. In all parts of the world an 

 increased supply is assured by improved methods of mining, milling, and 

 metallurgy ; this will be obtained by an actual increase from ore now 

 worked, and also from ores of lower grade, made profitable by the im- 

 proved methods ; whilst tailings, &c., of former times can in some cases 

 be profitably worked over again. 



But for all practical purposes the chief sources will probably continue 

 to be the goldfields of the United States, of Australasia, and of Russia, 

 aided by the development of the goldfields of South America. Every- 

 thing points to a steady production from the three areas first named, 

 and to an increased yield from the last. 



As regards the future production of silver it is more difficult to sug- 

 gest any forecast. It is less a question of where the silver is than of the 

 px'ice at which silver can be sold. The depreciation of silver may 

 be in part due to increased production ; but it is due, in at least an 

 equal degree, to changes in the currency of certain nations setting free 

 silver previously absorbed in coinage. If from either cause, or from 

 both combined, the price of silver falls, many mines will cease working ; 

 if the price of silver rises, the mines will be reopened and other mines 

 Avill be developed ; and with mines which remain at work ores of low 

 grade may be passed over or stored at low prices, which can be quickly 

 sent into the market if prices rise. So far, therefore, as the natural 

 supply of silver is concerned, the pi'ice and the rate of production will 

 react on each other, with a tendency to steady both supply and 

 price. 



The natural sources of silver are large and widely spread, and will 

 continue to yield a sufficient supply for many years to come. If the 

 price of silver were to rise, Mexico and South America alone could 

 produce all that the world wants. The yield from the United States will 

 continue. But there is no reason to expect a great increase in the world's 

 production, and, from this cause, a continued fall in price. 



Professor Roberts-Austen has shown (see p. 532) that only about 67 per 

 cent, of the world's silver is now produced from true silver ores ; the rest 

 is obtained in the metallurgical treatment of other ores in which silver is 

 a more or less important constituent. These oi'es will continue to be 

 worked for the other metals which they contain, and a steady supply of 

 silver ia thus assured. But the price of silver will necessarily exert an 

 important influence upon these works ; a slight rise in price will enable 

 many ores to be worked which are now lying untouched, and here again 

 price and supply will act upon and steady each other. 



Silver-mining in its various modifications — and the same remark 

 applies to gold obtained from silver ores — may be ranked with metal - 

 mining in its ordinary conditions. Mines which are hopelessly bad will 

 be abandoned ; those which are on the verge of paying will be persevered 

 with in hopes of better yield or higher price. In all metal-mining there 

 is far too much gambling and wild speculation, and it is doubtful if, taking 

 metal-mining all round, the value raised equals the expenses. But gold- 

 mining cannot be ranked with ordinary mining. There is a glamour 

 about gold which blinds men to ordinary prudential considerations. The 

 wildest schemes meet with willing supporters, and money is always forth- 



