Proceedings. 413 



entitled " Thoughts on Credit Money and on the Function 

 of the Precious Metals as Distributors of Wealth." The 

 tables, forming part of the paper, showed the weight of 

 gold and silver respectively exchangeable for one quarter of 

 wheat in the London market at the end of March, 189 1, 

 and at the average prices in each of the preceding twenty 

 years, and the production of gold and silver in each year of 

 the same period. A discussion ensued, in the course of which 

 Professor Osborne Reynolds suggested that the value 

 of labour, as expressed in terms of gold, should be taken 

 as a test, and Dr. SCHUNCK remarked that labour had 

 become a more costly item in production than formerly. 

 Mr. Faraday contended that if labour were taken as 

 a standard for testing the value of the precious metals, 

 its increased efficiency, or intensity, must be treated as an 

 increase of quantity in accordance with the argument of 

 his paper. 



