Manchester Memoirs, Vol. xlii. (1898), No. 10. 5 



The net export of gold from Australia during these 

 four years teaches that one-half of the production (82 million 

 dollars out of 167 million dollars) was retained for home 

 purposes, and only one-half was exported. 



South Africa, in the same time, retained about 31 per 

 cent, of her production, and delivered up 69 per cent. (108 

 million dollars out of I58'2 million dollars). 



Russia, during all these years, shows high figures of 

 net import. We see that Russia retained all her own 

 production, and continued to draw gold from other parts 

 of the world. 



The United States have, under the influence of 

 economic changes, exported in some years a greater and in 

 others a smaller part of their production ; it has even 

 happened that they have exported more gold than was 

 produced. But since the middle of 1896 the current has 

 wholly changed. Since that time they also have retained 

 all their production, and drawn on the rest of the world. 



If you will take the trouble to subtract the production 

 of these four countries from the production of the world, 

 and add their net export to the rest (always basing on 

 Mr. Preston's figures), you may obtain the approximate 

 sum of new gold really left to the disposal of the rest of 

 the world during this time. 



These figures are : — 



1893, world's production 330 millions sterling reduced to 



i6'8 millions sterling. 



1894, world's production 380 millions sterling reduced to 



I4"i millions sterling. 



1895, world's production 4r8 millions sterling reduced to 



287 millions sterling. 



1896, world's production 42-6 millions sterling reduced to 



minus 17 millions sterling. 



This means a world's production of 387 millions sterling 

 per annum, out of which only I4"5 millions sterling per 



