51 



Gold yen, to the value of yen 54,144,307 and 



Silver,, „ „ „ , 1 5,539, 409. 



Summa „ ü9, öby,44ü, in bullion 

 or on a yearly average : 



Yen 4,922,191 in gold = 77.7% of the Lullion export : Gold. 

 ., 1.412,60 8 in sil ver = 22 3 ,, „ „ „ „ .-Silver. 



Yen 0,334,859 bullion 100.0 „ 



COMPARISON OF THE PRODUCTION AND THE EXPORT 

 OF BULLION. 



The average annual production amounted, according to table III, 



of Gold to yen 96,911 

 „ Silver „ „ 271,299 

 „ Bullion, „ 368,240. 

 The production in the year 1877 was : 



Gold, \\m 233,643 



Silver „. 451,004 



Bullion, ,, 084,707 



Consequently : 



1. — The average production of gold amounted to 1.9"/,, of the aveiage gold export. 



2. — The gold production in 1877 .'. ., 4.7,, „ „ ,. ., ,, 



3. — The average produotion of silver ,, 19-2,, „ „ silver export. 



4. — The silver-production in 1877 ,, 82.0,, ,. ,, „ „ 



5- — The average production of bullion „ 5 8,, „ ,, bullion export. 



6. — The bullion production in 1S77 ,, 11.5,, „ ,, „ „ 



7 — The average net proceeds from all Hie mines „ 17.5,, ,, ,, average bullion „ 



8. — The net proceeds from all the mines in .877 ,, 24.0,, ,. „ „ „ ,, 



0. — The average total production of all the mines ,, 52.0,, „ ,, „ „ „ 



10. — The total production of all the mines in 1877 „ 62.6,, ,, „ ,, „ „ 



These figures need no further comment ; it is no wonder, that there is a 

 high premium on gold, when in the most productive year ( 1877 and 18"'/ 7S ) 

 only 4.7% of the export is coveted by gold produced in the country, when in 

 fact an export of bullion, which is from 9 to IT times larger than the production 

 of the country, is ruining the credit of the empire. Although there, accord- 

 ing to table III, in 1877 was an increase of 19. 4% 'in the total mineral produc- 

 tion, and of 40%in the net proceeds, when compared with the average of the 

 working period in question, it is not to be expectel, that Japanese mining, how- 

 ever susceptible of development in certain directions, will soon be able, even but 

 approximatively, to meet a bullion-export of such a magnitude, so much the less, 

 as there is no prospect of such a rapid increase in the production as the above 

 mentioned, at least not in the nearest future. 



