CHAP. XXVI.

JEWELLERS.

289

which, according to the estimate before framed,remains, after the part appropriated to variousother purposes has been deducted. It forms,however, but the minor proportion of that usedby the jewellers.

The gold used by the first-rate London jewellersis commonly of sixteen carats fine, or with two-thirds of its weight pure gold. As that goldwhich can be purchased consists for the greaterpart of light guineas, light sovereigns, doubloons,Portugal pieces, and other foreign coin, it may beconsidered as of twenty-two carats fine, or astwo parts in twenty-four, or one twelfth less finethan the refiner’s gold. The price of this stan-dard gold is three pounds seventeen shillings andten-pence halfpenny per ounce, and such gold isalways a ready money article. The price of thepure gold of the refiners is four pounds sevetishillings and sixpence the ounce, and is sold oncredit. The difference of price is thus nineshillings and three halfpence the ounce, whilst thedifference in the real quantity of pure gold is onetwelfth part of four pounds seven shillings and six-pence, or seven shillings and three-pence halfpenny.The cost of refining and the loss of weight by thatoperation may be taken at sixpence the ounce.The difference in price, then, between the stan-dard gold and the pure gold will appear to beone shilling and ten-pence more on the latterthan the difference in real value.

VOL. II.

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