322

ESTIMATE OF

CHAP. XXVI.

dred and three million seven hundred and thirty-six thousand pounds.

From the 380.000,000 of coin left in 1809,we deduct for loss by abrasion at the rate of onepart in four hundred and twenty in each year,which in the twenty years would amount to,£18,095,220, thus leaving in 1829 . £361,904,780

to which may be added the supply from the

mines .... 103,736,000

thus showing .... £465,640,780

from which must be de-ducted that convertedinto utensils and orna-ments . . <£5,612,611

and that transferred toAsia . . 2,000,000

£7,612,611 annually.

Or in the twenty years . . 152,252,220

This would show the estimated amount at the

end of 1829 to he . . . £313,388,560

Or less than at the end of 1809 . 66,611,440

Or a diminution of nearly one-sixth part in the twenty years.

During the period we have been considering,and indeed for many years before, the comparativevalue of gold to silver had scarcely experiencedany alteration. According to the view here taken,the amount of gold applied to purposes of luxuryhad far exceeded that of silver, perhaps in theproportion of four to one ; but, on the other hand,the treasure transferred to India and China hadconsisted chiefly of silver, and much more gold