Page:The Economic Journal Volume 1.djvu/567

 NOTES AND MEMORANDA 545 the machinations of the ' sweater,' to which, however, we need not attach too much importance, it is evidently desirable that the Bank should be armed with some such weapon of defence as a prescribed weight beyond which they are not bound to receive a light coin, and it was reasonable that, if a limit of four grains was fixed for pre-ictorian coins, a somewhat smaller limit should be adopted in the case of coins of later date. We understand, however, that the authorities in Threadneedle Street considered themselves justified in receiving all pre-ictorian coins which had not obviously been tampered with, and the Chancellor of the Exchequer intimated in the House of Commons that equally liberal methods would be employed in regard to ictorian coins. We may conclude, therefore, that no holder of a coin which has become light by boni fide wear and tear will meet with any difii- culty in exchanging it at the Bank. The expenses of withdrawal have for the present been inet by the provision in the first section of the Act according to which the not inconsiderable suni of 400,000, with any interest which may accrue on it, is absolutely set apart for the expenses of withdrawing light gold. We need not attmnpt to reconcile the many divergent estimates. which have from time to time been made of the amount of light gold coin in circulation, nor indeed can any such estimate amount, for obvious reasons, to lnuch more than a conjecture. The condition of the gold coinage has formed the subject of careful inquiries by the late Professor Jevons, lfr. John B. lfartin, and lfr. R. H. Inglis Palgrave; and in 1888 an exanfination was made at the Mint under the directions of the Chancellor of the Exchequer of parcels of sovereigns and half- sovereigns withdrawn by the General Post Office on a definite day from three hundred post offices in all parts of the Kingdom. The results of this examination, as compared with those of previous inquiries, which are given at length in the Annual Report of the Deputy Master of the Mint for 1889, l point to a gold circulation at that time in the United Kingdom of 80,000,000 in sovereigns, and 22,500,000 in half- sovereigns. The immediate cost of withdrawring the light coin in circulation was estimated at 804,000, and the cost of maintaining the gold coinage in proper condition for the future at 47,000 a year. It must be remembered, however, that this estimate included the pre- Victorian coins which have since been finally withdrawn, and the Chancellor of the Exchequer, in his speech on the second reading of the Bill, appeared to incline to the opinion that the total amount of sovereigns and half-sovereigns in circulation might not greatly exceed 73,000,000, if ildeed it reached that fintre. Mr. Goschen pointed out that whereas the light pre-Victorian coins in circulation had been estimated at 4,300,000 only 2,300,000 had been actually received for exchange, and that, so far as the analog)' held good, the estimate of the number of Victorian coins remaining current might not improbably  Twentieth Annual Report, presented to Parliatnent, p. 95. No. 3. VOL. . N N