Page:The Economic Journal Volume 1.djvu/757

 CIRCULATION OF THE RUPEE 735 TABLE H. Showing the percentage which each coinage forms of the circulation in the third year after its mint.age. Year. Coinage in crores, 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 4'352 3'099 4'095 13'480 9'658 8'872 7'218 '559 7'148 2'314 4'848 9'903 5'202 8'860 7'076 7'466 11'764 Percentage present inthe third year after issue. 2'13 2'75 3 10'95 6'7 5'3 4'85 '8 6'55 1'8 3'8 6'9 3'7 7' Variation from average per cent. 1 15'2 24'59 '27 4'16 13'8 18'1 4'25 4'85 5'47 6'34 3'86 2'43 one-fifth were of the years 1863 and 1864, and has stated that he felt certain after drawing up many averages, that this proportion must be near the truth. (It has occurred to me that it would be better if a more scientific method was adopted to ascertain this proportion. For example, my original table is the mean of the provincial averages, but the proportions would be more accurate if a different value was assigned to each province according to the compara- tively greater or less volume of their circulation.) Jevons, after ascertaining his proportion, commenced by assuming that the whole of the coinages of 1863 and 1864 was in circulation, and had suffered no loss. It then follows that the total circulation must be five times the coinage of 1863 and 1864. The table given on page 736 gives the result of a similar calculation from my figures. By way of experiment, I have taken several years as basis. As it is obvious that estimates founded on the coinage of earlier years must be largely excessive owing to greater wastage, I have in the table on p. 737 reduced the figures on 'which they turn in each case according to the system employed in forming Table G; that is, the wastage after the year each mintage came completely into circulation, .up to the year employed as quotient, has been calcu- lated according to the differences given in Table A on page 723. In the next table, the wastage prior to the year of complete circulation has been calculated at 8'302 per cent., as was done in Table G. Omitting 1881 on the average, 100 becomes 73'53 the third year after issue.