"diate sources from which the gold was received" at the Perth Mint:

The statement of the Deputy Master at Perth, Mr. J. F. Campbell, in explaining why so large a proportion of the gold reaches the Mint through the Banks, contains so much curious and interesting detail relating to the means of communication in the Colony, the distances that have to be traversed, and the conditions under which the mining industry is carried on, that we shall make no excuse for reproducing some paragraphs of it in his own words.

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"The risk," he says,

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to the miners and managers of mining companies of storing the output of the mines until police escort can be obtained is one reason why so much metal is entrusted "to the care of the Banks. A further reason for so few owners dealing directly with this Department is the fact that Bank managers on the goldfields make cash advances on the security of metal deposited with the Bank for consignment to the Mint. "That the latter consideration is often one of vital importance to miners is readily understood when the difficulties of transit and the time occupied in communicating with Perth are fully appreciated. The journey from Hall's Creek (Kimberley Gold"field) to Perth, for instance, is over 2,600 miles. Communication "is only possible every two or three weeks, and the time occupied is usually from twenty-eight to thirty days. . . There are no "Banks on the Kimberley Goldfield, but the storekeepers similarly act as agents for the miners, with the difference that the amount "advanced is not, as a rule, available in cash, but is set off against "the value of goods obtained at the store.

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"Gold from the Pilbarra Goldfield (about 1,300 miles) is usually

from twenty to twenty-four days on the journey, and that from "the Gascoyne and Ashburton Fields (about 1,000 miles) from "sixteen to twenty days. From the remaining fields the time "taken varies, according to the accessibility of the mine, from a "fortnight to a couple of days.

"In dealing directly with the Mint, while on the one hand the "miner saves Bank charges, interest on the sum advanced, etc., "he must, on the other, wait, according to his distance from Perth, "from three or four weeks to as many months before the proceeds "of his labour are available in cash. In a large number of "instances, however, it is only by obtaining an immediate advance "that the work at the mine can be kept going.

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Mention was made in my report for 1899 of the intermittent manner in which gold had been received. Early in 1900 enquiries were addressed to the Police Department and to the Banks, with a view to ascertaining whether it would not be possible to arrange for the conveyance of gold from the fields to the Mint "at shorter intervals. It appeared, however, that the escort arrangements had been determined by a general practice on the part of the mines to conduct a monthly clean-up,' and that additional escort facilities were not likely to be availed of to any great extent. It was also pointed out that the expense of convoying gold was considerable, the ground served by police escort being of great extent, while the cost is the same whether much or little treasure is guarded. One of the main escort routes, "that starting from Wiluna, in the East Murchison Goldfield, occupies eight days on the journey to Perth. Six days are spent "in crossing desert country and two in the train. . . . The Banks "doing the largest business on the goldfields amalgamate their private escorts, and this combined consignment usually reaches "Perth on the same day as the Government convoy."

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Only about a third of the gold produced in Western Australia in 1900 was sent in to the Mint at Perth; much was exported direct to England in the form of ingots, this being particularly the case with the large mines at East Coolgardie. This method is not, as far as the Deputy Master can judge, the most profitable to the mining companies-" it would appear," he says, "to be cheaper "to send gold to the Mint, and transmit the sum required in "London for dividends, etc., by Bill of Exchange. Moreover, there "is a profit to be obtained by the export of sovereigns," to which he adds that there may be sources of profit, when bullion is exported to London, the nature of which is not known to him.

The Mints at Calcutta and Bombay coined no gold during 1900, but recommenced the coinage of rupees in February at the instance of the Government, and owing to the public demand have been busily employed since that date. The issue of British dollars from the Bombay Mint was very large, 30,743,159 being struck during

the year. This coin-a British dollar for the East-seems to have thoroughly made good its footing. The circumstances under which it was first issued were recounted in this Journal for November, 1895 (p. 508). Since 1895-96 no fewer than 83,026,830 have been coined. But perhaps the most noteworthy fact in connection with the Indian Mints was the very large amount of gold tendered in exchange for rupees both at Calcutta and Bombay. The total value thus tendered in 1897-98 was = 2,332,842 rupees; in

1898-99 = rupees.

27,755,705 rupees; and in 1899-1900 = 86,528,994

From the mass of information the Report contains relating to the coinage of foreign countries we must select only a few salient facts. Perhaps the most interesting item in the paragraphs on the Brussels Mint is the statement that, while it has hardly done anything worthy of mention in the provision of Belgian coin for many years past, its operations on behalf of foreign states have been enormous. In the last eighteen years the total value of its coinage for home purposes has been about 13,000,000 francs. Its issue of foreign coins since 1868 exceeds 500,000,000 pieces. So the smallness of the national demand has allowed it to be useful to the world at large, and, no doubt, to justify its own existence as a commercial undertaking by substantial profits.

France is still making progress with the restoration of her gold coinage, but there is no new or notable feature. The Paris Mint has been mainly occupied with large issues for colonies and for foreign countries; including Indo-China, which took far the largest amount, and Abyssinia, Crete, Morocco, Tunis, and Venezuela.

In Germany important changes in the currency have been effected or are in contemplation. The law of the 1st June, 1900, is the measure by which these modifications are enacted. This law demonetises several coins-the five-mark gold piece, and the twenty-pfennig silver and twenty-pfennig nickel pieces. These are coins which have never met with public favour, and legislation simply gives effect to what has already, in great part, taken place. The more important provisions are those by which an increase of Imperial silver is decreed, to be balanced by a corresponding withdrawal of territorial non-Imperial silver thalers, and for the adoption of the kilogramme and its subdivisions for currency purposes. Its chief effect will be to abolish what is known as the "limping standard." Upon this point we quote the words of the Deputy Master's Report:

"In 1873 the German Empire adopted the gold standard, but in consequence of the heavy fall in the price of silver, sales of silver were suspended by the German Government in 1879. Thus a large amount of silver thalers remained in circulation which under the Law of 1873, were, like gold, tegal tender to any "amount. It was officially estimated at the end of 1899 that there

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were 120,000,000 thalers in circulation, equal to 360,000,000 marks, having equality with gold. Under the new law, Imperial silver coin which is legal tender up to twenty marks only will take the place of these thalers, and when the conversion is com"plete there will be no silver currency of unlimited tender, the "limping standard' will have disappeared, and gold will be left supreme."

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The new law contains an Article fixing the maximum limit of the issue of Imperial silver at fifteen marks per head of the population. We cannot help agreeing with the Deputy Master's criticism on this provision, that our own check on over-issue of silver coin, namely, that it is only issued on payment of gold, is better. It is less artificial and works automatically. The new Imperial silver money in Germany is to be coined at the rate of 30,000,000 marks (£1,500,000) a year.

Very few particulars connected with the United States coinage in 1900 call for special mention. The issue for the fiscal year ended 30th June, 1900, was larger in the number of pieces than any on record, but the excess was in subsidiary and minor coins; this is attributed to an extraordinary activity in retail trade. The following are the figures:—

We shall have touched on all the more important matters dealt with in the Deputy Master's Report, if we give, in closing, some of the facts in reference to the movements of gold and silver during the year. Silver in 1900 was in improved demand. Large purchases were made for the Indian Government, in consequence of what we have referred to above, the requirements of the renewed issue of rupees. The general tendency of the market was, therefore, upward, and in the last two months of the year touched a comparatively high point, ranging between 30, d. and 291d. The average price for the year was 281d.

The continuance of the South African War, of course, affected adversely the imports of gold, which were about £5,000,000 less than in 1899, and over £17,000,000 less than in 1898.

REPORT OF THE COMPTROLLER OF THE CURRENCY, U.S.A.

FROM the Report of the Comptroller upon the condition of the National Banks during the year ending the 31st October, 1900, it appears that the appreciation of the advantages of the system continues to grow. The balance-sheet for all the banks, which is here translated into pounds sterling and condensed into our usual form, shows, in most of the essential points, larger figures than at any previous period in the history of the system.

With the single exception of "Clearing Exchanges and Cash Items" every line of this balance-sheet shows increase upon the figures of the previous year. The figures are also generally larger than shown at any of the other four reports called for in 1900.