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archieftoegang 2.10.02, inventarisnummer 2901, pagina 15

1v
axpour rnou run sntxer connirrar
The tall in the price of Silver, wrich torms the subject matter of this inquiry,
nas veen as tollows:
between 1862 and 1866 the gearly average of the price of var Silver
per ounce standard ranged between
1867 3 1872. ditto
-
-
628. and 618.
In 1873 the gearly average was
-

618, 3 608.
3 1674 - ditto
-
5948.
3 1675 - ditto
58758.
-
-

5658.
1676 the Auctuations in January were vetween
5658. and 5458.
33
33
33
February
13
5458, 9 538.
33
Marck
33
-
5448, 3 5258.
33
April
33
548, 31 5358.
31
May
348, , 528.
33
33
Tune
33
328.
1508.
A tall trom 6858. the average vetween 1867 an8 1872, 10 538. the price
when pour Committee were appointed, represents a depreciation of 123 per
cent: while a tall 10 508. the price at the end ot sune, represents a depreciation
of 173 per cent. The price on the sth July, when this Report was considered,
was 484 8. representins a depreciation of 204 per cent.
The effect on the Indian Eixchange was as tollows, as Sheun by the rate of
exchange tor vills drain by the Secretary of State tor India on the several
Covernments in India:
Official Pears.
Between 186263 and 1666-67 the annual average rate
ranged between
1867-68 31
187273 . ditto
-
-
15. 114 8. and 15. 1158.
-
1873. 74 the average rate was
33
-
15, 1038, 3 15, 1148.
-
187475 . ditto
15, 1854.
-
1873-76 - ditto
15, 1038.
-
-
-
15, 958.
The rate at which the Government vills were sold in January 1876 was-
March
13
May
33
Tune
33
July
33
15, 938.
15. 98.
15, 858.
15, 8754.
15, 638.
tour Committee are ot opinion that the evidence taken conclusively shews that
the tall in the price of Silver is due to the tollowins causes:
1.) Lo the discovery of new Silver Mines of great richness in the State
of Nevada.
12.) Lo the introduction ot a Cola currency into Cermany in place of the
previons Silver currency. This operation commenced at the end of 1871.
13. lo the decreased demand tor Silver tor export to India
1t Should ve added-
14. That the Scandinavian Covernments have a150 substituted 6o1d tor
Silver in their currency.
15.) That the Patin Union, comprisins France, Belsium, Switzerland,
Haly, and Creece, nave since 1874 limited the amount of Silver to ve coined
gearly in the Mints of each member of the Union, suspendins the privi
leze formerly accorded to all holders of Silver vullion, of claimins to have
that vullion turned into coin without restriction.
16. ) Pliat Holland nas a1s0 passed a temporary Aet prohibitins, except
on account ot the Covernment, the comins of Silver, and authorisins the
coinins of 6018.
1t will ve observed that two sets of causes hare veen simultaneously in
operation. The increased production of the newlydiscoverea Mines, and the
surplus Silver thronn on the market by Cermany, have affected the Supply. At
the same time the decreased amounts required tor India, and the decreased
purchases of Silver by the members ol the latin Union, have affected the
demand. A serious tall in the price of Silver was theretore inevitable.
a No Bills were sold in February or April. In April and the tollowins months some Pele
graphie Transters were sold at a little under 1S. 8d. in April a little above 1S. 82 d. in May.
15. 748. in Tune, and 15. 758. in July, respectively.
It
Appendix 26.
Table 1.
Appendix 66.
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1
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ov oxraxctariov op Stvtk.
ltis, however, an important and remartiable laet, to which it may be con„
venient to call attention at once that, though the increased production of Silver
in the United States is a tact beyond question, no actual increase ot imports of
Silver trom the United States to Creat Britain nas taken place since the year
1873. wien the average price of Silver was still 3918. per 02. Indeed, the
amount of the imports into Creat Britain trom the United States tor the year
1873, 112, 3, 892, 8001. is the smallest since the year 1869. In the same way,
though the new curreney laws of Cermany affected a vast Silver coinase, the
Sales of Silver actually made up to the 261h of April in the present gear, do
not appear to have exceedea 6, 000, 0001. distributed over several years. Tour
Committee, in pointins to these circumstances, are tar trom sagins that the
impression produced on the minds ot deaters in Silver was not justitied by the
causes in operation.
Abbhhaarn Pnovvottor op Stvrk.
Interestins statisties hare veen submitted to pour Committee with regard
to the aggrexate production, both of Cold and Silver: they have veen collected
toxether in a tabular torm in Appendix. Calculations have a1s0 veen put in
evidence with reterence to the relative proportions in which Cold and Silver
hare veen respectively produced at various periods, and the attention of jour
Committee wis called to the tact, that, speakins very broadly, Silver was pro
auced, as compared with Co18. in the proportion of 3 10 1 durins the earlier
part of the century: that the proportion tell 10 6810 1 in 1848: 10: 27 101.
between 1852 and 1856. and that between 1857 and 1873 it gracually rose 10
68101. 1t will ve observed that accordins to these computations, notwith
standins the late rise in the production of Silver, as compared with 6011, its
proportion to Cold is still considerably below wliat it was in 1848, 10 5a9
nothins of the period when the proportion was as 3 10 1: and the conclusion
seems justitied, that a review ot the t relations ot the metals in times past
shews that the tall in the price ot Silver is not due to any excessive production
as compared with Colde: The taet is that, as was correctly pointed out by
Mr. Citten in nis evidence, the charises have veen in the uses of the metals. 6o1d
nas come more generalle into use than betore, and, indeed, the condition of
trade and the situation of varions countries usins Cold and Silver respectively
have entirely changed. Arguments based on the relative vield of Cold and
Silver Mines have accordinsis become very misteadins, and pour Committee
die not thint it expedient to pureue this branck of enquiry (complicated as it
is by almost insurmountable difficulties ot computation) beyond the point to
wrich they have here called attention. They have contined themselves to the
consideration of such estimates as bear on the production of Silver:
All computations ot the asgrexate production ot any metal over a series
ot gears must, be treated with great caution, and as mere estimates. Accurate
information as to all sources ot supply cannot ve obtained, and the interences
to ve draon trom such statisties can only ve ot a general character. With this
reservation, pour Committee drai attention to the tollowins tigures supplied by
Sir Hector Hay, an eminent vullion broker, as to the asgrexate production of
Silver in the worid since the year 1852.
In the period 1852 10 1862. the annual production ot Silver is estimated to
have ranged between 8, 800, 0001. an8 3, 000, 0001.
In 1862 it is believed to nave reached
33 1863
3 1864
1867
33
9,340, 000
9, 840, 000
10, 340, 000
10845, 800
-
-
-
-
-
-
between 1868 and: 1870 the amounts were somenhat lower: since then the
tigures siven, are:
E.
12, 210,000
13, 850, 000
14, 650, 600
14, 300, 000
16, 100, 000
-
-
-
Por 1871-
1872.
33
1873 .
33
1874.
33
1875
33
-
-
-
tor the years up 10 1873. Sir Hector Hay appears to have included in nis
totals the amounts given tor the United States by Mr. Raymond, thet Com-
23
missioner
338.
Appendix 16.
Appendix 70.
Appendix 3.
2, 382 et 584.
2. 425.
2. 426 et 584.
Appendix 63.