John Welsh to To the Hon. William M. Evarts, August 5, 1879
No. 203. Mr. Welsh to Mr. Evarts.
No. 334.]
Sir: I have the honor to inclose herewith a statement respecting the amount of gold and silver coin and bullion and paper currency in Great Britain, transmitted to me by Lord Salisbury in answer to my note written in accordance with your instruction No. 296, of the 23d May last.
The statement gives—
The amount of gold and silver coin and bullion in the banks and in circulation at the close of the years 1876, 1877, and 1878.
The amount of outstanding paper currency to the latest date in each of the above-named years, in which returns are received by the British Government.
The amount of gold and silver coined, imported, and exported during the years 1876, 1877, and 1878.
With regard to the amount of gold and silver consumed in the arts and manufactures, Lord Salisbury regrets that there are no means of obtaining accurate statistics, but adds that the select committee of the House of Commons, which was appointed, in 1876, to inquire into the causes of the depreciation of silver, took considerable pains to investigate the question, and that the information on the subject contained in pages xlviii and xlix of the inclosed report appears to be the best which can be obtained.
I have, &c.,
Amount of gold and silver coin and bullion in the banks and in circulation.
| December 31, 1876. | December 31, 1877. | December 31, 1878. | |
| Gold coin | £119,115,000 | £120,037,000 | £125,318,000 |
| Gold bullion | 18,430,000 | 11,316,000 | 13,666,000 |
| Silver coin | 19,091,000 | 19,107,000 | 19,102,000 |
There can scarcely be said to be any stock of silver bullion in the United Kingdom, as all that is produced or imported is disposed of with as little delay as possible, and the quantity kept at any refinery for trade purposes is so variable as not to be worth noticing.
There is no reserve of coin or bullion at the treasury; the exchequer balance is included in the returns from the Bank of England.
Amount of outstanding paper currency.
Bank of England:
| December 27, 1876 | £27,898,255 |
| December 26, 1877 | 26,797,985 |
| December 25, 1878 | 33,110,790 |
Other banks in England:
| Average of four weeks to December 30, 1876 | 4,591,226 |
| Average of four weeks to December 31, 1877 | 4,398,946 |
| Average of four weeks to December 31, 1878 | 3,901,331 |
Scotch banks.
| December 30, 1876 | £6,558,947 |
| December 29, 1877 | 6,139,612 |
| December 28, 1878 | 5,798,494 |
Irish banks:
| December 30, 1876 | 7,409,342 |
| December 29, 1877 | 7,051,217 |
| December 28, 1878 | 6,667,627 |
Amount of gold and silver annually coined, imported, and exported.
| 1876. | 1877. | 1878. | |
| Gold coined | £4,696,648 | £981,468 | £2,265,069 |
| Gold imported | 17,369,000 | 6,881,000 | 17,756,000 |
| Gold exported | 12,741,000 | 10,187,000 | 10,612,000 |
| Silver coined | 222,354 | 420,948 | 613,998 |
| Silver imported | 13,000,000 | 20,000,000 | 11,000,000 |
| Silver exported | 14,000,000 | 19,000,000 | 11,250,000 |