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DECLINE IN THE PURCHASING…

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DECLINE IN THE PURCHASING POWER OF GOLD. The following is an extract from the Circular of Messrs. Seymour and 35] wyn, of 38, Throgmorton-street, London:- The present position of the money market brings forward again into prominent notice the important effect upon prices caused by the great gold discoveries fifteen to seventeen years ago. It has been computed by great financial authorities that the purchasing power of the precious metals has declined from 20 to 25 per cent. since that period. In many articles of ordinary expenditure, such as provisions, servants' Wages, &c., the increase in the cost, measured in specie, is 40 per cent., and, in some exceptional cases, even more. The question becomes one of serious con- sideration for the holders of fixed incomes, more especially now that we seem to have arrived at a point when the production of gold is far in excess of the demand. For some years past considerable amounts have been annually consumed (if we may use the term) for jewelry and other ornamental purposes. Still larger sums have been devoted to the purchase of silver for export to the JKast. These last transactions have for the moment almost ceased. Bullion appears to be both plentiful in India and China, as well as in France and England, at-least in proportion to the wants of the widely diversified populations of Europe and Asia. Meanwhile the accumulations of specie in Paris and London are steadily increasing, and show no present signs of diminution. Hardly a day passes without some fresh announcement of farther supplies, either actually arrived or on their way. The effect of this influx promises to transcend all former experience. One significant circumstance may be noted. An extraordinary rise has been taking place for years in the money-cost of precious stones. Diamonds, rubies, emeralds, &c., are at least twice as dear as they used to be. It seems likely enough that by this means we can ascertain more clearly than by any other the actual fall in the value of gold. Both gold and pre- cious stones command, as it were, a fancy price, and, if the one declines at the expense of the other, the inference is clear that one of the two is prejudiced by comparative over-production. An important point to be noticed is, the influence that may be produced on railway property by this unprecedented accumulation of bullion. When the first gold discoveries were made, individuals who lool< ed far into the future sold their government or other stocks, giving a fixed rate of interest, and, where possible, bought land instead. No doubt they were right originally, notwithstanding that it has taken some time to prove it. Perhaps the same process will take place with regard to railways. The commerce of the country is not likely to stand still, and, whatever may be eaid of the existing finan- cial arrangements of too many companies, it may, nevertheless, be taken for granted that the general traffic will steadily increase. The proprietors of the ordinary stock will, of course, reap all the benefit of this advance. The preference shareholders can but get their fixed dividend, and no more the debenture- olders will also be entitled to nothing beyond the repayment of their capital in the same form in which they advanced it, however much they may thereby be exposed to loss.

BRIGANDAGE IN TURKEY.

ANOTHER CHARGE OF FENIANISM

A NEGRO EXECUTION." --_._-----

ATALANTA IN CAMDEN TOWN.

THE HOUSE OF LORDS AND THE…

A REMARKABLE WILL CASE.

THE LOST SHEEP.

The SALMON FISHERIES of ENGLAND.

THE OLD AND YOUNG STATESMAN.

THE WANT OF THE WISE.

THE COST OF RAILWAY ACCIDENTS.

FRIENDLY AND CO-OPERATIVE…

A NEGLECTED INVENTION. _-

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FOREIGN DECORATIONS.