REMARKABLE INCREASE IN SILVER

Dominion, Volume 9, Issue 2722, 17 March 1916, Page 9

REMARKABLE INCREASE IN SILVER

HOW. WAR HAS AFFECTED WORK AT THE MINT, . . Statistics issued recently/of tho work at the Royal Mint for the past three years show a remarkable increase in the silver issued during tho last two years. Over £13,000,000 of silver was issued for tho British Isles, as compared with about £1,500.000 for 1913, and an average issue of about £1,000,000 fof tlio ten years before 1914. The explanation of the increase is that tho war has necessitated an expenditure of hundreds of thousands of pounds a week -to troops, a largo iSoportion of which "is paid in silver. A- mtich larger quantity of silver is also used, it was stated in the payment of wages because of the prejudice of many workers against paper money. Thus a man earning 355. a week will receive a £1 note and tho remainder in silver.

The gold issued in the British Isles last year was £21,301,000, which waß. £6,174,830 more than in 1914, but£6,337,789 less than' in 1913, The reason for t'his is that a "continuous coinage" -of gold from the middle of 1914 to the middle of 1915 was broken off for a few months after tho outbreak of war to meet the extra demand /6r silver which followed the issue of paper money. The deficiency thus created in 1914 had to bo mado up in 191o> especially as , the demands for bankers during the first few months were Borne* what heavy. Therefore, to draw a true comparison of the gold output in war time with that of normal times an average must be tdkeh of the interrupted issue of 1914 and tho issue of 1915. The result is, roughly, £18,000(000 placed against £27,000,000 for 1913. a deorease of £9,000,000. No gold has been coined at the' Mint since last July.