ACCUMULATING GOLD.

Samoa Times and South Sea Gazette, Issue 10, 8 December 1877, Page 3

ACCUMULATING GOLD.

A correspondent puts a question of some interest in connection with the pending discussion as to tie- ability of the Government to accumulate coin for the purpose- of resumption. Seeing it stated that, the Bank of France holds in 001118443,000,000, he asks: "Is this correct >. The sum in gold seems fabulous. Ido not recollect to have seen it stated that the Bank of England held more than 81:10,000,000." According to the latest statement of tin; Bank of France, received by mail, it held August 3*oth, in coin, 2,212,410,130 francs, or, according to the usual reckoning of five francs to the dollar, about 84*42,483,827. Accurately computing the value of the franc the amount is somewhat less. On the previous week the cash in hand was 2,217,623,087 francs, or at live francs to the dollar, 8443,524,617. The cash now held by the Bank of England, according to the latest report, is only £25,029,219, ' but it had decreased over £1,000,001) since August S, when it was £26,071,558. But the same bank held much more than $180,000,000 one year ago; and on the 20th of September, 1870, it held £:!.-),017,-">2!>, and has therefore lost about 848,600,000 during the year. Of this, however, the Bank of France lias gained only §21,000,000; the Imperial Bank of Germany only 82,500,000 ; the Bank of Austria, nothing; while tho Netherlands Bank and the Bank of Belgium have ' lost nearly 510,000,000. Comparing the latest returns with those of one year ago, anil calling the pound !*•">, and the dollar five francs, we have the following change within the year:— 1577. lKTfi. France 8442,483,000 S 1-22.200,000 England 125,145,000 175,037,000 Germany 133,845,000 133,295,000 Austria." 68,310,000 68,300,000 Netherlands 62,335,000 65,120,000 Belgium 19,480,000 20,415,000 Total.. .8851,599,000 8888,377,000 This shows a loss during the year by the chief European banks of about 836,778,000, Prance only having gained any considerable sum. It should be ' added, however, that a part of the store of coin or bullion in these banks is silver, though the amount is not known. Not long ago it was stated that the Bank of France held about 8100,000,000 of silver, and it has recently bei n paying out gold for its notes in considerable amounts, but not as yet to all noteholders on demand ; in part because of embarrassment growing out of the use of silver coins and their depreciation. No other country has accumulated gold as rapidly within the past year as l the United States. The government held one jrear ago about 952,000,000 in specie, and now holds about 8107,000,000; and has, meanwhile, paid out a largo mini in 1 silver which formed part of its store in IH7O, and is now in use by the people. The accumulation in the Treasury of more than 84.">,000,000 In gold during the year, with the annual consumption in tho arts, and the moderate exports to Europe, fully teobtnlM for our annual productions.—" N. Y, Tribune."