Gold And Prices
Gold And Prices
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But if we reckon the average annual net import for the years of falling prices 1874-1896, we find it was only some 2, 723, 000 ; while the average annual net import for the years of rising prices 1897- 1911 has been almost twice as much viz. , 5, 110, 000.
We know, also, what has happened to a part of the net imports. According to a recent estimate of the Deputy Master of the Mint, the amount of gold coin in the United Kingdom increased between 1895 and 1910 from some 92 \ million pounds to som...e 113 million pounds. This is an increase of 22 per cent. A figure which is curiously near the 24 per cent, rise of wholesale prices. The same estimate reckons that 62 J millions were " in active circulation " in 1895 and 69 millions in 1910 an increase of only 10 per cent. ; and I shall argue by and by that the quantity of sovereigns carried about by people is to-day mainly a result of a certain level of prices, and not the cause. During these fifteen years, branch banking has spread with extraordinary rapidity, and with it the use of cheques ; and we can easily suppose that the pocket gold needed for a given population and level of prices is becoming less.
What to read after Gold And Prices?
You can find similar books in the "Read Also" column, or choose other free books by W J William James Ashley to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But if we reckon the average annual net import for the years of falling prices 1874-1896, we find it was only some 2, 723, 000 ; while the average annual net import for the years of rising prices 1897- 1911 has been almost twice as much viz. , 5, 110, 000.
We know, also, what has happened to a part of the net imports. According to a recent estimate of the Deputy Master of the Mint, the amount of gold coin in the United Kingdom increased between 1895 and 1910 from some 92 \ million pounds to som...e 113 million pounds. This is an increase of 22 per cent. A figure which is curiously near the 24 per cent, rise of wholesale prices. The same estimate reckons that 62 J millions were " in active circulation " in 1895 and 69 millions in 1910 an increase of only 10 per cent. ; and I shall argue by and by that the quantity of sovereigns carried about by people is to-day mainly a result of a certain level of prices, and not the cause. During these fifteen years, branch banking has spread with extraordinary rapidity, and with it the use of cheques ; and we can easily suppose that the pocket gold needed for a given population and level of prices is becoming less.
What to read after Gold And Prices?
You can find similar books in the "Read Also" column, or choose other free books by W J William James Ashley to read onlineMoreLess
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