The Sun.
London, England, 1869-05-10 00:00:00

THE SUN, LONDO', MONDAY EVENING, MAY 10, 1869.

SHARE LIST.

AND STOCKS.

JOINT-STOCK BANKS.

Olosing 'business
Share NAME. raid. Price. done
10 Agra Limited, A
10 Do B
)
50 Albion , allolsl 12064/ 120)
210t.h
00 Alliance, Limited
20 Anglo-Austrian
20 Anglo-Egyptian, Hitt—
-20 Anglo-Hungarian
20 Anglo-ltaliau 186 G, limited 10 51 41
40 Australasian ......... all 01 .53
20 Bank of British Columbia all 11 13
20 Do issued at 2 pin , ... 5 5 4
'2,5 Bank of Egypt
20 Bank of Otago, lint.
25 Bank of South Australia all 30 32
50 Bank of Victoria, Australia 23 37 33
10 Bank of New Zealand all If,l 1 1
50 British North American .., all 51 51
20 Chartered of India, Austra-
lia, :nd China
25 Chartered Mere. of India,
London, and China all 301 31 31
20 City
............... I') 114 121
100 Colonial ........................... 25 33 40
10 Consolidated, lint. .......... 4 4 1 41 4
50 Delhi and London, lim 25
50 EastLoßndaonnk 01 ifmn..i ....
d..e. ... ...
... 5 2 1
a
20 English and American, lim 10
20 English
noiro. lint ............. . ...... 10 pr 1 p
20 English, rcottish, and Aus-
tralian Chartered ..... all 161 171
i,84 Hong Kong and Shanghai
Bank Corporation all 36 38
-
284 Do new 54 2/ 21
100 Imperial, lint
20 Imperial Ottoman •,,,,, 10 2 21 121 12
;45 lonian. ............ .
25 Do new........ 5 1! 41)
20 Toad Mortgage of India, lim 4 3: 34 ! 4
100 Do 5 p.c. Debs.lB6l, 30 all 76 75 71
30 Lonticm Bank! of Mexico
antr South America, lim. 20 61 51
100 London and Brazilian, Um. 45 30 27
20 Do new 71 51 41
lOU London &River Plate, lim. 40 9 11
2.5 Do new 10 24 21p
20 London Chart. of Australia all 241 24
20 Loudon and County,,,,,,_„ 20 50 01
50 Do new, iss at 20 pan, 10 pd. 11
London Joint S.W.:IL__ 1 311 311 334
London and South Afrie.au al 31 91
00 Loudon &S.-Western, lim, 20 13 11
no London & Veneztt3la, Hui_ 121 ...
100 London and Westminster. 20 611 621 811 6
100 Do Scrip, iss at 10 pm..,,,,,,, 20 ...
100 Merchant, lint
10 Metropolitan, lim
100 Midland, 1int..... ....,• 20 11 a
5 National of Australia
25 National of Liverpool, Hai l5 Id IP
100 National Pro vine. of Ertg'd 42 ...
10 DJ 42 ... ... 44
...... .. ..
5:0 National._ ..... .
30 ... • .
20 New South Wales
20 North-Western
25 Oriental Bank Corporation all 421 431 414
0
00510 Prrro°vviinncei.ait'l tonfkireeelaruP(l°.;,ll.,..m„ , 12:01 863 1510 89
Do
100 Stand, of Brit. S. Africa, lint '2O 15 11 104
100 Do issued at 6pm lO 8 6
20 Union of Australia all 47 48 471
100 Union of Ireland, lim
50 Union of London l5 354 301 351

SETTLEMENT OF THE SPANI,SIT

GO VE RAW E

The intelligence given by the Imparcial that a regency
would be appointed in Spain, with General Prim as
Minister of War, is confirmed in a modified form by the
Times correspondent. The writer, in a telegram, says:
"It is positively announced that upon a form of
monarchical government being voted by the Cortes,
Marshal Serrano will be proposed sole Regent of the
kingdom, and General Prim as President of the Council
and Minister of War, in order that the Government may
be securely established until a king shall be elected."

THE DEPRECIATION OF GOLD.

-

That high authority, Professor Stanley Jevons, pub-
lishes a letter in the Economist shewing that since 1849
there has been a real depreciation in the value of gold, or,
in other words, that the purchasing power of the
precious metal is less than it was twenty years
ago. Professor Jevons takes fifty of the chief
common commodities, and he finds that in the
case of each there has been an average rise of price
since 1849 to the extent of 18 per cent. This rise in price
and consequent decline in the purchasing power of gold,
he attributes to the great gold discoveries in Australia
and California—discoveries which were first made in
1849. The facts be adduces in support of his argument
are very interesting. Down to 1E49 prices had uniformly
and regularly declined ; gold would buy more and more each
year, and, therefore, the value of gold was greater. But
since 1849 prices have increased, gold will buy less than
it formerly would, and hence the precious metal is less
valuable. If we take the average price of commodities
in 1849 as 100, we find that in 1850 the average was 101--
an increase of 1 per cent. In 1851 it was 103 ;
in 1852, 101 ; and in 1853, when the effects of
the gold discoveries began to be fairly felt, the average bad
risen to 116. In 1854 it bad gone up further to 130, from
which year it declined, until in 1858 the average was only
118. Then it rose again to 124 in 1862, since which
date it "has declined to 119 in 1869. From these
figures it appears that the range of prices bas
since 1853 been always considerably above the point they
attained in 1849. The three great collapses of credit and
enterprise occurred in the years 1847, 1857, and 1866, and
the depressions of prices thereby occasioned were respec-
tively 22, 14, and 10 per cent. ; it is perfectly fair, there-
fore, to compare together the three lowest points thus
attained in the years 1849, 1858, and 1867, and we thus
learn that there has been a net or permanent rise of 18
per cent. accomplished in the prices of about fifty of the
chief materials and commodities. By some it is asserted
that this rise of prices is due to the progress of trade, the
growth of population, &c., but Professor Jevons refutes
this theory. Prices have gone up since 1849 ; but previous
to that date there was a vast decline. Keeping the
average at 100 in 1849, we find that in 1799 prices
were at 203; in 1809, at 245 ; in 1819, at 175 ; in
1829, 'at 124 ; in 1839, at 144 ; and in 1849 they sunk to 100.
"Between 1809 and 1849 we notice a vast decline of prices
to the extent of 145 per cent., the previous rise having been
nearly as great. With this great revolution in the value of
gold we are only concerned so far as regards the fact that
previous to 1849 a great decline in prices was in progress.
This decline was interrupted during the years 1835-9 by a
temporary rise, due perhaps to excessive speculation,
but the decline was renewed as rapidly as before until we
reached the critical year 1849. Since then the course of
prices seems to have been entirely altered, and a perma-
nent rise has been established." Now, tradeand population
increased rapidly up to 1849, and yet prices went rapidly
down. How, then, remarks the Professor, can the increase of
trade and population have caused a rise since the critical
year? How can one cause have lessened prices before
1849 and lengthened them afterwards? The Professor
says : " I have only to ask those who think that
the growth of population, the increase of demand,
or the progress of trade is the cause of the rise of prices.
whether population, demand, trade, &c., were not expand-
ing before 1849, not so rapidly perhaps as since, but still
expanding ; and how it is that causes of the same kind have
produced falling prices before 1849 and rising prices since?"
Hence Mr. Jevons concludes that the gold discoveries caused
this great difference. Indeed, as Professor Cairnes Las so
distinctly pointed out, the effect of those discoveries is
probably much greater than any we can prove, because
the course of prices was in previous years decidedly down-
wards, so that the new gold has both :prevented a further
fall and occasioned a rise in its stead.