The Sun.
London, England, 1829-10-16 00:00:00

VALUE OF DIAMONDS.

The economists have-very much puzzled both
themselves and their-readers by their speculations
on the true ineSs-ure of value ; but, without en-
tering at all into these, it will be sufficient if we
state here, that value in exchange is, according to
the received doctrine, regulated by the cost of
production, and that, generally speaking, the one
is the measure of the other. This doctrine,
however, will not, we apprehend, apply to the
case of diamonds, the value of which is not de-
termined by the cost of production—for that, in
many cases easily imaginable, may be almost
nothing—but by the rarity of the commodity,
taken in conjunction with its purity and weight.
The great diamond of the King of Portugal, for
example, weighs 1,680 carats, of four grains
each, and is valued at the enormous sum of
224,000,0001. The diamond in the sceptre of
Russia, which was stolen from a Malabar idol
by a French grenadier, weighs 779 carats, and is
valued at 4,854,7281. The diamond of Au-
rungzebe weighed 2,799 carats, and was valued
at 399,0001. Another diamond of the King of
Portugal, weighing 215 carats, is valued at
388,2901. The diamond of the Emperor of
Germany weighs 1,395 carats, and is valued at
114,9961. The diamond of the King of France,
called the " Regent," weighing 13,675 carats,
is valued at 218,7501. And a diamond, men-
tioned
by Ferishta, as having formed part of the
plunder of Chusero, one of the Mahommedan
conquerors of India who ravished Malabar, must
have been worth about 255,0001. sterling; for it
is described as " a perfect diamond of 168
ruttys," or 147 carats, and consequently, 'sup-
posing it to have been equal in purity to the
" Regent " and the second Portuguese diamond
above mentioned, its value would amount to the
sum just stated. But it can scarcely be con-
tended, we think, that the values above assigned
represent the cost of production of the different
diamonds to which they are respectively affixed,
or, indeed, that these diamonds are, in any just
sense of the term, a product of labour and in-
dustry. In point of fact, their discovery (we
mean the discovery of diamonds such as those
we have above enumerated) has, in nine cases
out of ten, been the result of accident or chance;
and, therefore, it appears to us unreasonable to
contend that labour enters at all as an element
into the values assigned them. It may indeed
be alleged that these values are excessive or
imaginary ; but it can never, we think, be main-,
tabled that, even if this were the case, the true
value is determinable by the cost of production
alone ; unless, indeed, it can be previously shown
that the discovery has been exclusively the result
of the time and labour expended in searching
for them. And where this cannot be shown, or,
in other words, where the discovery has not been
the result of labour applied in the search, it fol-
lows that the value, whatever it may be, must be
determined by reference to a principle different
from that which resolves exchangeable value into
the cost of production. In short, we just recur
to the doctrine with which we set out, that
the value affixed to these gems must, in genera!,
resolve into mere rarity, united with purity and
weight, or relative quantity.

BUTCHERS' CHARITABLE 'NM.

TUTION.

The anniversary dinner of the Butchers' Chari-
table Institution, for affording relief to decayed and
distressed master butchers, their widows and chil-
dren, took place yesterday evening at the Free-
mason" "17aYern.
In the absence of Wm. Mellish, Esq., patron of
the Society, the Chair was taken by Mr. GIBLETT.
In the course of the evening the CHAIRMAN took
oC.a.:sion to remark on the progressive improvement
of Smithfield-market. Much had been done, and
many improvements were still carrying on there.—
He proceeded to allude to the improved state of the
police,—the facilities afforded to business by the
stoppage of carriages passing through Smithfield
during market hours, and the advantages occasioned
by the alteration of the market from Friday to
Thursday. The Committee of Butchers had come
to the conclusion, after the most careful considera-
tion, that in no way could the London butcher so
sarisfictorilv tiansacr his business as upon his own
premises, where he could have, as every man ought
to have, his own eye upon his own property. This
was the result of their examination of the manner of
doing business in all the markets of the kingdom.
After glancing at the utility of an institution for the
relief of distressed members of the trade and their
families, the Chairman • gas e, " The Butchers of
London, Westminster, and the parts adjacent ; and
may they ever be united to promote the best interests
of the trade."
Mr. FALLOVICR proposed the health of the mem-
bers of the Butchers' Committee.
Mr. SCALES returned thanks in his own name and
that of the other Members of the Committee, and
adverted to the plan of establishing abattoirs, which
had been proposed some time ago, and which, he
conceived, if carried into effect, would have proved
extremely inconvenient to tk~ trade, and must have
imposed an additional tax on the public. He thought
that as the City had so long enjoyed the tolls of
Smithfield-market, it was their business, now that it
Lad grown too small for their purposes, to enlarge it
at their own expence. It was as fairly to be ex-
pected that they should do so as that a man should,
at his own cost, enlarge his house in order to enable
him the better to transact his business. It would
be unfair to tax the graziers for the enlargement of
the market—a tax, the imposition of which the
butchers had opposed, not only upon the principles
laid down, but because it was a tax which must
eventually fall upon the public at large. The Com-
mittee of Butchers had expended a sum of 3001. out
of their own private pockets during the year; they
had done so in order to promote the great object in
reference to which they were that day assembled ;
and it was to be hoped that this example would pro..
duce a corresponding degree of liberality on their
part. He trusted, that whatever they might have
intended to give to reimburse the Committee for its
outlay, would be devoted to the purposes of the
charity, in addition to their ordinary subscriptions.
Nothing could be more gratifying to the Committee
than to find that such was the case. It would double
the pleasure they had already experienced in support-
ing so excellent an institution.
The CHAIRMAN proposed—" Health and happi-
ness to the Members of the Butchers' Company ;"
and in giving the toast alluded to the liberality of
several individuals belonging to the Company to this
Institution.
Mr. WARSIINOTON returned thanks.

Mr. CHALLIS having eulogized the objects of the
charity, and spoken of the activity displayed in their
promotion, gave, " The Butchers' Charitable Fund."
Mr. Mellish's apology for not attending the Meet-
ing was read; and the Chairman having announced
A donation of 50 guineas from that gentleman, in ad-
dition to his original donation of 100 guineas, his
Lealth was drank.
• VIC CHAIRMAN AIIIIQUIICed, tlig there Were no
v.-

leas than 60 candidates for the ten vacancies in the
Institution which were speedily to be filled up. The
males relieved by the society received an allowance
of 20/., and the women of 15/.
- A list 9f subscriptions, to a considerable amount,
was real by the Secretary. Among other benefac-
tor's were the names of Sir Claude Scott and Co.,
for 10 guineas. ft was announced that Mr. Knight,
one of the individuals present, had given a donatim
of three acres and a half of freehold land, to be ap-
plied to the purposes of the Society.
The CHAIRMAN mentioned, that the amount of
subscriptions and donations received previously to
the present occasion was between 3,0001. and 4,0001.
About 300 persons sat down to dinner. Several
songs and glees were sung in the course of the even-
ing by Messrs. Robinson, G. Smith, Master Lewis,
and other professional persons present.