Mr. Fawcett read a valuable paper before the British Association
on the depreciation of gold, in which he agrees generally with the conclusions of Mr. W. S. Jevons, which we recently noticed in these columns, that some depreciation of gold has already taken place, owing to the Austra- lian and Californian supply, and that it will go on more rapidly if the drain of silver to the East which the gold supplants should suddenly atop. Mr. Jevons was represented as calculating the depreciation since 1849 at only 10 per cent. This was incorrect, as he has himself pointed out in a note to the Times. What be did say was that, even at the present moment of unusually depressed prices, it is 10 per cent. ; but that if the level of prices were not at its lowest (temporary) ebb, it would probably be at least 15 or 16 per cent. And no one who examines his data can disagree with him. Probably Mr. Fawcett himself would heartily acquiesce.