Looking at these figures, it will scarcely be argued that the fact of gratuitous coinage at the Royal Mint is of any power in attracting gold bullion to this country.
The charges made on coining in other countries amount to large sums in the aggregate. It is desirable to show what these sums are.
It has been calculated that, upon each million pounds sterling worth of gold coin delivered, the charge (including adjustment for loss of interest in the fixed delays for delivery) amounts in all
| England to | £ 1,605 |
| France | 10,490 |
| United States | 15,000 |
| Australia | 13,330 |
| India | 13,330[8] |
It is of itself a sufficient answer to those who think that the imposition of a seigniorage might prevent bullion from being brought to this country for coinage, to note what has taken place where such a charge is made. Both France and the United States have coined considerably more gold during the sixteen years mentioned above than this country. Yet the charge in the United States is nearly ten times that in Great Britain. The coinage at the Mint of Sydney has nearly doubled, yet the charge in Sydney is nearly as high as in the United States. The returns for the years 1867-1868 have not, as far as we are aware, yet reached this country. But considering the great and progressive increase in the Sydney coinages, it is highly probable that the coins struck in Australia during those years have greatly exceeded those minted in London.
To sum up:
It is at present open to this country to join the International Monetary Convention already in force between several of the principal European States.
It is probable that this Convention will shortly include the most important powers of the civilized world.
The population of the countries which have already given in their adherence to this Convention, greatly exceed in number the inhabitants of the British Islands. Their trade is more important in value than our own.
The disadvantages of being outside such a Convention are very great.