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. In joining it, a seigniorage would have to be charged on all British gold coinages. A similar seigniorage is always charged on the coinages at the Sydney Mint; and the coinage at the Sydney Mint is now large and increasing--in the last two years probably more than that of the English Mint. This seigniorage is no disadvantage to anyone. On the contrary, it possesses several advantages. At present, the last holder of a light sovereign is exposed to loss. This is unfair, as probably the last holder has done nothing to cause the coin to be light. Were a seigniorage imposed, the first holder, the man who thinks he can gain something by causing the coin to be minted, would have--as is fair--to provide against the depreciation. Further, the first holder would have to pay for the work he has done; _i.e._, the manufacture of the coin--a charge now defrayed by the country. It is clear that the absence of a seigniorage is not the cause which attracts gold to England, as barely the ninth part of the bullion imported finds its way to the Mint. It is also clear that alterations, one at least of far more importance than the imposition of a seigniorage, have at former times been made in the status of the currency of the country. To conclude, in the words of an early pioneer of British commerce, 'The exchanges practised in England, and principally in London, are confined within a narrow scantling, being but as a rivolet issuing out of the great streame of those exchanges that are used beyond the seas.'