┌──────────┬────────────┬────────────┬───────────┬─────────┬──────────┐ │ │ (1)=(2)+(3)│ (2) │(3)=(4)+(5)│ (4) │ (5) │ │ │ │Net Addition│ │ │ │ │ │ │ to Gold │ Net │ Net │ Net │ │ │Net Addition│ in Paper │ Addition │Addition │ Addition │ │ │to Stock of │ Currency │ to Stock │ to │ to │ │ │ Gold:— │ Reserve │ of │ Bullion │Sovereigns│ │ │ Imports – │ and │ Gold │ in Hands│ in │ │ │ Exports + │ Treasuries.│ in Hands │ of │ Hands of │ │ │ Production.│ (a) │ of Public.│ Public. │ Public. │ ├──────────┼────────────┼────────────┼───────────┼─────────┼──────────┤ │ │ £ │ £ │ £ │ £ │ £ │ │1901–02 │ 3,223,000 │ –5,000 │ 3,228,000│2,261,000│ 967,000│ │1902–03 │ 7,882,000 │ 2,870,000 │ 5,012,000│2,814,000│ 2,198,000│ │1903–04 │ 8,963,000 │ 944,000 │ 8,019,000│4,741,000│ 3,278,000│ │1904–05 │ 8,841,000 │ 38,000 │ 8,803,000│5,866,000│ 2,937,000│ │1905–06 │ 2,698,000 │–6,840,000 │ 9,538,000│5,806,000│ 3,732,000│ │1906–07 │ 12,061,000 │ –193,000 │ 12,254,000│7,098,000│ 5,156,000│ │1907–08 │ 13,677,000 │ –993,000 │ 14,670,000│7,243,000│ 7,427,000│ │1908–09 │ 5,022,000 │–2,843,000 │ 7,865,000│4,422,000│ 3,443,000│ │1909–10 │ 16,620,000 │ 6,347,000 │ 10,273,000│7,407,000│ 2,866,000│ │1910–11 │ 18,153,000 │ 71,000 │ 18,082,000│9,991,000│ 8,091,000│ │1911–12 │ 27,345,000 │ 9,347,000 │ 17,998,000│9,117,000│ 8,881,000│ │1912–13(b)│ 24,551,000 │ 4,231,000 │ 20,320,000│9,320,000│11,000,000│ └──────────┴────────────┴────────────┴───────────┴─────────┴──────────┘ (a) Since 1908 the whole of this has been held in sovereigns. (b) Estimate. 7. The enormous amount of wealth which the Indian people are now devoting to the barren accumulation of gold is brought out very strikingly by the figures in the third column. We know that it is hoarded, used as jewellery, as gilding, even (according to Messrs. Samuel Montagu) as medicine. But these figures are not relevant to our present purpose, and we must turn to the figures in the last column, giving the flow of sovereigns into the hands of the public. What part of this total is employed for ornament, what part for hoarding, what part is melted down, and what part is left truly to serve as currency?