Thus, in twelve years, from 1840 to 1852, we have imported [205]123,012 kilogrammes of gold, and we have exported [206]71,217 kilogrammes; the difference in favour of the import being [207]51,795 kilogrammes, equal to [208]181,138,000 francs, showing an average of [209]15,000,000 francs per annum. Jewellery, goldsmith’s work and gilding, employ, annually, in France, quantities of gold exceeding that sum in amount. The excess, then, is taken from the coinage, which accounts for the ordinary premium on gold in our market. The average would be considerably reduced if we except the year 1851, during which the import has exceeded the export by [210]34,503 kilogrammes; but the results of 1851 may be considered as exceptional. Already, the greater part has disappeared; gold finds its way from France to London. The Bank of France, whose metallic reserve in 1851 included an amount of [211]100,000,000 francs of gold, now does not hold above [212]15,000,000 to 20,000,000. French gold coin, common enough in Paris, is scarcely seen in the provinces. From 1840 to 1852, French commerce imported [213]10,175,312 kilogrammes of silver, and exported [214]3,688,279 kilogrammes. The excess of import, [215]6,487,033 kilogrammes, represents a sum of 1,303,893,633 francs, or 108,657,802 francs a year. Admitting that [216]15,000,000 are annually absorbed in the demands for articles of luxury, and [217]10,000,000 or 12,000,000 for wear, our monetary reserve of silver would have increased at least [218]1,100,000,000 since 1840. This leaves a large margin in the circulation of France for the displacement of silver by gold coin. When the import of gold shall have exceeded the export by an amount equal annually to [219]200,000,000 francs, with this accumulated reserve of [220]1,100,000,000 and with an annual excess of [221]80,000,000 to 90,000,000 francs over the import and consumption of silver, it will require at least ten years to restore the equilibrium between the two metals, to the state in which it was in 1840. No subject has given rise to more rash and speculative opinions than that connected with the trade in gold and silver. Amidst the great variety of conflicting phenomena, statistics appear almost valueless; but so long as gold continues to bear a premium, in spite of the apparent superabundance, and notwithstanding its partial demonetization, it may well be considered doubtful whether the relative proportions, established by law between gold and silver in so many countries, will be materially affected for at least some years to come.