Commercial plutocracy not seen in England for the first time under Queen Victoria, but dates from Queen Elizabeth or earlier. Wealth, birth, intellect, often united in England. City traders being Lord Mayors who from 1452 onwards have founded noble houses. The chief elements in the new nineteenth century wealth considered. Gold discoveries in California 1848, in Australia 1850. Their transforming influences at home and abroad. Expert opinions of the period on the consequences and the durability of the new gold. Different views and calculations of Sir Archibald Alison, Sir Roderick Murchison, Chevalier and Cobden. A new civilization resting on gold. Australian millionaire farmers preceded millionaire gold diggers. Effects of new gold upon circulating and fixed wealth of England tested by property assessments. 'I respect the aristocracy of birth and of intellect. I do not respect the aristocracy of wealth.' The remark is attributed to the great, or second, Sir Robert Peel. It proceeds upon a confused view of the social principles indicated by the words. It comes, somewhat inappropriately, from the political successor of the William Pitt who bestowed more peerages upon the possessors of mere wealth than any Minister before his time had done. The distinction drawn by Sir Robert Peel between the different aristocracies of England involves some misconceptions of social history. In Austria there existed during the last century, there perhaps survives faintly to this day, an antagonism between the principles of birth and of wealth such as England has never known. With more than conventional fitness is the Premier of the day, whether peer or commoner, the guest on each 9th of November of the First Magistrate of London City. Within five centuries, at least fourteen noble houses have been founded by ten Lord Mayors.