AN ATTEMPT TO ESTIMATE TI-IE

OF THE RUPEE. CIRCULATION ARIOUS attempts have been made of recent years to arrive at an estimate of the quantity of metallic currency in circulation in different countries. In England, Newmarch based his calculations upon a somewha arbitrary amount supposed to be in existence in an antecedent period, to which he made additions or deductions derived from  study of the movements of specie. In Americ the several msters of the mint hve similarly compiled nnul estimates of the circulation, which re more reliable owing to the greater interest taken in the subject and to the fact that eater pins hve been tken to estimate the quantities of coin indus- $rilly consumed. In France, De Foville hs followed in Jevons's footsteps, but, so far as I am aware, has not contributed anything original to his method, though the bsis of his clcultions is more extended, nd the reasoning exhibited in  form more esily intelligible to mthemticl minds. In Indi the mteriM for forming estimates by Jevons's method is unique, for there exists  record for an unbroken series of years from 1876 of an examina- tion extending over a quarter of a million of rupees. Two of the objections therefore frequently. urged ginst the English esti- mtes--viz. that the numerical bsis is slender nd that the month and years taken are not representative--have less force when used against the Indian figures. In accordance with the spirit of suggestions made by the Committee of the British Association ppointed in 1887, I hve in the ltter portion of this essay tried to measure the loss ,suffered by the coinage of vrious years owing to hoarding, export, -nd the rts. As the loss hs lwys been stated with moderation, it is probable that the circulation is rther smaller thn my final results indicate. The only feature of the treatment of the Indian figures here

No. 4.--vo.  3 x