+--------------+-----------+----------------+-------+-----------+
| | | |Amount | |
| Date. | Weight of | Value of | of | Value of |
| | Coinage. | Coinage. |Waste. | Waste. |
+--------------+-----------+----------------+-------+-----------+
|April 1, 1858,| Ounces. | £ _s. d._|Ounces.| £ _s. d._ |
| to March | 736150·582|2,866,386 6 6¾ |16·603 |64 12 11¼ |
| 31, 1859. | | | | |
+--------------+-----------+----------------+-------+-----------+
+--------------+-----------+-----------+------------+
| | Value | Value of | Value of |
| Date. | of Sweep | Waste per | Sweep per |
| |recovered. | Million. | Million. |
+--------------+-----------+-----------+------------+
|April 1, 1858,|£ _s. d._|£ _s. d._ | £ _s. d._ |
| to March |209 16 7 |22 11 0¾ | 73 4 0¾ |
| 31, 1859. | | | |
+--------------+-----------+-----------+------------+
“On a gold coinage of £2,866,386 6_s._ 6¾_d._ the account shows a waste
amounting to £64 12_s._ 11½_d._, with sweep recovered amounting to
£209 16_s._ 7_d._ The Coining Department therefore returns a surplus
by account of £145 3_s._ 7½_d._; that is, £209 16_s._ 7_d._ less £64
12_s._ 11¼_d._
“A surplus by account instead of the usual loss was exhibited for the
first time in the return of the preceding year. A true surplus or
increase of metal is of course unattainable in any minting operation.
The increase of weight recorded arises from adventitious matter
acquired by the gold scissel in the Coining Department, to be again
lost in the melting, as was just explained. The surplus by account of
the Coining Department amounts to £50 13_s._ 0_d._ on £1,000,000 coined.
“A correct estimate of the whole waste in coining is obtained by
combining the returns of the two departments:—
£ _s. d._
“Loss of Melting Department 257 7 0¾ per million.
Loss of Coining Department 50 13 0 ”
--------------
Difference 206 14 0¾ ”
“It thus appears that in 1858-9 the net loss in minting £1,000,000 gold
was £206 14_s._ 0¾_d._
“The annual loss since the reconstitution of the Mint in 1851 is as
follows.
“Loss of bullion (waste, less sweep recovered) in minting £1,000,000
gold—
£ _s. d._
In 1851-52 479 5 8
” 1852-53 921 10 7
” 1853-54 795 11 7¾
” 1854-55 661 2 4¼
” 1855-56 724 1 3
” 1856-57 691 14 1¾
” 1857-58 140 4 7[127]
” 1858-59 206 14 0¾
” 1859-60 187 0 0 partly by estimate.
[Footnote 127: Understated at £99 14_s._ 5½2_d._ in previous letter of
May 22, 1858, in consequence of the sweep recovered per million having
been taken at £136 13_s._ 9_d._ instead of £93 3_s._ 7_d._, the correct
amount.]
“An additional year just completed, 1859-60, which appears in the
preceding statement, is given subject to a subsequent correction of a
few pounds more or less, as the sweep of that year (being still unsold)
is taken by estimate.
“It appears by the table that the average loss on the gold coinage of
the first six years is £784 0_s._ 0¾_d._; and on the gold coinage of
the last three years, £172 8_s._ 11½_d._ per million coined; showing
an improvement of £611 11_s._ 1¼_d._ per million coined. On the twelve
millions of gold coined, during the last three years, the saving
exceeds twelve thousand pounds.
“The diminished waste of the late years is further attended with
increased economy in working, of which, indeed, a low waste return
is one of the surest indications. The proportion of sovereign blanks
rejected in passing through the weighing machines, and which require
to be remelted, causing thereby additional waste of metal and loss of
labour, has been gradually diminished. This is shown by the following
returns respecting the work performed in similar circumstances at
various periods.