A comparison has been made between several different measurements of the magnetic moment values for Fe-B binary metallic glasses, following the authors' earlier investigations of their structural properties. The differences between the magnetic measurements are illustrated and the possible variation of magnetic moment with composition derived. The probable influence of the ease of glass formation on the spread of results of results in also investigated. The implications which these experimental results have for the possible magnetic state of 'amorphous iron' are also discussed. As a result of this, a microscopic model for the magnetic structures of Fe-B glasses is proposed in the following paper (II) which is based on the results of magnetic neutron scattering experiments.