The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-02-26
piness and all the ideals with which
they began married life"
Movement of Gold.

nearly s25, 900, 900 over the previous year,
in spite of the fact that for several
months there was total suspension Of
mining operations In the Transvaal. The
proportion OF gold which is absorbed IN
the arts and manufactures is estimated
at from 40 to IS per cent. of the total
production. A few years ago more than
half of the output was put to Industrial
uses, but, according to the Engineering
and Mining Journal, the production of
the precious metal has increased more
rapidly than its absorption by the arts.
For two years or more business has
been active in all parts Of the world
and the demand for money SO large that
an unusual proportion OF gold has gone
into the banks and treasures of differ
ent commercial countries and has either
been converted into coin or has been
made the reserve which stands back Of
paper money issues. II is estimated, on
the other hand, that with good times
there is also an increased demand for
ornamental work into which gold enters.
and taking everything into considera-
ton the Journal believes that OF the
total output OF gold in 1899 so per cent.
was used in the arts, or about siS4oO0.-
900, thus leaving about st20 900 900 to be
added to the monetary stock OF the
world.
During the past two years this coun-
try has been in the position of a credi-
tor towards most of the leading COM
mercial nations. and has been able 70
draw from them a considerable quantity
CT gold in addition to It's own produce
ticn. In 1898 large part of the foreign
debtors paid their balances in gold. In
1899 this was not so noticeable. for
Americans bought large blocks of
American securities held there. and our
bankers found it profitable to lend in
the European money centers, and large
balances were kept in London. Paris
and Berlin, where the rates Of interest
were higher than at home.
The treasury department estimates
that the stock of gold in the country
In the form of coin is greater than ever
before The larger part of it is in the
United States treasury or in the vaults
of banks In the larger cities throughout
the country AS an actual hand-to-
tu
not yet used extensively except
on the Pacific coast, the peo-
pie still adhering to the use of
paper money. which has become almost
universal since the close of the war.
As to the geography OF production,
there have been some notable changes.
From South Africa there was marked
falling off In gold receipts, and in the
closing months of 1899 counter move
ment OF gold to that country set in, ow-
ing to the necessities OF war. The net
receipts of the precious metal from
South Africa in London for 1899 were
more than $50 900 900 less than in 1898.
which affected the London market very
materially. The receipts from Aus
ualasia also fell of to the ex-
tent OF 80 per cent, and It
was In spite of an increased pro-
duction in the colonies. This was ow-
ing. II is said, to heavy shipments to
New York and India. The Indian gov
eminent has been accommodating a large
gold reserve. and last year II seemed to
prefer making the purchases in Aus
M mt buyer on the London market.
For some years prior to 1898 feature
of the gold movement was the tendency
OF absorption OF large amounts OF the
metal by the state banks OF different
European countries, very largely, II Is
said as reserves for war This seems
to have ceased. and in 1900. as compared
with 1893. there do not appear 70 have
been any very considerable gains in
these reserves The Bank % France
shows an Increase OF only si0.000000 In
| total Of tSI3ou0,OOo The Bank or
| Austria Hungary shows a gain OF 500
600. 900 in a total OF si96 GOO. Oe0 The Bank
| Of Russia shows decrease in its re-
serve OF set. 900 600 Ia total OF St3A000.-
600. This loss Is due TO the use az gold
as circulating medium, which has
been urged by the government during
| the past year Russia has not been an
exporter OF gold SO the decrease iu it's
( reserve is An indication that large
| amounts Of It's paper currency have
| been superseded in circulation by metal
| lie currency. There was an active move
ment Of gold In 1898 but the quantity
! In hand seems 10 be snfticien; Tor The
| demands 90 trade. and It is thought the
/ supply will be equal 70 future cNigen-