Waterbury evening Democrat., 1906-12-24
WHERE THE GOLD IS.
Great Britain's Lack of the Precious
 Metal.

Great Britain's Lack of the Precious Metal.
 It is a surprising fact that. though
 for the past fifteen or twenty years
 the production of gold throughout
 the world has been steadily rising,
 the United Kingdom at the present
 time is bare of gold. Not in a literal sense, for there is always handsome
 amount of coin and bullion in the
 vaults of the Bank of England, but
 in comparison with other and per-
 haps more fortunate countries.
 The English stock of gold at the
 Bank of England was G24.000, 900
 at the close of the year 1880, in the
 days of small gold production and
 much smaller business. It was only
 E 28.00O.000 at the close of 1905,
 though we have seen that the gold production had trebled in the inter- val and business had probably doubled. The highest point reached
 was in 1895, at the end of which year 1t stood at { 45,000,000. It is to-day about z 29,000,000-a dang erously small sum for modern times.
 Where England had stool still. France, Germany, Russia,' Austria Italy and the United States have all advanced. In most of these countries trade has been developing far faster than in England. and gold goes where trade is most active. In France, the stock of gold in the Bank of France has risen from z G24,0OO,- 900 in 1880 to 9 9115,000.000 in 1905. It has thus been more tan quadrupled, and even to-day 1t is
 E112,00O,000. France has an ample supply, but her bank Authori- ties are careful not to part with their gold when they can possibly prevent it.
 Germany maintained in 1880 stock of only 9,60O,000 in the vaults of the Reichsbank at Berlin, in addition, of course, to the mili- tary war chest of coined gold at Spandau, on which the nation can fall back as 2 last reserve in the hour of war. She trebled this amount be- tween 1880 and 1905, for in the lat ter year the figure was Z 29.000,00O, while it is z 36,000,000 to-day Where England has stood still, Ger many has got the gold. Her ally. is another great holder of gold. and has recently increased her holding markedly. The Austro-Hun- garien Bank in 1880 had supply of only G5,60O,000. which by the skill of its financial authorities was expanded to a figure of { 46,000,000 in 1905, and which has been as high as G49.000.000 in 1904.
 In Italy and Russia, though the figures for 1880 are not available. the same attention has been shown to the gold reserve. Russia had at the end of 1905 an amount of { 74.- poo. .000, or nearly three times the British one. Italy had at the end of he same year supply of f25.000,- poo. In the United States the treas- iry at the end of 1905 had gold of he value of 3S,000,000 in it's 'aults. against an amount of G24,- poo. 900 in 1880.
 Thus France, Germany, Austria Russia and the United States all keep l larger stock of gold than does im- ,rovident England. All, or most of hem, have increased their stock to correspond with the growth in the ,old production. Italy, with infinite Y smaller requirements and obllga- ions than the United Kingdom. haa certainly quintupled her stock of gold n the last twenty-five years. while England rests content with practi- ally the same quantity of the preci- 'us metal as in the past and trusts O luck to bring her through any se- ious crisis.
 It is not as though the British Empire did not produce gold in im- quantities. The mines of he Rand before the Radicals got to york upon them were turning out { 20,S00.000 worth annually: the Australian output last year was 2 17,104,000. and the Canadian pro- Iuction e2,SS6, 6,O00. The United 'tates stood next to South Africa. vith a production of e17.2eS.000 yorth.