The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-25
WHERE THE GOLD rs.
Great BrIt Lack OF the Precious Metal
"A Comparison With Other Countries.
From the London Daily Nail.

FROM Wc LONDON DuttD 1ldN.
It is a surprising fact that. though for the
past fifteen or twenty years the pro duction
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 Ia always a handsome amount OF
coin and bullion in the vaults OF the Bank OF
En- gland. but in comparison with other and
perhaps more fortunate countries.
The English stock OF gold at the Bank o.
England was e24. OoO. 600 at the close Of the
year 1880, In the days OF small gold produce
ton and much smaller business. Il was
only E2s, 900 900 at the close Of 1906. though
we have seen that the gold production had
trebled in the interval. and business had
probably doubled. The highest point reached
was in 1895. at the end Of which year it stood
at cas-, 900. 900. II IL to-day about E2e, 900 600
a dangerously small sum for modern times.
Where England had stood 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 E24 ,o00, 900 in 1880 TO eii5 .OOO. 900 In 1905.
1t has thus been more than auadrupled. and
even to-day il In Ella. 900. 900. France has an
ample supply. but her bank authorities are
careful not to part with their gold. when they
can possibly prevent il.
Germany maintained in 1880 a stock Of
only go, 600 900 in the vaults Of the Reichs-
bank at Berlin, I'm addition. OF course TO the
military war chest OF coined gold at Spandau.
on which the nation can fall back as a last
reserve in the hour OF war. She trebled this
amount between 1880 and 1905. for in the latter
year the figure was e29. 900 900. While it Ia
f38. OOO. 900 to-day. Where England has stood
still, Germany has got the gold. Her ally,
Austria, is another great holder Of gold. and
has recently increased her holding markedly.
The Austro-Hungarian Bank in 1880 had a
supply OF only 4 5.6oO.O 900. which by the skill
Of its financial authorities Was expanded to a
figure OF g4e. 900. 900 in 1905. and which has been
as high as G49, 900, 900 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 ga. 00O. 900.
or nearly three times the British one. Italy
had at the end OF the same year a supply OF
e25. 900. 900 In gold. which in the present year
has been raised to e2s. 600. 600. In the United
States the Treasury at the end OF 1905 had
gold OF the value of ass, 900. 900 in its vaults.
against an mount OF E24. 900. 600 in 1880.
Thus France, Germany. Austria, Russia and
the United States all keep a larger stock OF
gold than does improvident England, All.
or most OF them. have increased their stock
10 correspond with the growth in the gold
production. Italy, with infinitely smaller
requirements and obligations than the United
Kingdom. has certainly auintupled her stock
Of gold in the last twenty-five years. while
England rests content with practically the
same quantity Of the precious metal as in
the past and trusts to luck to brrne her through
any serious crisis.
It is not as though the British Empire did
not produce gold In immense quantities. The
mines OF the Rand before the Radicals got TO
work upon them were turning out go. 800. 900
worth annually; the Australian output last
year was Ell. i04. 900. and the Canadian pro-
duction e.. $780, OO. The United States stood
next TO South Africa, with n production OF
Ell, PCS, 900 worth.