The San Francisco call., 1908-09-27

hand there seems evidence that I'M
uenss possibilities or gold are yet un-
developed IN Australia. which on ths
whole Is perhaps the least known grand
division OF the world
At any time new mines as rich as
those which once were the worlds sen
sations may be discovered and opened
It Is widely believed by scientific stu
dents that Australia viii have another
gold boom under the influence OF mod
ern methods which may one day place
It once more IN the lead OF all the
grand divisions.
TIT present. however. the North
~ American continent ranks second to
Africa IN gold production. In 1905
North America produced almost s125,-
100000, and IN 1907 probably two or
three millions more than this. OF which
the United States turned out the lions
share. more than $4,000. 600. Alaska
and Nevada are looked upon as the al
most virgin fields IN which great things
may be developed. Indeed. there Is no
knowing but that the numerous fields
OF this continent may In the near future
wresr the premiership from Africa once
more and place North America first, in
the position II so long occupied
With these three continents the taIs
year about $25,000,000 OF gold. mainly
from Russia. South America. believed
by many to possess more gold than
any other continent. will produce about
S2O,oOo,00O- This continent is destined
one day TO rank with the richest
Asia produces about the same amount
OF gold as Europe: and here. again.
there IS every reason 10 expect that the
future will see marvellous increases.
The mines OF Asia are indeed the oldest
IN the world. but that IS no indication
that they are exhausted.
The miners who brought the gold OF
King Solomon from the mines OF Ophir
map or the African gold coast. and not
unlikely knew where the Rand was. but
they did not mine by modern methods.
They took away almost nothing OF the
potential richness OF the deposits Like
wise, the ancients who scratched the
riches OF the mines OF the Indies. The
real riches were left for the modern.
with his cyanide and stamp mills ard
science.
In the same degree the production OF
gold Is affected by the demand for cop
per, zinc, lead. silver and other cheap
er metals. In future this influence Is
likely 70 be much greater than at pres
ent. The explanation IS interesting
A largo part OF the copper mines
contain also some gold For the gold
alone It would frequently not pay to
work them: for the gold plus the cop
per. IL pays The little gold may rep
resent the profit. the copper paying
expenses. Now when the price OF cop
per drops Il may become improbable
to work such a mine. and so TO that ex-
tent the gold production II reduced
Nvy HEN the panic OF last octossr
NJ set IN one OF the first INDUSTRIES
to DO hard hit was electrical de-
velopment. Electrical installations
everywhere stopped. factories closed
down and the demand for copper was
promptly curtailed At once. II was
feared for time that this would con-
siderably decrease the gold output for
the year 1908, because it would Ion
on the proportion OF gold thus obtained
along with copper.
The statistics by WaIdemar ILnder4n.
expert or the geological survey IN pro-
duction OF gold and silver. Indicate thai
to some extent this expectation has
been realized. There has been decided
decrease IN the output OF lead. zinc ana
copper. But the reduction IN goid
product Is small In proportion The
reason Is supposed to be that when
closer times appear. and 10 must be
determined which mines shall contfnus
IN operation and which shall be closed.
the gold bearing copper deposits have
the call; 1t pays better to work them.
So the loss Is small enough thus far
the present year to be unimportant
Mr.. Lindgren's view coincides with
that OF George E Roberts, former d.
rector OF the mint and now president
of the Commercial national bank OF
Chicago. Roberts during the period
nearly a. >decade-that he was head OF
the mint made himself one OF the
worlds authorities not only on produc-
tion OF the precious metals. but on the
science and economics OF their produc-
ton. as well as on financial topics
He was called from his position at
the mint to the headship OF one OF the
great banks OF the country simply by
reason OF the authority which had come
TO attach to his views on financial Guas-
tionA None OF the authorities ara E-.ro
thoroughly committed to the Theory
that the production OF gold VIII "a On
increasing IN arithmetical ratio rfan
Roberts. He has written extensively %
the subject and has studied the question
from the geological and mechanical
point OF view as wen ~ the financial