The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-07-22
USE Of COLO
IN THE ARTS

Since 1898 the director of the
United States mint has endeavored to
ascertain the amount of gold and sill
yer used in the arts throughout the
world says the London Statist The
Representatives of the United States
in foreign countries lend their assist
ance to forward his inquiries, and it is
generally admitted that his estimates
are as nearly accurate as under the
circumstances can be expected. His
report for the year 1910 has not been
issued; but for the nine years ended
with 1909 we find that the annual
average was, in round figures about
E 100000. Assuming that the con-
/ sumption in 1910 was the same, we
get for the ten years ended with last
! December grand total of G19O,000,-
600, being at the rate Of G19,000,000
per annum. With regard to the use of
gold in the arts, it is often objected
that the estimates OF the director of
the United States mint are very much
too low. The various foreign officials
to whom the director of the mint ad-
dresses himself are either careless or
unwilling to take the trouble to ascer-
tain the facts required, and the result,
we are assured, is that the real con
sumption in the arts is very much un-
derstated. There is no doubt that
many officials are very careless.
1T is unquestionable that the estl-
mate of the director of the United
States mint is no better than an esti-
mate. But it does not seem probable,
for all that, that it varies very much
from the truth. Those who take a diff
ferant view point, however, to the fact
that, while the consumption of gold
in the arts all over the world during
the ten years ended with 1908 is esti-
mated by the director Of the United
States mint to have averaged no more
than, in round figures, G1S,25O,OOO,
yet this estimate for the annual con
sumption of the same metal in the arts
in the United States in the same ten
years amounts to no less than G5,741,-
035. Consequently, according to the
United States director of the mint,
the consumption in the United States
Is 31.4 per cent of the consumption of
the whole world, and we are asked:
Is it credible that the United States
alone uses up new gold in. the arts to
the amount of nearly one-thrd of the
whole worlds consumption?
"Notoriously the people of the
United States use both the precious
metals and precious stones to a very
much larger extent than the people of
any other country. There can be 1T
tie doubt that gold in the arts is used
much more largely in the United
States than in any other country. We
have made inquiries among bullion
brokers and rafners here in London
and we find that the general impress
sion among them is that the estimate
of the director of the United States
mint is as nearly accurate as any es
innate is likely to be. Furthermore
we find that their own estimates Of the
purchases of new gold in this country
for the arts range from about G3O,0OO
= to about G5O,OOO weekly which would
2 give mean Of about 100000 a week
An average of 100000 a week would
amount to e2,OSOOO0 per annum
Consequently, if the purchases for tn,
trade are right, the buying for the art
4 in London amounts roughly each yea
10 somewhat over G2,OOO,OOO.
During the ten years ended will
4 December last we found the total pro
duction of gold all over the worIo
amounted to G758,2l3,44O. Conse
s quently, the consumption Of gold il
the arts, according to the director o
4 the United States mint, during the ter
years ended with 1909, bore the pro
portion to the worlds production o
gold in the ten years ended with has
December of little over % per cent
Over and above this, we find that tn
4 additions made to the gold held b,
the central banks of the world and thu
treasures which act as central bank
amounted to R3S6,1SO,OOO, or oil pc
cent of the total production of gold il
the world during the ten years endeO
with December last, Adding the &C
emulation of gold in the centra
banks to the consumption of gold il
the arts during the ten years ende'
with December last we find that tn
: two together amount to a little owe
76 per cent of the total production o
the world in those ten years TIL
i actual consumption for the ten year
ended with December last was large
than the consumption during the tel