The Birmingham age-herald., 1914-08-08

plies of gold. newly mined within the past 12 months. more than make good the amount of our exports.
 Recently, in a careful statement, Frank A. Nanderlip seemed to support the as sertion made by the Secretary Of the Treasury, MT. McAdoo. that the United States could still ship much gold to Eu- rope. The intimation in both these cases was clear that if we are shipping gold in large amounts te Europe We are absorbing American securities rapidly and thereby reducing our fixed debt to Europe. These sta dement's were made before there were any evidences of the outbreak of hostil- ties upon the European continent. When the nations of Europe began to fly each at the other then a very different aspect of our gold exports was created. For II was evident that while we could spare much gold in case Europe was at peace, we should need. on the other hand, all of our resources in case all Europe was at war.
 The Gold Supply
 The best authorities are now convinced that unless there be discovered new and unexpected supplies of gold in large amounts the world will at sometime prob ably reach the climax of gold production Speaking informally, and desiring not to be held too closely to general statements John Hays Hammond said this morning that he was inclined to think that the climax or maximum, so far as the yearly production of gold the world over is con cerned, has already been reached MT Hammond is one of those who do not hold the view which others, like the late Senator John P. Jones, have held, thai somewhere in the Alaskan peninsula the mother lode of gold exists, and may some day be found But that there are veins o1 gold and gold-producins areas in Alaska which for long time may be profitably worked is the view of all the authorities
 The United States may reasonably ex- pect, for a number of years, at least, te receive from its various gold mines, in- cluding those of Alaska, approximately S90, 900 in gold each year. None Of the European nations possesses any consider able resources in gold mines excepting England.
 There are some reason for inferrine that the belief prevails in London thai the Rand deposits in South Africa will not in the future yield each year any more, or perhaps as much as in recent years. However, the chief difficulty al present in the Rand district arises from the scarcity of labor. That is difficulty which has grown greater and greater each year and even though there are large and rich deposits of gold reached, never theless the difficulty of making these deposits available so as to increase the gold supply is each year increasing or account of the lack of suitable labor
 The authorities at Washington and the experts who are associted with some o1 the precious mining interests of the United States are now inclined to think that we must depend in the future fol oud gold supply chiefly upon the mines which are already In operation. Gold car be found in many parts of the United States. The Adirondacks have a gooo deal of gold But it cannot be mined profitably Before the discovery of golc in California we obtained practically all of our native gold from the mines of the Appalachian range, chiefly in North Car. olina