Arizona republican., 1915-01-10

in the Rand during each of the current five years may be increased to 2S,000,- 900 tons, and that unless additional capital is secured the following 10 years will undoubtedly show decrease to an average of 14,00U.000 tons an- nually.
 The present estimated annual ton mage of 2S.000, 900 is somewhat in eX- cess of the average production during the last five years, although the pro- duction therefrom will be less because of the lower grade of the ore.
 If the falling off of gold produce tion in South Africa shall be as Ia pid as that of last year, and as out lined by the Transvaal Chamber of Mines, the world will need to look to some other source to maintain any thing like the present ratio between it's gold reserves and the greatly in attending credits.
 A corresponding decrease during the next 10 years coupled with the average decrease now taking place elsewhere, would reduce the worlds 1 gold production more than one-half while the probable increased demand ! for gold because of industrial eX- pansion will require that this produc- tion shall he doubled in order to maintain the present status.
 In the United States the production from the larger mining centers- Cripple Creek, Goldfield. Deadwood Juneau and the mines of California have been the chief sources oi production. with the smaller districts have in almost every instance regis tered a decrease in production.
 In 1913 the Cripple Creea district increased its production over 1912 by approximately Sl73,000, while the state at large registered decrease Of about $300,00U.
 The present enormous movement oi gold to Europe. calls attention to the fact that since the year 1870 oul gold exports have exceeded our golt imports by the enormous total O sS36.70O,S93, approximately one-hal of the stock of gold coin now in tn, | | iitNu sOldltS
 Gold exported for commercial req sons may find it's way back as tn, result of an increased exchange rate but that which becomes a part of governmental reserve will not return Last year more than one-half of th, worlds supply of gold was absorbed in the governmental monetary re
 
 During the fiscal year 1912-13 In dia absorbed s266, ,537,773 of tn worlds gold supply or approximate ly 2S per cent. The amount of gol, used in art and industry approxi mates 90 per cent of the total pro duction.
 With the advancement of the in dustrlai civilization of the Olien there will be a continually increas ing demand for gold, and the yer cause of it's export will make les likely it's probable return
 During the last two years. fo which an approximate record Ina been made, the worlds industria consumption of gold was as follows
 l'll Slb4 ,2 -, iUu
 1912 ........... ...... 154 ,000,010
 These influences are continually a work without the special demand created by war conditions, which d this time threaten to absorb a larg part of our gold reserves. Our debi to foreign nations now involved i War is more than 5000, ,000. 900. Ou gold reserves are less than two bil lions. True the balance of trade wi be in our favor; true our probabl export of 100000 GOO bushels of Whea may bring us g. per bushel instea of $1, but how far will a paltr S100.00O, 900 or s20O,OO0, 900 go toward paying q debt of s6,006, 900. GOO; an how soon will the war-impoverishe