The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-10

Net India imports' ....... 1890 1896
Total non monetary use. ..lO3S7: ,ei3.i2s
Balance for money uses. 3SS.6oi 2ge.7io
Figures for fiscal years ended March 81.
1909 and 1919.
The calendar years governing the sta
tistics Of production and industrial con-
are not exactly synchronous
with the Indian fiscal years. but the
difference is not sufficiently material to
affect the broad comparison.
Now, so far as information is avail
able. the operations OF 1914 have I'M
doubleday added largely to the amount
OF gold that was available for monetary
uses. First, the business depression suf-
fered N the larger part Of the word
must have Curtailed the purchase and.
as a consequence, the manufacture of
gold in articles Of luXuCy, and the
interruption Of normal conditions by
the war has stu further reduced the
consumption. \ generous estimate Of
the godsmth's requirements would be
800 900 900. Secondly, India has taken
about $50 100000 less than in the
previous year. Her importations al
most ceased with the outbreak of war
From August to November inclusive
figures at hand show only fi77100 net
imports. AS nearly as may he calcu-
lated her net importations were equal
to only Sl0,OO0,00O last year
How about production? The final
estimates OF the Director Of the Mint
will not be available for several months
But the National city Bank in its jan
uary circular gives stme estimates
which have been made by Mr. George
T.. Roberts. who formerly held the di-
rectorshp, but Is now connected with
the bank named and whose sources of
Information may be considered trust
worthy. Canada, contrary to common
expectations will show. 1t Is stated
a decrease from 1913 of about
81 100000. Indications for Australasia
are for decline OF 100000. con-
tinuing the downward tendency Of out
put which has been in progress for ten
years MeXico's disturbances are likely
10 have reduced her contribution by
SO 900 900. Russia's production has
been reccdng in late years and the
war has doubtless helped to reduce the
output. which has probably fallen off by
from $4,000, 900 TO s5,OOO.0OO. with one
returns lacking. Africa promises
to record a loss Of 100000 Allowing
for gains and losses elsewhere here is
a probable total decrease of say sl6.-
900 900. offset by the reasonably known
gaIn Of s40O0,000 by this country. Let
us call the net loss sl2 900, 900, placing
the worlds output in 1914 at SAB
100000. against s455,0O00O0 in 1913.
Our summary then would he as follows
for 1914, compared with the low year
1912, in thousands:
49,. 1915
Production ..,............ Si6613G ti11, 900
Industrial consumption. lsi,lOO 100, 900
Net India imports ........ lip.326 1000
Total non monetary use. ;2i9,4eG $40 900
Balance for money uses. a22.7lO aO3, 900
Should the foregoing figures prove
correct the gold available for Treasury
and bank holdings and circulation in
1914 would be the largest Of any year
on record with the exception Of the
remarkable year 1908,
The current year will probably pro-
duce like results, not because OF in
crea sed output but because the war will
restrict the flow Of gold to India and
curtail Industrial consumption further.
II the war lasts another year or two we
shall doubtless see greater shrinkage in
production. especially as the Transvaal
is more likely 10 decline than even to
hold its present yield, but a still larger
decline IN non-monetary demands But
with the restoration Of peace Is 1t not
probable that the absorption OF gold
by India will he resumed In heavy
amounts? Industrial consumption VIII
gradually revive ana the worlds work
of reconstruction Will call for great de-
mands on capital, all Of which will re-
qure an adequate maintenance OF re-
serve money.
II has been an anomaly in finance
that IN the face of the drain Of gold
from Western banking centres to india
in recent years an agitation has per-