The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-08-26
IMPORTS OF GOLD .
TO AMERICA COME
FROM s SOURCES
Russia, Africa, and India
Furnish Entire I'm
!. ported Supply.
SOME NEWLY MINED
Course of Soviet Treasure to
United States Still
Obscure.
SOME NEWLY MINED

Gold to the amount OF sf4S'SiS'-
900, imported into the United States
So far this year. Mas been drawn
prlncipaiiy from three. sources. the
National Bank Of Commerce de-
clares in the September issue of
its monthly. The bank estimates
receipts of Russian gold via Con-
tinential Europe between January
and July 10 at more than $780,
ooo, 900 and place sthe influx from
African and Indian sources by way
Of London during that period at
$106,59s, 900.
In discussing the fiow Of gold in
to this country. the bank makes the
point that the movement has oc-
CURED without impairing the gold
reserves Of Europe held by central
banks or governmental agents.
Only three Of the fourteen chief
European gold holding countries
showed a diminution Of their gold
stocks in the first half year. their
combined loss being less than 3l2.-
000, 900, and the net increase OF the
combined holdings in the fourteen
countries was S1.1ss.0oo.
Gold from Africa.
The gold finding its way from
Africa, the bank notes, represents
newly mined supplies while the
xrfo
consists Of gold that India has
yielded up. Continuing. the review
says:
"Europe's centralized reserves were
built up subsequent to the outbreak
of the great war far above pre-war
figures, and were further increased
since the armistice. by concentrat-
ing in them as far as possible all
gold privately held. While these
reserves have been. by continued
government impoundage. kept rig
idly stabilized at the points attained
as a result of those extraordinary
war and postwar measures. in the
face of the recent tremendous sue
ton toward America, nevertheless
the three great stteams have flowed
through these countries to the
GbohCS win
ment during the last six months
in Europe to divert the gold from
them for the purpose of building
up further the reserves there. The
gold has served TO reduce European
Indebtedness in America rather
than to aid in restoring the gold
standard in Europe.
Influx from Russia.
1T was stated in the Federal Re
serve Bulletin for June that the di.
rector Of the Swedish mint had re-
Gently estimated that seventy tons
of Russian gold were received in
Sweden since 1890. He was quoted
as saying that after refining il was
re-exported. chiefly to the United
States, representing an assayed
value here of about s40,0Oo.0OO. The
bulletin also said that not less than
another s60.000.000 OF Russian gold
or its equivalent had found its way
to the United States through
France and other channels
The movement of gold from
Russia to the United States is not
denitely traceable. 1t is though,
to have come to this country indi
rcctly through various continental
countries in addition TO those men,
toned above. At the outbreak oil
the war in 1914 the Russian state
bank held $77s,750.O0o in gold; by
the end of 1917. the date OF the las,
definite statement of gold held in
the bank. the stock had dwindled
to $6S3.00O,000. 1t has been re.
ported that this balance has since
been largely dispersed and the
amount remaining is unknown, blu,
is Thought To he Srnall