The Washington herald., 1921-10-10
GOLD CONSUMPTION
in UNITED STATES
IS UNPRECEDENTED
Over $500, 900, 900 Used in
Manufactures Since
War Began.
EXPORT RATE LOW
Less Than Million a Year Is
Shipped in Commod-
tiles.
E XPORT RATE LOW

One OF the curiosities OF the
golden food WHICH has poured in
upon the people of the United
States since the beginning of the
war is the addition of over $780,
100000 worth Of gold manufactures
to their already large stock of
personal effects of this character.
The additions made to the already
existing stocks of material manu-
factured from the precious metal
have been. says the Trade Record
of the National City Bank of New
York. exceptionally large during
and since the war. In pre-war
years, says the banks statement.
We were accustomed to utilize from
s25,o00,00O to $30,O00.000 worth a
year of new gold" In the manu-
factures and arts" The term new
gold" represents the sum actually
added to the existing stock OF gold
manufactures and is exclusive of
the large quantities of old mate
rial turned in at the assay offices
and there transformed into condi-
tiOn in which the metal could be
reutilized for similar lines Of work.
Most OF the gold used By the
manufacturers of the country is
ia
the assay offices and the mints.
and the reports of the Director of
the Mint show that these pur-
chases prior to the war averaged
about $35,0OO,0O0 a year of new
material" and Ss.oO0.0O0 a year of
old material" In 1916, when our
imports OF gold jumped to practI-
cally S5OO,OOO.OO0 and the earnings
of the people were also greatly in
creased, the sales of new gold" by
the assay offices and mints jumped
to $4l,OOO,0G0 and of ''old material"
practically slO,O0O.0OO; in 1919 $56,-
100000 of the new material" and
the 'Old material" $4,000, 900; and
in 1920 the new gold" sold ex-
ceeded s60.OOO,00O in value. while
the total for 1921 will approximate
$40, 900, 900.
The additions of new gold" since
! the beginning of the war have ag-
gregated over S30O,OO0,0OO and
brought the grand total of govern
mental sales of new gold" for in
dustrial purposes since 1850 up to
approximately $1,000. 900, 900. Most
OF this was transformed into manu-
features for use of the people of
the United States, as the value of
exports of gold manufactures is
comparatively small, seldom reach
ing s1,0O0.000 a year.
In other parts of the world the
normal consumption of gold for in
dustrial purposes is also large.
Studies of this subject made by the
United, States Mint Bureau in the
years Immediately preceding the war
indicated that the worlds industrial
consumption of gold had aggre-
gated about $4,000. 100000 in the
short period lSSO-19lO, of which
about 20 per cent was used in the
United States. in the Occidental
world alone the total consumed for
manufacturing purposes was about
Sl,5O0, 100000 in the twenty Year
period, and an estimate for the
Orient, chiefly India, brings the to-
tai world consumption in the period
up to fully $4,000. .OOO.000. While
much of the gold entering Indis
disappears and is reported as
buried" the Indian government
states officially that the unCOined
gold imported into India may be
considered as to he used for orna-
ments- and manufactures. and the
Statesman's Year Book of 1921. IN
recording the heavy gold imports of
India. remarks that gold is used
chiefly in the form of ornaments"