Evening journal., 1921-07-05
GOLD IMPORTS.

GOLD IMPORTS.
oLp imports into the United States in the fiscal year
" Just ended aggregate in round terms s650OooOoO or
more than in any year except 1917 when they aggregated
S9Tz0oOOOo.
The beginning OF rhe war period says statement by
The National City Bank OF New York flood Of gold
pouring into the United States from Europe which found
her stores Of the yellow metal the quickest OF
ing for the supplies which she must have from and
the quantity Of gold entering the United States in the s
cal year 1915 the FIRST full year Of war s2O0OOo
more than In any earlier year the history the coun
try But that only the beginning OF the gold flood
for fi6 the total Of gold imports Si9iO0OO0 and
that Of 1917 $g7OOOOOO Then began Joan the Allies
the funds from which 10 make their purchases in the
United States and in 1918 the gold imports fell TO si25
100000 and those Of 1919 S62O0OOO But with the ces
saton Of loans to Europe, gold began 10 come again
s5OOO0O0 in the fiscal year 1870 and se5oOoOOO
in the fiscal year 1921 just named.
In fact the quantity Of gold imported into the United
States since the beginning Of the is than half
that imported during the entire century since the records
OF gold importaons began The very earliest official re
ord Of gold imports began in 1921 and have thus at
the end Of the nsca year 1891 record Of the full cen
urys imports OF the yellow metal the amount imported
from 1891 to the end Of the fiscal year 1914 having been
100000 and from 1914 to the end OF the fiscal year
1921 S260OOOOO making the grand total imported during
the century s5O6OOOOOO Of which 50 per cent entered
since the beginning Of the war.
or course adds the banks statement not all OF the
10000 Of gold imported since the beginning Of the
war has remained with us, for the gold exports in the
period ,i9ii92 aggregated 81 i35OO0OOO leaving
the net imports lin Of expOrs) for the entire
period i9i9s 81 100000 while the s53OOOOOO0 turned
out by our own mines during that period brings the total
additions 10 our gold stock 1914 by importation and
domestic production UP TO 72 100000 OF which, how
ever nearly ss0OO0O0O has been used for industrial and
scientific purposes leaving the net additions since 1914
10 our gold available currency purposes about 81 0
100000 II not surprising then that the circulation
statement OF the Treasury Department shows the tota
stock Of gold in the United States June 1921 $3d75
100000 against 81 SOP 10000 at the beginning OF the war
What has the remainder OF the world done about gold
for monetary purposes meantme2 The reports Of the D
rector Of the Mint showing the approximate stock Of
money the principal countries OF the world" put ht
total Of gold for all countries for which statistics
available at Ss2i0OO0O0O at the beginning OF 1914
s3iOO0OOOO at the beginning Of 1919 though the i9i
abulaon fails to include figures for certain countries
which known to have been at that time about $780,
100000 suggesting that the total OF worlds gold stock
the present time is nearly soOOOOOOOoO though only
small proportion Of this is in actual circulation, most o
It being held in banks and public treasures a basis fol
the enormous paper circulation.
This world total OF approximately s9OOOO0OOOO Of golf
stock available for currency add weight TN
often expressed belief that only about one-haf Of tn
worlds gold production passes into coin or becomes
basis for currency since the known figures OF gold pro
ducton from the discovery Of America TO the presen
time show grand aggregate Of slsOOOOOOOOO Of whicl
total about one-hah is recorded as in existence
either in the form Of coin basis for circulation
Curousy too, about one-hah OF this enormous total
sisOOoOOOOOO produced by the mines or the world ha
been turned since the famous gold versus silver cam
paign Of 1896 since he records Of world gold production
show the total out turn from 1895 10 1921 at 1895 10000
out Of grand toal OF Sisii5O0OOO from 1872 to 1921
The share OF the United States the existing gol
monetary stock" Of the world has advanced from abou
p per prior the war to approximately 81 per cen
at the present tme though this figure to present con
dtons only BE rough approximation owing 10 N
difficulties OF obtaining late figures for certain countries
y under the now existing conditions