The Washington herald., 1921-07-04
GOLD IMPORTS INTO
us. in FISCAL YEAR
TOTAL 100000
Aggregate Greater Than
Any Previous Year
Except 1917.
$50, ,oOO,O 900 IN 1920
Importations Since War Pc
riod Over 5oas of Entire Gen.
tury's Aggregate.
$15O,OOO,OOO IN 1920

s..,as ,n the fiscal year just ended
.Sprerate in round terms seso.ooe'-
600 or more than in any year eh
cent 1917, when they aggregated
Ss77, 900, 900.
The berinning Of the war period.
saws a statement by the National
,,itv rank of New York, saw
nood OF gold pouring into the
limited States from Europe which
tound her stores of the yellow
metal the uickest means of paying
for the supplies she must have from
us, and the quantity OF goio en'e
ing the United States In the nsca'
year 1915, the first full year OF war.
was Sl72,000,oo0 or more thah IN
any earlier year in the history OF
the country. But that was only
the beginning Of the gold HOOD, Tor
in 1915 the total OF gold imports
was s4s4. 900. 900 and that of 1917
$4,000, 900. Then We began to loan
the allies the funds from which TO
make their purchases in the United
States and in 1918 the gold I'M
ports fell to s1z5. 900. 900. and those
of 1919 to Ss2.o0o.0oo. But with the
cessation Of our loans to Europe,
gold began TO come again and was
$500 900 in the fiscal year 1920
and $3.50. 100000 in the fiscal year
1921. just named.
30 Per Cent Of Cestury's Total
In fact, the quantity OF gold i'm
ported into the United States since
the beginning of the war IL more
than half that imported during the
entire century since the records OF
gold importations began. The very
earliest official record of gold inn
ports began in 1921. and We have
thus at the end OF the fiscal year
1891 a record of the full century's
imports OF the yellow metal; the
amount imported from 1871 to the
end of the fiscal year 1914 having
been s2.3s6,eoo,ooo and from 1914
| to the end Of the fiscal year 1921
S2.s3o. 200. 900, making the grand
ttotaI imported during the century
$50 5000, 900, of which So per cent
entered since the beginning of the
war.
or course. adds the banks state
ment, not all of the S2.63o.0oo.0 900 Of
gold imported since the beginning
of the war has remained With US,
for the gold exports in the same
period Cs14-1s21) aggregated S1.435,-
900. 600. leaving the net imports Tin
excess of exports) for the entire
period 19l4-1s21 s1,1so.oo0. 900
while the $3.50. 600. 900 turned out by
our own mines during that period
brings the total additions to our
| gold stock since 1914. by importa-
ton and domestic production, ur
to S1-725. 1000. 900. of which, however
nearly $500 .oeo, 900 has been used for
Industrial and scientific purposes
leaving the net additions, since 1914
to or gold available for currency
purposes about 1880. 900 900. 1t is
not surprising then that the circula.
ton statement of the Treasury De.
partment shows the total stock oi
gold in the United States on June
l. 1921 s3.175.000.o00 against 81.
Ss2,oeo,0 900 at the beginning OF the
war.
$4,000. 900 900 Available.
What has the remainder Of tht
world Gone about gold for none
tary purposes meantime? The rc'
ports Of the director of the min
showing the approximate stocks o.
money in the principal countries ol
the world" put the total of gold fol
all countries for which statistic
were available at ;S,24o,oo0,oO0 a
the beginning of 1914 and sS,34o,0o0,
900 at the beginning Of 1919, though
the 1919 tabulation fails to includ,
figures for certain countries which
are known to have been at tina
time about $500. .o0O.0 900, suggesting
that the total Of worlds gold stool
at the present time is nearly SO.
/. o00. .000, 900. though only a small pro
portion of this is in actual cir
culation. most Of il being held II
banks and public treasures as Il
basis for the enormous paper cir
culatioh. .-. r.
This world total of approximatel,
$4,000, 100000 of gold stock availabl
for currency seems to add weigh
to the often expressed belief tha
only about one-half of the world
gold production passes into coin o
becomes d basis for currency. sine
the known figures Of gold production
from the discovery of America I
the present time show a grand as
gregate of $4,000. 600. 600, of whic
total about one-half is now record
ed as in existence. either in tn
| form of coin or as basis for cir
eulation. Curiously, too. about on.
half of this enormous total of SIS,
eoo.ooo.eoo produced by the mines q
the world has been turned out sine
the famous gold versus silver cam
paign- OF. 1895, since the record
| of world gold production show tn
total outturn from 1896, to 1921 a
> $9,3s5.ooo.0oQ ont of grand tot.
, of f1s.115.o0o,o 200 from 1892 to 1872
| The share Of '-hn rTritca Stats ;
the eisting gold monetary stock
OF, the world has advanced froI
| about % per cent prior to the wa
to approximately 81 per cent at tn
present time. though this 6~r-e .
to present conditions can only be
rough approximation owing to III
difficulties OF obtaining late fis
4 rres for certain corntries. under n