Mohave County miner and our mineral wealth., 1922-01-13
SILVER OUTPUT LOWER
 USE MUCH LARGER

A review of the silver situation dur ing the past year may reveal more ac- tual international history than even that of the conference at Washington. It will show that only three countries, the United States, China and India, have made any effort to maintain a sound credit position. That the coun- tries of Europe continued the policy of driving out sound money and substi tuting additional products of the printing presses. It will also show that Great Britain achieved the re- markable CD feat of placing its new dependencies, mandatorieS, etc.-se- cured under the benevolence of the League of Nations-on paper-money basis.
 World silver production was around 14S. 100000 ounces, the lowest in 30 years. World consumption was about 356,OOO,000 ounces. The difference between production and consumption represents the destruction of sound money and the use of paper currency as a substitute.
 This process has also resulted in the depletion of the gold reserves of many countries, because paper-money is still as impractical for internationa! usage as it has been, especially during and since the world war.
 Coinage for the past seven years amounts to more than 1,700,0O0,0o0 ounces, and production is about 6oC,- co 1000 ounces less.
 More than 700,000,000 people,; in China and India striving for an in dustrial era and anxious to do busi- ness with the country best able to sup ply it's needs-tke United States of America-have been compelled in the past year to conduct a large par. of their import business in terms of ste'- ling exchange and with gold, ani 70 the disadvantage of this country.
 But both countries have contributed their traditional policy of absorbing nearly 2OO,O00,000 ounces of silver yearly or, much in excess of total world production during the past seven years.
 This is apparently the reason whv "panics" in those countries are ot comparatively small significance and that China and India are likely to- be the strongest. financially and com mercially, during the next few wears.
 Operation of the 4Pittman law in this country has tended to maintain silver at higher price than it would probably have reached without this assistance and the country now has a lareer reserve for sound credits than it did at the beginning of this year.
 Silver movements for the eyear amounted to about s5.000.000 ounces from this country and about 66,50O,O0o ounces from Great Britain. Move ments in and out of India and China were much. larger this year than last hut these statistics are not available at this time. Japan also drew down as large amount of silver from this country. Exports from Great Britain and this country were only about B. COG, ,O0O ounces less than in 1920, the former country having handled a much larger amount this year. In values. however, the difference is much greater. a.T .,.. 's
 
 Of our exports. Asiatic countries received about 53.OOO.OOO ounces, Great Britain about 1s2OO. .O0O ounces. and the balance of ahout 13.S00.OOO ounces was distributed among other countries, of which nearly 10000 ounces went to Mexico in the form of coinage. ..--.., F
 Of Great Britain's exports. more than 53.000,OO0 ounces went to China and India. 7 Of the innorts into this country, about 94000.000 ounces. more than .6O.000,000 ounces came from Mexico. Of nearly 10OOO0OO ounces credited to Germany. all but 100000 ounces 'rnn~esnnts silve~ consigned as collat- eral and not sold. ''"'H''
 Of Britain's imports, e9,956.s37 &C., tl'a' for ii months. or about 55 .000.- ooo ounces, e3o94. .O52 represents re- ceipts from this country. 0460sS1 I from West Africa. e1.669.105 from France, and f1,223, 311 from Holland. ., The West African item is. interest ing. There is no silver production in West Africa and this group includes former German possessions. Tt is likely that German silver marks have