Evening star., 1935-06-02

1884 production places Russia COM
fortably in second place as q world
producer. A certain irony Is dis
cerned in this situation. The Soviet
Union utterly rejected the capitalist
system at the time of the 1917 revo-
luton. but the government has found
gold to be worth having, nevertheless.
and this strong gold position bids fair
to put her, whether she likes It or
not. in a position Of important cap
italist influence. What effect this
growing capitalist wealth may i'm
perceptibly have on the Russian
economy and politics is an inter-
esting query which can be answered
only by observing the evolution.
The Dominion Of Canada now takes
third place as world gold producer.
This is relatively new development.
Tremendous new gold finds in the
Porcupine and Kirkland regions Of
the Province OF Ontario as well as
substantial workings in other sections
have raised the Canadian production
within the last few years to a position
of world importance. The 1884 pro-
duction amounted to 2,970,000 fine
ounces, worth about $50, 100000.
Depression Booms.
Not until fourth place is the United
States now found But the depression
boom in gold mining has raised the
score here. In 1880 production
amounted to 100000 fine ounces.
worth s42 600, 900, while last year pro-
duction was up to 2,586,000 fine
ounces, worth $51, 100000. These fig
ures are all on the old gold standard
dollar valuation of about $40 an
ounce. That figure Is employed be-
cause the world at large has not rec
ognized the American revaluation Of
gold at a figure of s35 a fine ounce.
OF course, If that valuation be taken
the American production sounds much
richer, but, in making world COM
parsons, it is the world standard,
rather than the Roosevelt standard,
which must be employed as measure.
Australia, or rather Australasia,
takes fifth place and reveals q ire
mendous depression boom. In 1880
the new gold production amounted
TO 622 900 fine ounces, or S12,440 900.
Last year this was raised to l.2l5,0O0
fine ounces, worth about $4,000, 900,
or a depression gain of nearly 100
per cent. Another remarkable gain
is shown in Korea, which is under
japanese control. In 1880 the pro-
duction was 100000 fine ounces, or
about s3,2o0.Oo0. Last year this
doomed up to 100000 fine ounces,
worth about s8,00O.000. The gain in
this Korean production and the great
Russian gain enforces the belief that
the vast sweep of Siberia may ulti-
mately prove greater gold producer
than even the fabulous Rand.
1t is fascinating fact that,
although Great Britain was the first
great country to suspend the gold
standard, doing so as early as Sep
tember Of 1881, the British Empire
produces considerably more than half
the world production-more than all
the other countries combined. Last
year the empire produced 16,229.000
fine ounces, worth S324,580,OO0. The
other countries produced 9.I7l,00
fine ounces, worth 100000.
1t might seem that if gold is pro-
duced within country that country
should be in possession. This is not
true, and for that reason the mere
fact that the British Empire is the
greatest gold producer does not in
sure continuation on the gold stand
ard of Great Britain. The element
OF private ownership, of trade rela-
tons and the many other economic
factors entering into the equation
forestall any obvious relation between
gold production and the standard.
OF the new British gold France and
the United States have gained the
lions share.
In a period when one has wearied
OF reading Of slow production and
slack trade, it is somewhat heart
ening to know that one industry has
found the depression boom period.