RI 2067 Gold and Silver

"The premium on gold in London, reflecting the further depreciation of the pound sterling, has risen from about 22 per cent as noted in these reports for December, to about 28%. This will enable more South African gold mines to come into the profitably ;reducing class, and will also tend to increase the gold production from that region.Figures are now at hand showing the drop that occured in the sold output in the Transvaal, South Africa, during 1919, in which year 8,330,091 ounces of gold were produced against 8,418, 292 ounces in 1918, a decrease of 88,200 ounces. Annual gold output from this, the most important gold area in the world, has dropped almost one million ounces in the past three years, as the following table shows:Although the decrease in not as marked comparatively as that of 1918 over 1917, it is a further indication of the general world-wide curtailment of gold production, and the steady decline in production everywhere that is going on and will continue until some rational means is found to stimulate production, or until conditions return to normal.The subject of relief for the gold miner has received attention in all parts of the world, particularly in the United States and South Africa in the past few years, but in spite of all the plane that have been formulated to remedy the situation none have yet been adopted anywhere, due mainly to great danger of tampering with the gold standard. In the United. States a plan has advanced by H. N. Lawrie of the American Mining Congress to tax the new gold entering into manufacture of jewelry or the arts in general, as furnishing some measure of increased compensation to unprofitable gold mining.Gold production in Australia, as indication by figures issued by the Australian Mines department, shows a marked decrease, and for the first ten months of 1919 amounted to 914,957 ounces against 1,073,317 ounces for a similar period in 1918. Western Australia produces about two thirds of all the gold rained on that continent. The total gold production of Australia for 1919 will reflect the universal decrease in output.Ever since June 7, when the embargo on the export of gold Was lifted, there has been steady and heavy outflow of gold from this country, as a consequence of which considerable gold accumulated during the war has been exported. Changes in the gold money stock of the United States are shown by the following table:"